I also had accounts with BOTH HSBC and Orchard Bank (same parent company). Perfect standing over the last 2 years, and in fact had just paid both down to a $0 balance. 7/12 I get a notification on both accounts that the interest rate, currectly . 49 on both will be going to $. 99 on both. I have never been late or over the limit on either card. While I do have some collection accounts I am in the process of clearing up, those accounts were on my CR when I got the cards 2 years ago. I just refinanced an ARM mortgage to a fixed 30 year, so it seems the bottomdwellers are coming out of the woodwork.
When I called customer service all they could do was offer to increase my credit limit. I told them it was not acceptable, and if they did not maintain or LOWER my current interest rate I was closing BOTH accounts. They would not and I said close them both immediately! I think I surprised them, but I stuck to my guns.
Other reports I have read here on consumer complaints allude to the fact that they target 'questionable credit' holders in the hopes they can make big bucks of of them on late fees or overlimit charges. That never happened with me, thus they were not making money on me. I honestly feel that is their ONLY reason for raising my interest rate. FOOLED 'EM, they will NEVER get another dime of my money.
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