OK, I got a letter in the mail from them, I read it very carfully as it came in a really odd shapedcard format. It said my interest rate was going from 13.99% to 24.99%.
This was on a credit card that I got for my 19 year old to use while at school, with a 300 dollar limit, trying to teach her finacial responsibility. Shes never missed a payment, always did it online for the past 12 months as the money comes out of her grandmothers trust fund that I mannage for her.
I call these folks and ask them why 13.99 to 24.99 percent? They cant tell me on the phone, all they will say it was a business decision. I said ok why is she being punished, thats the biggest rais in interest rates that I have ever seen. The said it was based on credit reports. I have her credit report, im her dad, credit score in the low 800's. So I asked them why with a credit score like that.
I got transfered around to about 8 different folks, none of them could explian why the drastic raise in interest rates. Then the last person offered a fixed 16% inerest rate for the next 60 days and with some goofy story that the balance needed to be paid down. I then told him, it has a 0 ballance, it gets paid off at the end of every month. The guy was schocked. I gets that is a standard answer for them.
Long story short and we all know what is going on here. Tons of folks are defaulting on their credit cards, home loans, auto loans and what not. So lets face it HSBC has decided to punish all of the folks the do business with and jack up the interest rates to make up for the loss in revenue. This after they have been bailed out by the government. I will be writing my congressman and senator to let them know about this jerks. I canceled the credit card, and got her a new chase skymiles credit card comming, at least that way she can help pay for her tickets to come home when she can.
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