Direct Merchants Bank - Account Central HSBC is a front for HSBC credit card. I was sent a notice that they would raise my rate 5% from 14.99% to 19.99% retroactive to October 1 effective January 2, no reason was given for this increase, I have never been late or overdrawn on any accounts and always pay more than current due. I called and asked for a reason, a supervisor got on the line and told me that it was just business and I would receive a letter within 30 days advising me of the reason. I told her that I needed a reason before then in case I needed to opt out within the 30 days that HSBC had given me. She stated that my account would be noted and I could still opt out. I waited 30 days and then sent a written notice to opt out. Within 10 days I received an answer that I was too late and the increase would take effect. My last statement after I had sent in a $1500.00 payment reflected an interest charge of 19.99% retro to October. Still no reason has been forthcoming from HSBC. What a bunch of thieves!
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