I will keep this short and sweet. I have been a loyal member of HSBC bank since 1992.in this time I have graciously used this card because of its GM bonus points that may be acquired though the general use of the card. An HSBC employee promised me a fixed rate on this card as long as I made perfect payments for as long as I held the balance. Well guess what? They Lied!!! Not only did they not honor our agreement, the points that I had earned (approx $2500 worth) was not honored. When I decided to lease my new GMAC vehicle and use my well paid and earned points, the dealer informed me that I may use only a very small portion of the points. What is the point (no pun intended) of using this card? To add insult to injury, in February. HSBC, the bank that GMAC uses to govern their credit card, decided to raise my interest rate to a whopping 30.99%. I went from having a minimum of $120 due to $388 plus... Of course I called HSBC because I believed there must have been a mistake. Because after all, we had an agreement. I was a loyal customer who paid without delay month to month since 1992? And in New York State the max rate increase can only be 24.99%? Well upon investigation, I found that they simply located themselves out of New York State so that they may charge the maximum 30.99%. Every time I called, I heard the same story..." I'm sorry sir, I know you're a long time customer that has paid your account perfectly, but unfortunately, we do not have a lower rate for you at this time. Why? Because the balance to limit of the card is too high... Huh? What happened to the fixed rate that I was promised if I made my payments on time? Why is there no accountability for banks like this? This is greed in its worst form. Every month I pay this card down. Conveniently they continue to lower my limit so that I continue to look maxed out on my card. $287 of a $388 min due goes to interest. I will continue to pay this and more until I rid myself of this bank and all that care to do business with them. I am in sales, and day to day I see and speak to dozens of people. I will personally make sure that I tell each and every person I see about this banks practices (HSBC). Hey, if each of those people tells two or three others, it will only be a matter of time before hundreds of thousand know what a greedy and uncaring Rip off bank HSBC is. HSBC, enjoy your 30.99%. HSBC miss leaded me into believing they cared. Well they do care. They care about the money they can get from you no matter how unfair or how much of a RIP OFF it is. Why else would you apply a rate of 30.99% (a rate applied to people who fail to pay their bills.) to a long term loyal perfectly paying customer? Consumer beware! Do yourself a favor and do not deal with this bank (HSBC) or its affiliates. There are plenty of banks out there that still do the right thing. Banks like Discover, Barclays and Capitol One. I have had all for years and non have attempted to do what HSBC has done. Discover, Barclays and Capitol One still charges a fair rate and do not offer you false promises. I hope this letter saves somebody some grief. Good luck and god bless.
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