Skip to main content
No. of Recommendations: 1
Well, that was an interesting conversation I just had with "Genevieve" from HSBC.

According to her my promotional rate of 3.99% will not be affected by the rate increase. I did find some fine print that says "In addition, if your Account is subject to an Introductory or Promotional Anuual Percentage Rate, the APR changes will not affect you until the expiration of your Introductory or Promotional Annual Percentage Rate, or if you fail to make your Minimum Payment by the Payment Due Date, or if you exceed your credit limit."

Now, I also asked her what the reason was for the increase on my card. I suspect that maybe because I never activate my new cards (I'm not using them for purchases, so I don't bother) that maybe it flagged my account as someone who wouldn't notice if the rate was raised? Anyway, Genevieve told me that "In order to provide the level of service you're accustomed to..." and "blah blah blah we're not making any money off of you..."

She also said something that I challenged her on. She said "This is an across the board rate increase. Everyone will see an increase in their rate." "To 27.5%? Even people I know who didn't receive a notice?" She quickly "apologized" and said "Yes, everyone will have an increase". "Well, yes, if the prime rate increases, however, 27.5% is extremely high for someone who has never been late on a payment and has a good credit score. Is there anything I can do to lower this?" She told me that there was nothing to be done now, but I could call back "in two weeks" or "maybe once the rate is in effect" (which according to that fine print won't be until my promo rate expires).

I'm not impressed with that "level of service that I'm accustomed to" but apparently, I deserve to (theoretically) pay an arm and a leg for it.

Maybe it's time to write a letter and see if I get anywhere. Despite the fact that the rate has no affect on me, it still ticks me off that they think I deserve that kind of nosebleed rate.
Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.