Check you GM Card Statement!!!
02-08-2010, 08:43 PM
#1
Senior Member
Thread Starter
Join Date: 01-24-2008
Location: USA
Posts: 725
Check you GM Card Statement!!!
I just took a look at my GM Card (HSBC) statement and guess what? They did it again. My interest rate was raised from 13.7% to 19.9%.
I have owned my GM card since 1995 and have never been late, I pay double and triple the minimum payments every month. My credit score is 783.
They sent me a note in December that "changes" might appear on my card, and thus, that was fair warning.
Think about it, interest rates are at an all time low and they are making almost a full 19% interest charge on my money. Try to earn 1% on your savings account and you'll find it is difficult.
Yet, I have a card which charges me 2.9% interest on my card.
I told them tonight that they were immoral bastards and don't know how they sleep at night.
Tomorrow morning I will at least call GM and tell that HSBC is doing them no favors. None of it will do any good, as no one gives a dam about customers anymore. I will then take my home equity account which charges me 3.75% and transfer my GM balance to that and dump it once and for all.
My advise to any of you out there that have a GM card - check for an increase in your interest rate. For those of you that don't have a GM card, never get one.
PS - Discover charges me 12.45%.
I have owned my GM card since 1995 and have never been late, I pay double and triple the minimum payments every month. My credit score is 783.
They sent me a note in December that "changes" might appear on my card, and thus, that was fair warning.
Think about it, interest rates are at an all time low and they are making almost a full 19% interest charge on my money. Try to earn 1% on your savings account and you'll find it is difficult.
Yet, I have a card which charges me 2.9% interest on my card.
I told them tonight that they were immoral bastards and don't know how they sleep at night.
Tomorrow morning I will at least call GM and tell that HSBC is doing them no favors. None of it will do any good, as no one gives a dam about customers anymore. I will then take my home equity account which charges me 3.75% and transfer my GM balance to that and dump it once and for all.
My advise to any of you out there that have a GM card - check for an increase in your interest rate. For those of you that don't have a GM card, never get one.
PS - Discover charges me 12.45%.
02-08-2010, 09:10 PM
#3
Senior Member
Join Date: 08-20-2006
Location: Hillsdale, Michigan
Posts: 21,640
Cheap credit is going to be a thing of the past. Thankfully, I have a large open line of credit at a really good rate 
I will keep my CC for on the go purchases and then pay it off. Just wait until you carry a 0 balance and they charge you an inactivity fee 
I will keep my CC for on the go purchases and then pay it off. Just wait until you carry a 0 balance and they charge you an inactivity fee
02-08-2010, 09:33 PM
#4
Senior Member
Thread Starter
Join Date: 01-24-2008
Location: USA
Posts: 725
How do you figure this is Obama fault may I ask? He attempted to reign them in and by outlawing some of their selfish usury tactics and they're now trying to do an end around. That doesn't make him bad for trying to correct immorality. These guys in their ivory towers that make millions on the backs of working men and women just don't get it and never will.
02-08-2010, 09:35 PM
#5
Senior Member
Thread Starter
Join Date: 01-24-2008
Location: USA
Posts: 725
Been there with my JC Penny and Sears cards. Dumped them both. Can't win. Use your card, pay up the ass. Don't use it......bend over it's coming in again.
02-08-2010, 11:54 PM
#6
Platinum Member
Join Date: 05-09-2006
Location: "Upland" Mesa, Arizona
Posts: 6,805
AS someone else said.....
ALL the cards are going up and having major changes. My cards have gone up also and, as of November of last year, my credit score from ALL three credit agencies is much higher than yours. I charge everything I can and pay the card off every month. I have NEVER carried a balance. And again, as I stated, my card interest increased also. So, you're not anyone special, THEY didn't do it to JUST you. But in my opinion, you should have done this anyway......
I will then take my home equity account which charges me 3.75% and transfer my GM balance to that and dump it once and for all.
ALL the cards are going up and having major changes. My cards have gone up also and, as of November of last year, my credit score from ALL three credit agencies is much higher than yours. I charge everything I can and pay the card off every month. I have NEVER carried a balance. And again, as I stated, my card interest increased also. So, you're not anyone special, THEY didn't do it to JUST you. But in my opinion, you should have done this anyway......
I will then take my home equity account which charges me 3.75% and transfer my GM balance to that and dump it once and for all.
02-09-2010, 08:52 PM
#7
Senior Member
Join Date: 11-27-2007
Location: Austin, Texas
Posts: 1,115
I believe you can choose to not use the card anymore and pay off the old balance at the old interest rate. You then can shop for a better card and rate. You are paying for all the folks that went bankrupt, as well as bank profits. Best revenge is to work your way towards a zero balance on all your cards, and then actually start earning dollars on every purchase, and start paying in full every month.
In Dante's Inferno, usurers occupy the seventh circle of Hell
In Dante's Inferno, usurers occupy the seventh circle of Hell
02-09-2010, 09:02 PM
#8
Senior Member
Thread Starter
Join Date: 01-24-2008
Location: USA
Posts: 725
Problem with giving up the card is that it's the old original card. Can accumulate up to 5 or 7 years - @$500 per year. They want you to give up this card and go with the new style which has lower earnings. I paid it in full today and put both mine and my wife's in the drawer. Will use it to annually get my earnings and put it away.
I have a Universal card which I pay every month at 2.9 to 3.9%. Financed my used car on it. My Discover is at 12.45%.
Update: HSBC was rated the #1 worst bank on the Planet today in a survey. Wonder why?
I have a Universal card which I pay every month at 2.9 to 3.9%. Financed my used car on it. My Discover is at 12.45%.
Update: HSBC was rated the #1 worst bank on the Planet today in a survey. Wonder why?
02-09-2010, 09:03 PM
#9
Senior Member
Join Date: 05-23-2006
Location: Chandler, AZ
Posts: 1,082
Months ago Capitalone raised my rate from 5.99% to 15.99% for no apparent reason than GREED! I was never ever late and usually paid the balance in full?? Now they send Transfer Checks to me so I can transfer other accounts to Capitalone at 5.99% for 12 Months!! Is this a Circle Jerk or what!!
