Friday, October 09, 2009

GM Flexible Earnings Card from HSBC GO TO HELL.

Hi - not a lot of time. Count your blessings. But I need to complain to you, to the Banks, to President Obama.

Each month, I pay my minimum plus $150 to a credit card with $3000 on it. (Try moving twice in twelve months with a job loss in the middle and see how much savings you have.) I pay my bills with online banking. I go in, click the payee, make the payment. Takes me five minutes. I haven't licked an envelope in years.

During a recent 31 day month, it seems that my payment arrived at the credit card company, HSBC, too early. So it was in the previous billing cycle. I got off kilter with them. They assumed my next payment was LATE. I have paid every month, the same amount. They can count nine payments this year.

My interest rate went from under 10% to 30%.

I called - they saw I had made every payment and then some. They agreed it was a function of the longer month and my having clicked SEND a day too early. They even removed the $29 late fee! The interest rate must remain for SIX MONTHS.

Because of this, I assume, my Bank of America loan, again, which I am dutifully paying off on time every month, closed down and renegged the credit. Fine by me, I had no intentions of using any credit. We're in paydown mode only. But I have made every payment on time with them - they docked me because of the other card.

This is insane. President Obama, you've offered too little as far as credit card reform and by giving the credit card companies a large window before they must toe the line, they are running AMOK.


K. Langston said...

Here, here, Kim. This is ridiculous.

Kim Rossi Stagliano said...

Hi - we've worked SO hard to maintain our credit rating. Stiffed NO ONE in the 6+ years since we first faced unemployment for almost 23 months. Sold our house - didn't foreclose. Paid our bills. Borrowed money, took charity, stripped naked in the town square exposing ourselves and our pride every day. Did we make the mistake of not knowing what the effect of autism would be when we bought our house in Ohio? SURE. The girls weren't yet diagnosed. Did we make the mistake of living the life our parents lived? A nice home, occasional dinners out, golf, dinner parties at home. Yup. Did we ever take a real vacation? NO. Did we buy a boat? NO. Did we lease a BMW? YES! And We f'ing LOVED that car..... :)

K Fuller said...

It is happening to everyone. Even those who pay off the card every month. I dont know what we will do in any emergency now,one card we never used was closed by the bank. The other has been frozen at the balance, if we choose to use it the rate will be 29%. We have never missed a payment. When our ship comes in, we will not put our millions in either of those establishments(is that an empty threat or what?)

Kim Rossi Stagliano said...

I plan to tell them FUCK YOU (preferably on HuffPo) and send that last payment. YEAH.

Bridgett said...

We had one high limit credit card we used to buy all Parker's food, supplements, etc.

We've been anal about making the payments every month and during tax refund time, we always pay it off or at least way down.

So when we got the message they were increasing our interst rate to 29.99%, we thought it must be a mistake.

No mistake.

It was a 'business decision' they made based on the 'bad economy.' They also informed me they'd done the same thing to millions of other accounts.

Needless to say, we had no choice but to freeze that card at the original interest rate.

Problem is, now we have no way to pay for Parker's needs and a card with we can no longer use but we're still making huge payments each month.


Kiki said...

Wow. I knew I wasn't the only one this kind of BS happened to. Really, intectually I knew, although it frequently feels like I am one of the few in my middle class corporate circle of aquaintances who lives with no savings and month to month, continually being screwed despite being a good citizen. Capitalism will bring this county to the same end as Greece and Rome and other advanced civilizations. Phooey.

John Elder Robison said...

I agree, that kind of reform should be in place now. They are preying on the disadvantaged and it's just wrong