Hsbc Stinks

[Jollygoodfellow]

HSBC stinks, right now I am pissed off with them.I have a credit card with them and have so for about 3 years,my repayments are always paid on time and more than the minimum payment.Now, since for some reason my statement did not arrive this time but I knew the payment would be due soon,I log on to my HSBC Internet account and check what the re- payment will be to pay on time but here it is,,,,,,,,, they decreased my credit limit, never told me anything.I phone them up and after the usual press 2 for this press 7 for that bla bla, I get a customer service person and explain my complaint, she does some checking and comes back to say the only thing she knows is that in the terms and conditions HSBC can decrease my credit limit.She says I can apply for an increase in six months time.Wow, never in my life have I had any card decreased for no reason.She has arranged for someone else to call me tomorrow to explain the terms and conditions.What the hell, has HSBC run short of funds ?? :7_4_17[1]: :13_4_10[1]:

[Hoz]

Actually I have heard this is happening all over right now. The credit crunch is worldwide.

[Mr Lee]

Tom, it is not just HSBC. As Hoz said, credit card companies are lowering credit limits all over the world to try to lower possible risk, because they know that on the law of averages a certain amount of people are going to default and on the lower limit, the less they might lose. Economists are saying that the next big crash the world will be facing, will be major defaults on credit cards because of job loses etc, so credit card companies are trying to lower their amount of risk on anyone who keeps an outstanding balance or changes their spending patterns, in order to prevent a major possible loss.It is not just you Tom, although if they saw your avatar, that might have done it. :13_4_10[1]: :7_4_17[1]:

Edited November 3, 2008 by Mr. Lee

[Jollygoodfellow]

Tom, it is not just HSBC. As Hoz said, credit card companies are lowering credit limits all over the world to try to lower possible risk, because they know that on the law of averages a certain amount of people are going to default and on the lower limit, the less they might lose. Economists are saying that the next big crash the world will be facing, will be major defaults on credit cards because of job loses etc, so credit card companies are trying to lower their amount of risk on anyone who keeps an outstanding balance or changes their spending patterns, in order to prevent a major possible loss.It is not just you Tom, although if they saw your avatar, that might have done it. :13_4_10[1]: :7_4_17[1]:

Could have been my avatar, possible surge in credit for my big macs :wacko: I could understand if it was a big amount of credit that we were talking about and if I was a bad payer but this in not the case.I consider my self as their customer, seems worthless these days.What would have happened if I went to a store and purchased something and the card was declined, I would have felt rather embarrassed and not knowing that the bastards reduced my credit limit would be very confusing too.Stuff them

[Mr Lee]

Could have been my avatar, possible surge in credit for my big macs :wacko: I could understand if it was a big amount of credit that we were talking about and if I was a bad payer but this in not the case.I consider my self as their customer, seems worthless these days.What would have happened if I went to a store and purchased something and the card was declined, I would have felt rather embarrassed and not knowing that the bastards reduced my credit limit would be very confusing too.Stuff them

My guess is that they probably would have just charged you the over the limit fee and not refused the charge unless it was way over. Just another way for them to make more money. :13_4_10[1]: The best thing is to pay those darn things off and only use them to buy things that you will have the money to pay off when the bill comes. :7_4_17[1]: That is what we do nowadays, if I do not have the money to buy something or know that I will have the money by the time the bill comes, I just do without the item except in emergencies. I will not allow them to get rich on me.

[johnrxx99]

A UK bank a few months ago withdrew 200,000 cards from customers, not ones constantly in debt but from those that pay off each month. The reason, to reduce risk profile. If you pay each month and dont pay the high debt interest you in fact increase the risk profile as they are not making enough out of you.Blanket cuts are the norm and will continue. Citibank has reduced by 50% the amount you can withdraw from an ATM machine in Cebu. HSBC have not, well so far.I have 2 cards. One with Natwest (mastercard) part of the RBS group and I was forever having shopping transactions blocked over here. I have cut it up.The other is a Barcalycard (visa), I've never had a problem at whatever level of expense. I paid both of them off in full monthly so I guess I should expect trouble soon, lol. I hardly use it as it is a cash society here and I find it easier to balance the budget - if it's spent I'm on rice and water.

[wallyperrier]

my bank also wanted to do thisbut then i put the amount on a saving account, and blockedthen i have again my 5000

[tom_shor]

I still get offers in the mail all the time trying to give me credit cards. I usually just tear them up. There do seem to be fewer lately. :rolleyes: :1 (235):