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True Or False about the new Laws

Established Contributor

True Or False about the new Laws

HSBC tells me that the new laws passed by congress is forcing them to raise my rate on the HSBC Cash Fly card from 14.99 to 20.99, but GM Card also issued by them will going to a 6.99 V. Currently it's at 6.74 I know they are two different cards, but really! I told them congress did not tell them to raise rates to 20%! I'm I right or wrong?
Message 1 of 4
3 REPLIES
Contributor

Re: True Or False about the new Laws

You're right.

 

But, since they can no longer raise your rate for longer than 6 months no matter what, everyone is going to pay and have sky high interest rates.  That way, the CC companies are covered against people who miss payments, go over the limit, default on their cards (all things that would normally have preciptated a permanent interest rate hike if not outright card closure).  Those of us who don't do those things get to pay too.  AIn't credit card reform wonderful Smiley Very Happy

Message 2 of 4
Established Contributor

Re: True Or False about the new Laws

And with the tacky 3k limit, it's like having a dept store card. They won't make a penny in interest from meSmiley Very Happy
Message 3 of 4
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Established Contributor

Re: True Or False about the new Laws

You're probably right. However, I'm noticing recent rate increases by certain lenders, especially among HSBC cards.

 

The best thing for us to do is PIF before the statement hits. That's my plan of action from now on.

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