@Anonymous wrote:HSBC apparently has some kind of split personality disorder. Last month, I get a notification that they have reduced the APR on both of my accounts without my even asking. This month, however, they reduced my CL from $1,600 to $300 on one of the accounts.
Granted, I haven't used that account since February, but still. Seems a bit conflicted to reduce my rate and then do the same to the CL. I'd rather they'd have raised them both. lol.
Anyway, I've graduated from them anyway, so I called to see if they'd restore my limit. I was told the standard gibberish---clearly being read from some pre-printed cue card---about how it's a "business decision" and "has nothing to do with your account" and it's for "loss mitigation." So, I said, "Let me help you with your efforts to reduce your exposure: cancel my account."
Off to Account Retention I am transferred. The guy offers to reduce my rate to 7.99. Nice, but not my lowest APR, so I'm not really impressed. Plus, I told him, "You could make the rate zero or a million; doesn't matter. I always pay you in full, which makes this action even more insulting. Either restore my limit or cancel my account."
After many empty promises of "periodic account reviews" and unsolicited advice about how "good" it looks to have this lousy $300 card on my credit report and how this card might "come in handy in an emergency," I finally convinced him that with over $70,000 of available credit with REAL credit card companiescwith REAL credit limits, $300 isn't going to mean squat to me, he finally cancelled my account. Sigh.
I hope they don't mess with the other card because that's the one I let my daughter use for her own emergencies. But, I'll just switch her to something else if they do. The only HSBC card I have that I give a tinker's **bleep** about is my husband's 2% cashback HSBC card. The rest can disappear without much grief, I suppose.
I'm sorry to hear about your CLD you did the right thing by closing the card. Any company that wouldn't reinstate the limit after I ask them to would get the axe. $1,600 to $300 that's a nice haircut. You won't miss it, just apply for something else. I try and stay away from HSBC products, I do have Saks & Neiman Marcus those are HSBC backed but have never had problems out of these cards.
King 
@Anonymous wrote:You won't miss it, just apply for something else.King
Heh. As a matter of fact, I already did. $7,300 from Citi today. ;-)
@Anonymous wrote:
@Anonymous wrote:You won't miss it, just apply for something else.King
Heh. As a matter of fact, I already did. $7,300 from Citi today. ;-)
There you go....one door closes....another opens up.
King
congrats on getting rid of the one you outgrew and signing up a great new cl in one fell swoop!
@plasticguy wrote:
Sorry for the CLD, but you're not alone. My GM card was cut, HSBC cash fly was cut and the Direct Merchants issued by HSBC was cut. They cut them, because of the "business Decision excuse, then they sent out letters afterwards. I called on each cut and this is what I got back:
Gm 16k cut to 1k got restoration to 3k opened in 2000
DM 12k dropped to 3K didn't ask for more. opened in 99
HSBC Cash 6k cut to 1k got restoration back to 3K open in 05
I wanted to close them but age was the issue. Lucky for me I have higher limits on other cards so it won't hurt my overall utilization. Chase, Citi, Discover, Amex, Merrill, & BOFA , claim they don't have plans to cut me nor have they raised any rates. We'll see what happens when the new law really kicks in
i didn't know issuers give assurances that they don't plan to cut you? wish i could get some of those 