HSBC Direct Merchants Change in Term Notice: They' ve gone Crazy!

[Uniqua]

---

@Anonymous wrote:
14.99% is a horrible APR when the current APR is 7.99%. 

---

I never said it was good, I said it's not that bad and it isn't. Again, if the balance is PIF'd each month, no need to fret over 14.99%.

[MattH]

---

@Anonymous wrote:
14.99% is a horrible APR when the current APR is 7.99%. 

---

My cards have purchase APRs ranging from 5.99% to 14.99% none of which matter very much to me since the only interest my wife and I currently are paying is 5.875% on the mortgage.

[plasticguy]

---

@Anonymous wrote:
14.99% is a horrible APR when the current APR is 7.99%.

---

Thank you! Finally someone on my side.

[Uniqua]

---

@plasticguy wrote:

---

@Anonymous wrote:
14.99% is a horrible APR when the current APR is 7.99%.

---

Thank you! Finally someone on my side.

---

Plasticsguy, no one is against you on this.  But, whether or not we agree with you, this rate hike can easily be avoided by not carrying balances. 

[jaysdad2k]

I posted a week ago that my online Amex TE statement said the rate is going UP from 14.99 to prime+, and that the current rate is now 22.49%.

Apparently all the TE cardholders don't care or PIF. I saw one reply that "PIF rules."

And my statement balance was 0.

[jmbfl]

plasticguy:

What are you doing with a sub-prime card like this? Also, why didn't you respond in my recent thread asking who here had this relatively rare card. I have one, never late, never over limit, the APR is ratejacked to 25.99%. $2K CL. There also is a small AF. I have several other CC's with much better terms and much higher CL's. FICO's over 700. I think this card and HSBC are pretty much jokes. But I will keep it around for the history.

[jmbfl]

I am quite surprised we haven't seen more rate increases. Issuers should be looking to pile it on while they can. With the new administration coming into office it is quite likely that legislation "protecting" cardholders from issuer's adverse practices won't be far behind. Unfortunately there is nothing protect current account holders, so we will suffer so those who follow may be protected.

If cardholder's protections are inacted I would not be surprised to see more rigorous application processes as well.