HSBC Card Services bait and switch

In April of 2005 I received an Orchard Bank secured card from HSBC so that I could establish a credit history. The rate at that time was 16%. One year later, they nearly doubled my rate to a whopping 29.9%. They stated that it was based on information in my credit report. So, I ordered my credit report and there was no derogatory information in my report whatsoever. My credit score was 697 at the time, which is above average.

This is a bait and switch tactic they use to lure in customers (which in reality, only someone desperate enough to have any credit would apply). They are deceptive and with an annual fee of $35, there is no reward in having it. My recommendation to anyone considering them is to keep their distance. These people are crooks!

On a second note, their ad stated that if you apply for their card and are accepted, you will earn a $50 credit to your account if you do the following: "For the first six months if you make at least you minimum payment on time, are never late, and if you have made at least one purchase in each of the first six months". I was accepted and followed their guidelines and yet they never posted a $50 credit.

I called them to ask why and they said they knew of no advertisement of that nature. They refused to give me the credit. I tried mediation involving the BBB and yet still no action. They stated that I would have to print the page from the computer and mail it to them. Well, I went back to their website and the ad was removed. This was simply a way to get customers, but when it comes time to deliver, they refuse to do so. This is fraud and I hope I can warn everyone about this scam.

I cancelled my card and will never again do business with them.