"Loyal GMCARD Carrier Says GOODBYE"
GM Flexible Earnings Card Review
Written by: hsbcsucks on 2008-06-24
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hsbcsucks's review: 
I've carried the GMCARD since 1993. How many of you can say you've had a credit card for 15 years? I've purchased GM cars when no one would. I've purchased 4 new cars since 1993 applying the earned credit. I was late twice in 1 year, this year and they moved me to the delinquent account and jacked me up to 31%. Loan sharks they are. I kept going up the chain of command but no one would do anything. kept saying they couldn't. But I can do something.
Well they treated a 15 year good customer, with a 805 credit score like this so heres the fallout:
1) Transfer my 6500 credit card debt to Chase
2) Once I'm sure my account is down to 0, I'll wait till April 09 to cancel so I don't get charged a yearly fee
3) I'll find someone that wants to purchase my points sell it to them either 25 or 50 cents on the dollar good deal either way.
4) HSBC will NEVER and I mean NEVER get another dime in interest from me.
5) File a complaint with the NYS Attorney General's office for predatory
6) Here's the sad part - I will never by a GM car again. Good by Detroit. So if the president of GM is listening, you better get your name off this card you've got enough problems than hang with thieves. Toyota here I come. This is one promise you can take to the bank.
7) Start a website called www.Gmcardsucks.com
So much for loyalty.
I've carried the GMCARD since 1993. How many of you can say you've had a credit card for 15 years? I've purchased GM cars when no one would. I've purchased 4 new cars since 1993 applying the earned credit. I was late twice in 1 year, this year and they moved me to the delinquent account and jacked me up to 31%. Loan sharks they are. I kept going up the chain of command but no one would do anything. kept saying they couldn't. But I can do something.Well they treated a 15 year good customer, with a 805 credit score like this so heres the fallout:
1) Transfer my 6500 credit card debt to Chase
2) Once I'm sure my account is down to 0, I'll wait till April 09 to cancel so I don't get charged a yearly fee
3) I'll find someone that wants to purchase my points sell it to them either 25 or 50 cents on the dollar good deal either way.
4) HSBC will NEVER and I mean NEVER get another dime in interest from me.
5) File a complaint with the NYS Attorney General's office for predatory
6) Here's the sad part - I will never by a GM car again. Good by Detroit. So if the president of GM is listening, you better get your name off this card you've got enough problems than hang with thieves. Toyota here I come. This is one promise you can take to the bank.
7) Start a website called www.Gmcardsucks.com
So much for loyalty.
11 Comments
Comment 1 by trayce1519
HSBC AS A WHOLE SUCKS 
on 2008-06-24
You are so right I have been a customer since 02 and they refuse to increase my limit, was told they will only increase yearly as of now. They suck!!! I told the credit department that it's ashame that your company will be stingy to faithful members but continue to hand out cards( that are useless) with a smile. I have 4 accounts with them, will pay them off and sit on them.
on 2008-06-24 You are so right I have been a customer since 02 and they refuse to increase my limit, was told they will only increase yearly as of now. They suck!!! I told the credit department that it's ashame that your company will be stingy to faithful members but continue to hand out cards( that are useless) with a smile. I have 4 accounts with them, will pay them off and sit on them.
Comment 2 by jai
So Long HSBC on 2008-06-24
I agree with your comments about HSBC. They are very horrible with their CLI and theit customer service stinks. You can never speak to anyone you can understand, and they absolutely refuse to satisfy you as a good standing customer. As soon as I pay off the balance. I will be closing this account!!
on 2008-06-24 I agree with your comments about HSBC. They are very horrible with their CLI and theit customer service stinks. You can never speak to anyone you can understand, and they absolutely refuse to satisfy you as a good standing customer. As soon as I pay off the balance. I will be closing this account!!
Comment 3 by hjm331
HSBC's Only Good For This... on 2008-06-24
If you're looking for a card that will grow with you, HSBC isn't the right choice. HSBC is great for building credit and for helping getting better cards. If you compare them to cards like First Premier, Rewards 660, and all of those other cards with horrible fees, you will really like HSBC because they don't have any of those crazy up-front fees.
on 2008-06-24 If you're looking for a card that will grow with you, HSBC isn't the right choice. HSBC is great for building credit and for helping getting better cards. If you compare them to cards like First Premier, Rewards 660, and all of those other cards with horrible fees, you will really like HSBC because they don't have any of those crazy up-front fees.
Comment 4 by thomas1
GM FLEX EARNINGS on 2008-06-24
Par for the course for HSBC... I opened an account with them some months ago, and will probably have to wait 20 years for a $100 increase with a 15$ limit increase fee... Lol... Just kidding, but not so much, they have actually been fair to me... When I opened my cash rewards account, they gave me a cl of 2600 up front... Not bad, considering I have an old account of 4 years with an $850 limit, that I pull out every 3 mos to buy a pack of gum with. THE most stingy bank on the planet by some peoples' experience.
Sorry to hear about yours... Wow, talk about long history and nothing to show for it... Shame on them!
on 2008-06-24 Par for the course for HSBC... I opened an account with them some months ago, and will probably have to wait 20 years for a $100 increase with a 15$ limit increase fee... Lol... Just kidding, but not so much, they have actually been fair to me... When I opened my cash rewards account, they gave me a cl of 2600 up front... Not bad, considering I have an old account of 4 years with an $850 limit, that I pull out every 3 mos to buy a pack of gum with. THE most stingy bank on the planet by some peoples' experience.Sorry to hear about yours... Wow, talk about long history and nothing to show for it... Shame on them!
Comment 5 by eric
Wow! on 2008-06-25
Sorry to hear about your bad experience with HSBC... Ive had a card with them since 2001 and still have a measly $500. But I will have to side with the bank on this one. TWO late fees in a rolling 12month calendar will move your account to a default rate. Its in your terms and conditions. Its unfortunate because you seem like a good customer BUT rules are rules. And unfortunately responsibility needs to fall on your shoulders. If you do this with Chase they WILL do the same thing. By raising your rates to a default of Ive heard close to 40%
on 2008-06-25 Sorry to hear about your bad experience with HSBC... Ive had a card with them since 2001 and still have a measly $500. But I will have to side with the bank on this one. TWO late fees in a rolling 12month calendar will move your account to a default rate. Its in your terms and conditions. Its unfortunate because you seem like a good customer BUT rules are rules. And unfortunately responsibility needs to fall on your shoulders. If you do this with Chase they WILL do the same thing. By raising your rates to a default of Ive heard close to 40%
Comment 6 by rockin35
Greats Steps U R Taking!! on 2008-06-25
I do believe that given your history with GM and carrying the HSBC GM card, the management team would have re-considered their actions. Its not every day that they would run into a customer like you, whos been with them over 15 years, only had 2 late payments during your tenure years. Surely the main office can excuse this unfortunate circumstance.
I'm glad you filed a complaint, we dont read about comments like yours where you are taking a full list of steps to help rectify future corporate behaviors. I almost filed a complaint against BOM on yesterday.
Let us know how this turns out. But my hope is that the letter to the Main office should reverse the actions they took against your account.
Good Luck, Rocking35!
on 2008-06-25 I do believe that given your history with GM and carrying the HSBC GM card, the management team would have re-considered their actions. Its not every day that they would run into a customer like you, whos been with them over 15 years, only had 2 late payments during your tenure years. Surely the main office can excuse this unfortunate circumstance. I'm glad you filed a complaint, we dont read about comments like yours where you are taking a full list of steps to help rectify future corporate behaviors. I almost filed a complaint against BOM on yesterday.
Let us know how this turns out. But my hope is that the letter to the Main office should reverse the actions they took against your account.
Good Luck, Rocking35!
Comment 7 by kmoney
Glad You Filed A Complaint on 2008-06-26
This makes absolutely no sense very few people and I mean very few people can say that they have a history as long as yours, and it doesn't matter what your contract says. You have been a long and loyal customer. HSBC sucks big time for this!!!
on 2008-06-26 This makes absolutely no sense very few people and I mean very few people can say that they have a history as long as yours, and it doesn't matter what your contract says. You have been a long and loyal customer. HSBC sucks big time for this!!!
Comment 8 by hjm331
RE: on 2008-06-26
I'm also glad that you filed a complaint to HSBC. They deserve this but I will most likely close my Best Buy Rewardzone MC and Orchard Bank Mastercard in November when they turn one year old. I have no use for them and don't like the way they work. I'm very happy with BofA and will apply for another credit card of theirs rather than having two HSBC cards. They will abandon a loyal customer when he/she needs excellent CS the most.
on 2008-06-26 I'm also glad that you filed a complaint to HSBC. They deserve this but I will most likely close my Best Buy Rewardzone MC and Orchard Bank Mastercard in November when they turn one year old. I have no use for them and don't like the way they work. I'm very happy with BofA and will apply for another credit card of theirs rather than having two HSBC cards. They will abandon a loyal customer when he/she needs excellent CS the most.
Comment 9 by mrrob
Unbelieveable on 2008-06-28
Wow,
HSBCSUCKS has been with HSBC for 15 years? Its unfortunate on their end to lose 15 years of loyalty. Hope everything works in your favor
mrrob
on 2008-06-28 Wow, HSBCSUCKS has been with HSBC for 15 years? Its unfortunate on their end to lose 15 years of loyalty. Hope everything works in your favor
mrrob
Comment 10 by colonative
Not Fair on 2008-08-17
That really isn't fair to blame GM for this as it is HSBC who administers the card. And frankly, almost every credit card, including Chase, will set you at default pricing if you miss two payments. So, if you want to be a sell out and buy Toyota, join the millions of others who did too. But, really, you can blame yourself for missing two payments, not GM, not HSBC.
Or, here is a wild thought, why not just use the darn card and pay it off each month and get something for free-who cares about the APR? And usually after a year of good payments they will lower it again. Good grief people, take responsibilty for yourselves.
on 2008-08-17 That really isn't fair to blame GM for this as it is HSBC who administers the card. And frankly, almost every credit card, including Chase, will set you at default pricing if you miss two payments. So, if you want to be a sell out and buy Toyota, join the millions of others who did too. But, really, you can blame yourself for missing two payments, not GM, not HSBC. Or, here is a wild thought, why not just use the darn card and pay it off each month and get something for free-who cares about the APR? And usually after a year of good payments they will lower it again. Good grief people, take responsibilty for yourselves.
Comment 11 by credit king
Re: Loyal GMCARD Carrier Says GOODBYE on 2012-02-21
All I can say is WOW! You defaulted not once but twice and your rate was increased! Just as your credit agreement stated, APR may be increased if you are late/default. Now GM is to blame because you want to throw a temper tantrum. That will show them! Lets send some more money to China, Japan and India by buying more foreign junk! I have held 4 HSBC accounts in my lifetime without any issues. While I have to say they have been stingy on credit limit increases, They have stuck to the terms of the credit contract but I pay my bills on time and my curretn FICO score is a 831. I was fortunate enough to apply for this card and receive a 7000 dollar credit limit years ago which suites me just fine. I do not carry a balance and could care less about my limit or my APR. My only concern is my score and the limit is high enough that it still helps my score. Enjoy your recycled american steel toyota! I am sticking with my GM's and keeping as much of the money here on U.S. soil as I possibly can while enjoying my new 2012 Tahoe LTZ and my wife and kids will stick to our 2005 GMC Yukon. By the way, how ya coming on the website www.GMcardsucks.com? (still does not exist after nearly 4 years!LMAO) Probably went about as well as your payment history..... ANOTHER FLOP!!!
on 2012-02-21 All I can say is WOW! You defaulted not once but twice and your rate was increased! Just as your credit agreement stated, APR may be increased if you are late/default. Now GM is to blame because you want to throw a temper tantrum. That will show them! Lets send some more money to China, Japan and India by buying more foreign junk! I have held 4 HSBC accounts in my lifetime without any issues. While I have to say they have been stingy on credit limit increases, They have stuck to the terms of the credit contract but I pay my bills on time and my curretn FICO score is a 831. I was fortunate enough to apply for this card and receive a 7000 dollar credit limit years ago which suites me just fine. I do not carry a balance and could care less about my limit or my APR. My only concern is my score and the limit is high enough that it still helps my score. Enjoy your recycled american steel toyota! I am sticking with my GM's and keeping as much of the money here on U.S. soil as I possibly can while enjoying my new 2012 Tahoe LTZ and my wife and kids will stick to our 2005 GMC Yukon. By the way, how ya coming on the website www.GMcardsucks.com? (still does not exist after nearly 4 years!LMAO) Probably went about as well as your payment history..... ANOTHER FLOP!!!
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Disclaimer: This content is not provided by Capital One Bank (USA), N.A.. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Capital One Bank (USA), N.A.. Review content is powered by Finance Globe.
