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HSBC Credit Card APR?
Quislibet
Posts: 13 Forumite
in Credit cards
I have a HSBC credit card and it has a small balance on it that I am currently paying back. HSBC advertise their credit card with a typical APR of 16.9%
I am charged 19.9%
I recently called them to see if they could offer me a lower rate as I was considering opening a new credit card to transfer my balance. My request was denied on the basis that "at the moment most of our customers are on a 19.9% rate" and apparently my credit rating has got something to do with it. I cannot disagree with that, although I have never defaulted on any payments and my only other sources of credit are a small overdraft and a £100 New Look store card (which I don't use and paid up in full after the promotional offer). But I have been resident in this country for only 3,5 years.
I am OK with the result as my balance is very small and I expect to pay it back in full as soon as my college refunds me part of the tuition fee I paid before I got my grant assessment. This should happen within 4 weeks.
However, my question here is: Is it right for HSBC to advertise a credit card with a typical 16.9% APR when they say most of their customers are charged 19.9% APR?
Has anyone successfully negotiated a better rate with them?
I am charged 19.9%
I recently called them to see if they could offer me a lower rate as I was considering opening a new credit card to transfer my balance. My request was denied on the basis that "at the moment most of our customers are on a 19.9% rate" and apparently my credit rating has got something to do with it. I cannot disagree with that, although I have never defaulted on any payments and my only other sources of credit are a small overdraft and a £100 New Look store card (which I don't use and paid up in full after the promotional offer). But I have been resident in this country for only 3,5 years.
I am OK with the result as my balance is very small and I expect to pay it back in full as soon as my college refunds me part of the tuition fee I paid before I got my grant assessment. This should happen within 4 weeks.
However, my question here is: Is it right for HSBC to advertise a credit card with a typical 16.9% APR when they say most of their customers are charged 19.9% APR?
Has anyone successfully negotiated a better rate with them?
0
Comments
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However, my question here is: Is it right for HSBC to advertise a credit card with a typical 16.9% APR when they say most of their customers are charged 19.9% APR?
Has anyone successfully negotiated a better rate with them?
Yes - they advertise a typical rate but the actual rate for an individual depends on their circumstances. The CS person quoting "most are on 19.9%" is I suspect talking off the top of their head."A child of five could understand this. Fetch me a child of five." - Groucho Marx0
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