grrr hsbc vent

thecatsnose

I have nobody to vent to, so please forgive me for doing here, but I need to get it out before I burst!

I applied online for the HSBC credit card that gives you 4.9% on BT's until 2012. I signed the slip that came through the post, and filled in the bit that asked if I wanted to do any BT's with a yes please of £3200. There was nothing to say what my credit limit might be at this stage.

I have recieved my new card today with a credit limit of £2500, so I phoned to activate the card like it says. I was told that I needed to make an immediate payment because I was over my credit limit :eek: . HSBC had bt'd the full £2500 of my credit limit and so the bt fee had tipped me over the edge.

I made a payment with my debit card to get within my limit, (but said that I would not accept the £12 charge that they tried to give me for going over my limit :mad: ), and attempted to explain to 2 different people that the bt of £2500 had been done automatically without my knowledge. I would only ever have bt 90% of the credit limit, to allow for the interest and the bt fee.

I have asked them if the rate of 4.9% would still apply, but they wont speak to me until the payment shows on my account, which they say could take a week :mad: .

I am peed off that I have started a new credit card with a blip like this, I have never gone over a credit limit, ever, but I can't get them to understand that I didnt know anything about it.

I have sent them a snottogram about it, so I will have to wait and see for now.

Thanks for reading, if you managed to get this far

gt94sss2

Try the HSBC complaints procedure

I agree with you that they should not have balance transferred more than your limit!

Out of interest, can you tell me the time it took between sending your signed application form to HSBC and receiving your card..

Regards
Sunil

flutterbyuk25

As far as I knew no credit card allows you to BT more than 95% of available credit (correct me if I'm wrong here).

Definately complain.

Keep us posted.

thecatsnose

gt94sss2 wrote: »

Try the HSBC complaints procedure

I agree with you that they should not have balance transferred more than your limit!

Out of interest, can you tell me the time it took between sending your signed application form to HSBC and receiving your card..

Regards
Sunil

Thanks, i'll try that now. I think it was about 2 to 3 weeks before I received the card

thecatsnose

flutterbyuk25 wrote: »

As far as I knew no credit card allows you to BT more than 95% of available credit (correct me if I'm wrong here).

Definately complain.

Keep us posted.

Thats what I thought, especially when there is interest to be added every month. Cheeky monkeys.

After I paid some money by debit card, she had the cheek to remind me to always pay my minimum payment on time and not to go over my credit limit, so that this wouldnt happen again. :mad: I only got the card today :mad:

My real concern is that they are going to increase the interest now

King_Weasel

On the facts as you've given them, HSBC have clearly blundered. You should now expect a new credit limit that covers the bt they implemented plus financial compensation of at least £25 to cover your time, trouble and worry. Ask for it.

If you don't get satisfaction, take it further.

gt94sss2

flutterbyuk25 wrote: »

As far as I knew no credit card allows you to BT more than 95% of available credit (correct me if I'm wrong here).

I have seen cards that allow (or used too) 100% of your limit as balance transfers - but never one where they transferred more than your limit!

Regards
Sunil

thecatsnose

Had a call today, the interest will still be 4.9% until 2012, phew, and they have apologised for any upset that they have caused.

They say it is usual for them to make the most of the credit limit by bt'ing right up to it and it was only the bt fee that put me over the limit, but immediate payment should not have been asked for, and they shouldn't have tried to implement the £12.00 fee for going over the limit.

All happy now!