HSBC Premier Downgrade and Miss-selling

darren79_2

I'm not sure what I can do about this, but feeling hard-done-by and conned by HSBC and their sales people.

We have a joint account with HSBC which was set-up as a Premier account because we took out a mortgage with them that was above their limit for free Premier accounts.

They recently changed this back to a standard account because we now just fall under their criteria for the free Premier account. (edit: HSBC Changed the criteria)

We occasionally made use of the overdraft facility, which incurred no fee before, but we have now been hit with a £90 "arrangement fee".

Secondly, 1 month before we were informed of the downgrade to the standard account I was sold a credit card on the basis that it had an interest free period of 0%, and a preferential interest rate of 9% on purchases.

This card has now been cancelled and transferred to their standard HSBC credit card and I am being charged 15.9% interest on the full balance and purchases.

I obviously would not have taken the card and transferred the balance to them if I had know about the downgrade, as I'm much worse off now.

Any ideas about what I can do would be gratefully received.

I can't speak to anyone at the branch because they don't answer the phone. My old "relationship manager" from when we had the premier account wont return my calls, and I've just spent several hours on the phone to customer support being passed around people who can't help me. The only option they came up with was pay the credit card balance off in full and close the account.
:mad:

_Andy_

Situation is unfortunate but nothing you can do, they're quite in their rights to change the Premier criteria and therefore your accounts/products.

darren79_2

So, theoretically all these credit companies that offer 0% on balance transfers could cancel the deal and put you on a high rate of interest at any time?

gt94sss2

It sounds to me as:

1) If HSBC informed you that you no longer met their Premier criteria in advance and you then used the overdraft, you can't argue about that the overdraft fees or any other account charges (unless they didn't tell you they were changing the account type?)

2) the credit card though - while HSBC can vary the variable rates whenever they wish (the 9%) if they agreed to a 0% period for a certain period they should honour that even though you are no longer a Premier customer.

I suggest you contact HSBC starting with Step 2 of the HSBC complaints procedure.

Regards
Sunil