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Credit Card Companies scramble to invent new ways to screw you over.


From CofCC.org Staff

Just because new legislation went into effect last month to clamp down on credit cards, don’t expect your problems to be over.

Let me give you an example. I have an HSBC credit card. HSBC advertises that you can pay your bill online. Last month my bill was due on the 4th and didn’t open the bill until the fourth. So I rushed to computer and paid online. When my next bill arrived I had $39 late bill.

After navigating through a HSBC call center that sounded like Indians, I was told by a very nasty American supervisor that you must pay your bill online four days in advance. Of course no where are you told this on the actual bill. You have to physically hunt for this information on their website.

While fighting with the HSBC call center I did read some shocking things in the tiny print on the back of the bill. HSBC has an entire laundry list of reasons they can deem an on time payment as late and charge you a $39 fee.

If any of the following are true, HSBC says they must receive your payment five days before the due date or you can be charged a late fee.

  1. You use a different envelope
  2. There is a staple or paper clip on the payment coupon
  3. The actual payment coupon is not used
  4. The envelope contains two checks instead of one
  5. The payment coupon is folded.

That’s right. Stated on the back of your HSBC bill is tiny print that says you can be charged a $39 late fee if your payment coupon is folded in half and not received five days in advance! Talk about being screwed!

By the way. Business Week states that HSBC (which is not even an American company!) received $3.5 BILLION in the taxpayer funded AIG bailout.