I am NOT very happy right now. As I’m sitting here trying to get a few posts up while I pay bills I noticed something very different about our Yamaha card that’s through HSBC. It seems as if HSBC took it upon themselves to decrease our credit card limit. It wouldn’t be such a big deal, but I thought they were supposed to inform me of all changes in writing, and they definitely didn’t inform me of this.
It’s yet again another ploy by credit card companies to screw us over. Why? Well for starters, that card holds one half of our bike financing. Our financing was split between a Yamaha card with a $8000 limit, and a Polaris card with a $6000 limit. The dealership did that so we would have two cards carrying smaller balances that weren’t considered a high balance card instead of carrying 1 high balance card with a higher limit.
I’ve made double payments on the Yamaha card when I could afford to, and I now have that balance down to a little over $2500. I would be perfectly fine with lowering the limit on the card because I don’t ever plan on purchasing anything on it again, but now hsbc has screwed me by lowering my credit limit to $3000. Why is that bad? Well now instead of carrying a lower balance on a high limit card I’m carrying a high balance on a lower limit card!
I haven’t seen this change happen yet on my Polaris card, but it’s also through HSBC. I expect the limit on that one to drop sometime soon as well.
…And people wonder why I hate financing that’s done through credit cards!
Wednesday, October 1st, 2008, 11:15 pm | 
Bad Business | 
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