This is a thorny one. I recently had to verify a check clearing with my credit card company and accomplished this by calling the credit card company and then doing a three way call with my bank. I would attempt to do the same with a supervisor.

Also, just in case there was an error, contact the company you did the transfer with and verify that the account information is correct and that the transfer has completed. The fine print often states that it can take 30 days for a transfer to clear.

We noticed on his account that the balance had transfered successfully but my Citi account was still showing the same balance. So, now it seems we are carrying the same balance and paying interest twice!

I called Citi and after a month of correspondence back and forth, they tell me they don’t know where they applied the money (I have a copy of the cashed check with Citi’s deposit info on the back) and will not credit me the balance of my account.

I strongly recommend visiting the Consumer Finance Protection Bureau at https://help.consumerfinance.gov/app/ask_cc_complaint. They have a comprehensive tool for handling disputes such as yours.

This is pretty critical for me
they have jeoparadized credit score and giving lot of hassle

Thanks & Regards
Sri

I understand your anger, but hopefully this will make you feel a bit better. The higher rate will only be applied to new purchases. Any existing balances you have at this point will not increase to the new level. Thus, if you have $1,000 of debt at a 14% rate, that debt will only increase if the Prime Rate increases, which likely won’t happen for a year or more.

Simply stop using the card and use a different card and you won’t be impacted by the 29.99% rate. Unfortunately, this increase is completely legal per the CARD Act. My wife had a similar issue with American Express recently. She made a single late payment and they raised her rate to 29.99% on future purchases, even though she had never been late before and had been a cardmember for 6 years. This is simply the new normal.

Are you sure this rate raise applies to your earlier balances? Credit card companies absolutely cannot raise rates on previous balances at any time for any reason. They can only do this on future purchases and only after 45 days notice has been given.

There should be no issue with this. Your card was stolen and you have ZERO liability. Call HSBC again, get a supervisor on the line, tell them your card was stolen, you have a police report, and that you want to dispute all of the charges. HSBC MUST reverse these charges. I think the person you spoke with was trying to stonewall you. But that person was wrong and you should not have had any problem with this issue.