Regarding HSBC Bank GM Card raising my interest rate to 16.99%
PO Box 80056
Salinas CA 93912-0056
I do not accept the change in terms that will take effect on my GM card on 12/10/2009. I consider the action by HSBC as arbitrary and capricious. The notice raises my Purchase APR to annual percentage rate of 16.99%!
The action on my GM card and the GM card held by my wife will make sure we will be Ford customers in the future. We have never missed a payment on our GM cards or any other payment obligation we have had in the past 45 years.

I have been a regular GM card customer since 1993. My current Purchase APR is 9.99%. I accepted that high rate for years and paid GM thousands in interest since 1993. Now HSBC is raising my rate to 16.99%. I called customer service to discuss this matter. I asked Adell and Mia to keep my interest rate at 9.99% and I will continue to be a GM card customer. I was rudely informed by manager, Mia, that the decision by HSBC was nonnegotiable. I asked Mia what will happen to 5% Earnings Total of $838.22. I was informed that I will lose my earnings within 90 days after I opt out because my account will be closed. My last statement balance was $11,866.00. I will no longer receive the 5% earnings as I make payments on the statement balance. I feel I have been subjected to a robbery without a gun. This action cannot be allowed to stand. GM must act to protect its customers from HSBC.
The arbitrary and capricious action by HSBC is causing cardholders to lose thousands of dollars in earnings they would have used to purchase new GM vehicles.
I believe there is a basis for a card member class action lawsuit to recover the earnings lost as a result the outrageous increase in APR. Banks can get money from the FED for less that 1%. HSBC wants 16.99% and above from its loyal GM cardholders and customers.

3. I like the concept of a smaller GM. I was at a business breakfast yesterday and people were talking about P&G, how they're now too big to innovate. It reminded me of Rose's post "Proudly Invented Elsewhere" talking about the new "open innovation" wave. Big companies like P&G are going to start having to buy and integrate innovations from outside their organizations. So GM going smaller would only help to boost their innovation capacity, which the automotive industry surely needs right now.

Bye, bye GM -- blue collor workers are better off than us white color .. at least some one is looking out for them