Union Privilege announces that due to the country’s drastic economic downturn, the Union Plus MasterCard vendor, HSBC, will make changes to its credit card policy effective January 27, 2009.
The changes include: Higher interest rates for cardholders who pay late or go over the credit limits, raising the APR cap to 22.99 percent, grace periods for current cardholders who do not have a grace period and increasing any non-union member’s benefits to the industry standard.
Though HSBC is contractually entitled to make these changes, Union Privilege worked with HSBC to ensure that the changes are as minimal as possible. Union Plus credit cards will still continue to exceed the benefits available from other top credit card issuers. Click here for an overview of the changes and a comparison with other credit cards.
“It is regrettable that today’s economy has forced many union-friendly vendors of long standing such as HSBC to tighten their belts. However, be assured that Union Privilege and TCU will continue to monitor this situation and make every effort to see that our members receive the best possible value from Union Privilege offerings,” said International President Bob Scardelletti.