Consumer complaint received 2020-01-31
Company: HSBC NORTH AMERICA HOLDINGS INC.
State: VA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Advertising and marketing, including promotional offers
Sub-issue: Didn't receive advertised or promotional terms

Complaint:
In late XXXX of XXXX, I applied for a credit card with HSBC. The company advertised a promotional 0 % APR for 18 months. 
On XX/XX/XXXX I received an email confirming my application. The email from HSBC Online Account Opening Team said " Thank you for applying for an HSBC Gold Mastercard credit card. Our team is currently reviewing your application. We may need more information in order to process your application, and if so, will reach out within 7-10 business days. '' On XX/XX/XXXX I received an email welcoming me to my HSBC Gold Mastercard. The email said " Your card will mail in 7-10 business days. We'll send you an email when it ships. '' On XX/XX/XXXX I received an email with the subject line " Activate your new HSBC Credit Card today '' and said : " We recently mailed your new Credit Card and want to make sure you're enjoying the benefits.Once you activate, expect : No Annual Fee A Low Introductory APR on purchases and balance transfers 1 '' and " 1. Refer to your to your [ sic ] Cardmember Agreement for more information. '' The email included an " Activate '' button, which I followed. I was unable to create an account or begin the balance transfer process without the actual card. 
I did not receive the actual card until XXXX. I created an account and set up balance transfers. On XX/XX/XXXX I received the confirmation of the online banking registration via email. On XX/XX/XXXX I received confirmation of the balance transfer requests. 
When I made the balance transfer request, the interest rate was never specified - only that " terms and conditions of your account as previously disclosed '' applied. 
My first statement showed not only the 4 % transaction fee - which I expected - but a 15+ % interest rate. 
I contacted the company via online chat on XX/XX/XXXX, and was told the balance transfer needed to occur within 60 days of account opening to qualify for the 0 % rate. Those 60 days passed while I was waiting for the card, without which I could not create an account or make the balance transfer. I was told by the agent that my problem would be passed to their " back end teams '' and I would receive a reply in 3-5 business days. 
On XX/XX/XXXX I contacted the company via online chat again, as more than 5 business days had passed without a reply. I was told that they would not honor the 0 % interest rate. 
I obviously would never have made the transfer - or opened the account - if not for the 0 % rate. I feel misled by HSBC 's practices. I can not know if HSBC deliberately delayed my card, but I know I did not receive it before the end of the 60 day promotional period. During my discussions with agents in the online chat, I was told I could have called them to make the balance transfers before receipt of the card, but that option is not specified in the emails I received while waiting for the card. 
HSBC does not disclose the interest rate during the balance transfer request process, as many other companies do. Had I known my transfers were not eligible for the promotional rate, I would have not made the requests - or would have at least called the company to correct the error before I agreed to a 4 % transfer fee. 
I considered small claims court for the 4 % transfer fee and interest HSBC charged me ( a total of {$560.00} ), but upon reading the full agreement that came with the card, I discovered I am bound by an arbitration clause. In order to opt out if that clause, I must notify the company within 60 days of opening the account - which as I noted had already elapsed before I received the information. 
I can provide the emails and the transcripts of the online chats described above.

Company response to consumer: Closed with explanation