How does HSBC compare to others? That is a question many people ask. When your credit card is handled by HSBC the answer may shock you. For example:
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HSBC merchant services doesn’t have much luck when it comes to merchants. With the possible exception of consumer favorite Best Buy Stores Inc., HSBC merchants come and go. For a while it got so bad that if a merchant signed a contract with HSBC Merchant Services many wondered about their financial future.
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Do you really want a credit card from an HSBC merchant? According to a lawsuit filed in Illinois, HSBC found customers by scanning lists of people who held mortgages and also had high credit card balances with K-Mart, Best Buy, Costco and other retailers affiliated with HSBC that provided the lists.
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Reported on 03/05/2009: The 9th U.S. Circuit Court of Appeals ruled against plaintiffs in a consumer class action suit stemming from annual fees associated with an online credit card offer. The court found that a national company was not using California as its principal place of business based on the state’s demographics alone. The plaintiffs alleged that Best Buy and HSBC of Nevada failed to disclose an additional fee that would be charged to state residents.
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On February 17, 2009 HSBC was sued in Alameda California. The complaint alleges that HSBC Finance Corp, doing business as HSBC Retail Services, continued to bill a customer under a merchant agreement with Levitz Furniture. The furniture was never delivered, as Levitz was bankrupt.
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