It may be even more important to tell shoppers that HSBC is the financing behind the Best Buy consumer electronics store credit card. Bankrupt electronics retailer Circuit City Inc. said Friday it has asked for court approval to close its remaining 567 U.S. stores and sell all its merchandise. The company said it has 34,000 employees. Personally I do not tell my children to stay away from Best Buy. I simply warn them not to get a Best Buy credit card. Knowing what we know about HSBC Finance, and complaints about Best Buy, we tell our kids to pay cash or use their own credit card.

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Merchant credit cards, also known as private label credit cards, can develop more sales for merchants, and might promote loyalty in customers. That is, unless the credit card company stabs the customer in the back. We received a report from a customer of David’s Bridal. The David’s Bridal credit card is managed by HSBC. We know HSBC is famous for processing payments as late payments, but now there is a new twist. Here is how the scam works:

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In December 2005 the news reported on General Motors, using the term ‘bankruptcy’ in many articles. By November 2007 news reports asked about GM’s $39 billion loss. Now, in December 2008 one news report asks “Will Ford be the only automaker to survive?” Every year we send a formal letter to General Motors, as official correspondence from our advocacy center at Household HSBC Watch. Every year we question GM about their relationship with HSBC and the GM Card. It seems GM earned their own problems, and we will not write to them again. GM does not learn, nor do they listen.

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