Have you noticed the fine print concerning balance transfers and HSBC credit cards? Balance Transfer Checks may not be used to make payments to any GM Card, Union Plus Credit Card, Teamster Privilege Credit Card, Best Buy Credit Card, Household Bank or Orchard Bank Credit Card, or to pay a loan made by any other HFC, Beneficial or HSBC company. (These are registered trademarks of HSBC and/or the specific companies.) Notice how HSBC mentions Best Buy, but none of the other merchants that contracted with HSBC for credit card services.
The practice of packaging and selling credit card debt to Wall Street has given all banks a powerful incentive to raise card rates and fees. Now, bankruptcy lawyers and other financial experts show that as debt-saddled consumers struggle to stay afloat, banks are aggressively raising rates and fees - often stripping consumers of what little disposable income they have left and threatening to become another drag on the economy.
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