The irony of this report is that HSBC claims the “HSBC American Dream” credit card is still available. More on that in a minute, or should that be “moron”? Today we received this report, whaihc appears to be a follow-up from yesterday. HSBC pulled the following cards from affiliate marketers:
Household Bank Platinum MasterCards
Household Bank Low APR MasterCards
HSBC Platinum MasterCard with Cash Back Rewards
HSBC Weekend Card
Orchard Bank Classic MasterCards
Orchard Bank Low APR MasterCards
Union Plus MasterCard
For all the legal people I shall say that the names are registered tradmarks of HSBC. Does that speak well for HSBC? You decide the answer to that one. Back to the “American Dream” which just seems wrong when you consider the number of people in foreclosure or otherwise effected by subprime problems. An insider said in a recent email that HSBC can and will change the terms on any contract at will. Their website, under the “American Dream” application, says that there may be mistakes on the website, but you have no recourse if there are.
Furthermore, you must pay your own legal fees if something goes wrong. On the very first page they offer you insurance by asking if you want to protect your account. It is not clear that there is a cost associated with the selection. On the first page you provide your information, but do not see the terms. That is on the second page. I did not see any information telling me the interest rate, nor did I see anything about binding arbitration. Also lacking was a guarantee by HSBC that my timely payments would be processed on time and correctly. Of course this is all paraphrased because everthing on the website, or lack of it, is copyrighted by HSBC.
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