As the world awaits HSBC’s annual report one fact is perfectly clear already. Customer credit limits are greatly reduced, spreading anger and resentment. Credit card holders with good credit were left stranded. Those who pay off their balance every month now have low credit limits, making HSBC credit cards worthless.
Those we queried suggested two possibilities for changes at HSBC’s credit card operations. The new credit card holder’s bill of rights will force changes, severely limiting HSBC’s current trend of telling customers their payments were late. The new credit card holder’s Bill of Rights could have been written specifically to address HSBC abuses.
A second train of thought is that HSBC is running off good customers because less creditworthy customers make more money for the bank.
Running off good customers just about guarantees HSBC that these people will never open a brokerage account, checking account, or finance a home through HSBC. In fact, they will never conduct any business with HSBC ever again.
If HSBC is successful in getting approval for prime rate mortgages for HFC and Beneficial Finance, the bank is alienating the very customers they would appeal too later. Something is wrong at HSBC, and within HSBC Finance.
Related posts:
