Household HSBC Watch

It is interesting to Household Watch that former CEO of predatory lender Household International and now Chairman of HSBC Holdings USA William Aldinger sits on the board of MasterCard.

Perhaps Aldinger’s Household Retail Services has done enough to give Master Card a black eye. Recent developments in Bahrain revealed an agreement with HSBC, Visa, and Géant Hypermarket, with the release of a co-branded credit card.

Let’s see if the Household business model has been exported overseas. Géant Hypermarket consumers will not find it acceptable if payments are credited one day late, resulting in late fees and overlimit fees. Perhaps Aldinger finds it aceptable to do this to Americans? Time will tell. Jean Marc Le Brun is Group General Manager of Géant Hypermarkets.

Visa is the world’s leading payment brand generating nearly US$3 trillion in annual card sales volume. Visa has unsurpassed acceptance in more than 150 countries. The Visa organisation plays a pivotal role in developing innovative payment products and technologies to benefit its 21,000 member financial institutions and their cardholders. Visa is a leader in Internet based payments and is pioneering the creation of u-commerce, or universal commerce—the ability to conduct commerce anywhere, anytime, and any way.

Visa International is committed to working with governments, regulators and its member banks to support the development of a cashless society. Electronic payments such as Visa card payments support economic growth through increased banking deposits, which provide additional funds for commercial loans – the lifeblood of a growing economy - bringing benefits to consumers, merchants, the banking sector and the economy.