Household HSBC Watch

HSBC became the UK’s third biggest credit card issuer in July 2004 behind Barclays and Royal Bank of Scotland with the acquisition of Marks and Spencer Retail Financial Services for £762m.

Monitors in the United States are waiting to see if HSBC uses the tactics seen in the U.S., such as applying payments late, putting received mail back into the mail system, charging for phone payments, sending unwanted credit cards with annual costs and more.

HSBC claims to have exported the credit card model of troubled predatory lender Household International, now a part of HSBC. Consumer watchdogs are monitoring the possible exportation of HSBC’s consumer abuses as well.