Household HSBC Watch

Private label credit cards made their way to India as part of HSBC’s ‘Household Model’. In the United States many customers are fimiliar with cards such as the Best Buy card, or perhaps their CompUSA credit card. Regulators, on the other hand, are familiar with Shea v Household where Household International, and later HSBC, credited payments one day late for almost 10 years.

Here is the article from Mumbai:

HSBC and Trent Ltd, a Tata Group company, launched Star India Bazaar credit card, India’s first private label credit card. It is available as a standalone card or as an additional card linked to an HSBC credit-card account.
Unlike normal credit cards, private label credit cards do not require any minimum income requirement. Customers can get a card by showing proof of purchase, identification and proof of address, which makes housewives eligible as primary cardholders. As of now the card can be used only at the single Star India Bazaar outlet in Ahmedabad. The limit for the stand-alone credit card is up to Rs 3,000. If it is linked to an HSBC credit card, the limit will be the same as the limit of the credit card.

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