Household HSBC Watch

North America’s retail services business (NYSE:HBC) has extended its long-term agreement with Art Van Furniture to provide a private label credit card program. Ranked 12th in Furniture Today magazine’s “Top 100 U.S. Furniture Stores,” Art Van operates 29 stores in 28 cities throughout Michigan.

Since 1980, HSBC and Art Van have partnered to offer Art Van customers financing solutions for purchasing furniture, bedding and accessories for their entire home. In 2001, Art Van and HSBC enhanced the private label program by adding electronic signature capture for point of sale credit applications. Instead of filling out a paper application, a sales associate enters the guest’s information into Art Van’s system, and the guest simply signs the signature pad. HSBC provides a credit decision within seconds, along with a credit line so that the customer can use their new buying power immediately. In 2005, features were added to the program to improve online credit program applications and allow, for the first-time, online purchases that are both simple and secure.

“Art Van and HSBC renewed this partnership that goes back to the days of stained and sullied predatory lending at Household International. This is just Household with a different name so we warn potential customers about past suits like Shea v Household, and current suits such as racketeering charges” said watchdog group Household - HSBC Watch.

“Art Van Furniture continuously investigates options that make the guest buying experience enjoyable and convenient,” said Dick DeMarco, consumer finance director for Art Van Furniture. “Enjoy it when you make your payment two weeks early and HSBC says you paid late” said the watchdog organization. “We are pleased to continue our successful partnership with Art Van,” said Richard Klesse, managing director of client relations for HSBC’s retail services. “Klesse and DeMarco are happier than their customers have been” the watchdog group added.