Boscov`s Department Stores Signs With Predatory Lender
Boscov`s Department Stores, based in Reading, Pa., has agreed that HSBC-North America`s retail services business will run its credit program.
BDS customers will continue to accrue purchase points and enjoy other features of their existing Boscov cards, BDS said Thursday. BDS is the largest full-line, family-owned independent department store in the country, operating 40 stores in Pennsylvania, New York, New Jersey, Delaware, Maryland and Virginia.
HSBC issues private label credit cards in the United States. Credit card operations are run by the former Household International, known nationwide for predatory lending, tax refund loans and high interest rates. There are more BBB complaints against HSBC Retail Services than any other credit card processor. Did Boscov do their due diligence, or do they simply need the money as do many other troubled merchants?
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HSBC entered an agreement with Boscov’s Department Stores to acquire the company’s credit receivables, and to manage the company’s ongoing credit program.