KUALA LUMPUR: HSBC Bank (M) Bhd aims to have one million of its credit cards in circulation in Malaysia by the year’s end. Currently, it has more than 950,000 credit cards in circulation. The bank’s head of cards, Linda Yip, said the new campaign would offer promotions and discounts, and a contest for users.

On recent news that Malaysians were spending beyond their means, as young people were running up huge debts and being declared bankrupts, U said HSBC had always been prudent in issuing cards to people with good record and payment ability.

“It will be very irresponsible of card issuers if stringent measures are not in place to screen applicants because you will encourage users to get into debt,’’ he said. “We welcome any measures if Bank Negara wants to tighten credit card regulations as it ensures the healthy growth of the industry.”

Welcome to the world of HSBC predatory lending say consumer watchdogs from the United States. “HSBC said they would export Household International’s predatory lending model and they are doing so. “They (HSBC) are selling bonds made up of credit card portfolios, and any government that thinks HSBC really cares about the creditworthiness of borrowers and stability of Malaysia is very wrong” said one consumer advocate close to the investigation.

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