Starting from July 31st, 2006 HSBC will change the way it apportions credit card payments so that customers will have to pay off their borrowing with the lowest rate of interest first. The new policy is a dramatic change of tack from the high street banking giant, which had previously adopted a more consumer-friendly approach to credit card payments. “It is disappointing to see yet another credit card provider switching to an adverse order of payments,” said Stuart Bernau.
Consumer advocates at HSBC Watch claim HSBC is slowing adopting all predatory tactics of HSBC Finance Corporation, formerly predatory U.S. lender Household International, now owned by HSBC.
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