Household HSBC Watch

Saks reported their quarterly results, and noted in their forward looking statements was this jewel: “…successful operation of the Company’s proprietary credit card strategic alliance with HSBC Bank Nevada, N.A”. The relationship with HSBC Bank Nevada, formerly Household International, was but one of many risks listed in Saks’ forward looking statements.

While it has not been easy for Saks one must ask why a reputable store remains aligned with a credit card processor once charged with late application of payments under Shea vs Household. Why did Saks sign a contract with a company that settled the largest predatory lending settlement in the United States? Clearly customers Saks has identified in their target market is not in the same subprime and predatory classification. Give credit to Saks for putting them in the same category. You can see private label complaints and other HSBC complaints here.