Household HSBC Watch

Another HSBC merchant is going out of busiiness. CompUSA, the computer retailer that Mexican billionaire Carlos Slim owned since 2000, will shut its doors after 23 years, succumbing to competition from Best Buy Co. and Wal-Mart Stores Inc. On the CompUSA website it says “Same as Cash offer on approved purchases made on the CompUSA Consumer Credit Card issued by HSBC Bank Nevada, N.A. No Finance Charges if purchase paid in full in 6 months.” The offer fails to tell you what happens if you can’t pay online, don’t get a statement, or if HSBC fails to send your statement for the sixth month.

The demise of CompUSA leaves Best Buy as the biggest U.S. electronics merchant still using HSBC Bank Nevada to issue private label credit cards.