Crackdown on HSBC credit cards
When news rules are needed or suggested, cause and effect implies abuses prompted the action. At HSBC Finance things could not get much worse for HSBC, and always seem to get worse for customers. That may change as new credit card rules have been proposed. Under the plan, banks could increase the rates they charge borrowers on future purchases. But they would not be allowed to hike rates on outstanding balances, as they can now.
Banks would also have to allocate payments equally to consumers’ high- and low-rate balances. Currently, payments are first applied to those at the lowest interest rate, which makes it more costly for consumers to pay off their debt. “Clearly, we’re looking for more flexibility [in the rules],” said Steve Freiberg, CEO of Citigroup’s global cards at the company’s meeting with analysts in May. In our opinion HSBC will also look for more flexibility, but it will not benefit the customer.
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[…] on HSBC credit cards Crackdown on HSBC credit cards When news rules are needed or suggested, cause and effect implies abuses prompted the action. AtHSBC Finance things could not get much worse for HSBC, and always seem to get worse for customers. That may change as new credit card rules have been proposed. Under the plan, banks could increase the ra… […]