Household HSBC Watch

HSBC needs every dime, dollar, pound, and pence they can make. It appears as though HSBC is saving money by forgetting to date their credit card offers, but you can be the judge: “Last year, I applied for a Best Buy RewardZone MasterCard, for which I was told, and the paperwork confirmed, that there would be NO ANNUAL FEE. So much to my surprise my first statement came with a $59 annual fee. Customer service was of no help here either. They just said it was their policy to charge an annual fee, and the paperwork I had was outdated. I didn’t see any “expiration date” on the brochure I was given when I applied, and I though “bait and switch” was illegal. Only after much complaining did they offer to waive HALF the fee. I rejected their “generous” offer, I applied for a NO ANNUAL FEE card, and if you’re not willing to supply that than I don’t want your card and asked that it be closed.” (see full report)

Obviously the customer went right back to Best Buy and got another application from the pile as before. Does this scam ring true, or is it another example of HSBC shady tactics? The ploy reflects poorly on Best Buy Stores Inc, HSBC Finance, and HSBC Plc in London.