Wednesday, November 28, 2012

10 Reasons Why HSBC is the world’s worst credit card

  1. HSBC doesn’t respond to written correspondence sent to them by post.
  2. HSBC will not provide a copy of the credit card agreement upon request, either on the website, or via post.
  3. HSBC does not provide written information on their website about how to pay off a final balance and close the account for good.
  4. HSBC is linked to Household International, a credit card issuer well-known for its predatory lending practices (It settled a $486 million lawsuit with 46 states in 2002). HSBC integrated with Household International in 2003, and some allege that the current HSBC uses many of HI’s unsavory business practices.
  5. HSBC has a contact form which (in my experience) works rarely. Even when it does work, HSBC doesn’t allow you to have a record of emails you have sent to them (except by cutting-and-pasting onto a MS Word document).
  6. HSBC disregards legal contracts. In my individual case, HSBC agreed to a written counteroffer I made to resolve our dispute, but then promptly disobeyed the terms of it.
  7. When you dispute a charge in writing, instead of actually investigating the complaint, HSBC will send a generic reply which shows no evidence that it actually investigated the item being disputed.
  8. HSBC will not investigate your account after you have complained to a credit-reporting agency. HSBC is legally obligated to take action and contact the customer. In my specific case, HSBC sent a generic reply refusing to take any action until I provided documentation (This was long after I had sent them lots of documentation already).
  9. HSBC (like many other banks) gambled and lost billions of dollars on subprime mortgages.
  10. Recent complaints have shown that HSBC has raised interest rates and lowered credit limits to a dollar amount dangerously close to a customer’s current balance. This practice may not be illegal (and other credit cards seem to be doing the same thing), but it increases the likelihood that HSBC will award itself over-the-limit fees which result from it.


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