Over 420 votes are in and HSBC credit cards are ranked as poor or unprofessional by 80 percent of those who voted. See the survey here. However, Ken Harvey, HSBC’s chief information officer, told analysts at a presentation the bank would reap the rewards of its global scale as well as its investment in recent years. When talking about HSBC’s plans to use predatory lender Household International’s credit card model, Harvey estimated HSBC had saved $43 million annually, for example, by rolling out the Whirl credit card platform across almost 90 percent of the group. Whirl was developed by Household, the company bought by HSBC in 2003, where Harvey was chief information officer.
HSBC said it also aimed to cut the cost of each transaction, such as processing a credit card purchase, by 10 percent every year. It shaved 8.8 percent off each unit cost last year, but is on track to hit target with an 11 percent drop this year and a bigger reduction in 2007, Harvey said.
Unfortunately for HSBC customers our satisfaction survey reflects the actual way Household (HSBC) handles credit card payments online. Reports indicate payments are applied late, customers are locked out of online payment websites, and thus are charged excessive fees which are totally unwarranted. When sued HSBC simply pays a fine which is much smaller than revenue received.
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