Update Note

HSBC car loans were sold to Santander USA in 2010 :: Most HSBC credit cards became Capital One credit cards in 2012 :: HSBC horrible predatory home mortgages are in run-off

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.

Please vote in our poll if applicable. Related subjects are attached to the poll and this article.

HSBC Watch monitors HSBC customer trends for possible violations of Regulation Z and other possible illegal actions. We use your individual HSBC complaints and merchant complaint reports to perform trend analysis. We are not associated with HSBC, Household International, or their merchants. Some items are used by permission granted in the Fair Use guidelines of the 1976 U.S. Copyright Act. HSBC Watch was formerly known as Household Watch and is now part of the Lender Watch network.