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Many credit card processors appear to be good, solid, and reliable. Store brand credit cards such as Best Buy or Levitz credit cards for example, appear to be a good deal. Store branded credit cards are known as private lable cards. The truth is most people already have a credit card and private label cards are losing appeal.

Credit card processing is competitive, thus some may be looking for ways to make more from you. Mortgage companies such as Ameriquest and HSBC - Household International have been sued as predatory lenders, so a move into the credit card market is a logic step. But everthing may not be as it appears.

Here are indicators of predatory credit cards and predatory lenders processing those cards.

  • The customer receives their first bill, only to find out they already have past due fees and late charges, plus a higher interest rate.
  • The customer never receives a bill after opening an account.
  • The customer may receive a bill at their correct address in months 1-11, then the address, apartment number or zip code is wrong in month 12.
  • The customer may return a product but never receives acknowledgement from the credit card company.
  • The customer files a change of address and it never goes into effect.
  • The customer may receive their bill late in the final month, but cannot respond in time to pay it, thus resulting in the total interest due.
  • The customer may sign up for some form of insurance but the insurance is not honored.
  • The customer may close an account but the account is not reported to the credit reporting agencies as closed.
  • The customer may pay off an account but it is not reported as paid off.
  • The customer may pay off an account but the account is incorrectly reported as a chapter 13 bankruptcy.
  • An incorrect the credit card company entry on a credit report may be removed, only to reappear the following month.
  • The customer may find the same account reported differently to all 3 credit reporting agencies.
  • Interest accrues at a rate which precludes getting a final payoff to the credit card company before more interest is added to the account.
  • The customer is charged for past due fees, late fees, and insurance.
  • The customer is given an assurance from customer service but nothing happens and the account is not adjusted.
  • The customer account is sent to research but nothing happens and it never comes out of "research"
  • The customer is told the U.S. Postal Service is at fault.
  • The customer is told their bank is at fault.
  • The customer is required to accept oppressive terms and conditions including binding arbitration, security interest in all purchases, and waiver of bankruptcy.
  • The customer advises the credit card company not to call them at work and calls continue
  • Customer service representatives are rude or display a lack of knowledge
  • The credit card company tells employees and the SEC they are a 'pay for performance' based company - meaning employees and customer service reps get paid more for being oppressive and acting as though they are stupid - in other words, bigger employee paychecks if they lie to you and take your money

This is just one of our articles referencing HSBC complaints about mortgages, Bestbuy, credit cards, auto loans, fees, and late payment processing.

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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 is now part of the Lender Watch network


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