HSBC Officially Sold Card Business to Capital One!!!!

[BubbaJoeBob]

THE SKY IS FALLING !!!

THE SKY IS FALLING !!!

THE SKY IS FALLING !!!

 

:rolleyes:

[butterflywings]

THE SKY IS FALLING !!!

THE SKY IS FALLING !!!

THE SKY IS FALLING !!!

 

:rolleyes:

 

You can roll your eyes all you want, but to the 4k people that live in my area, their individual sky may indeed be falling.

 

They may be losing their jobs because of HSBC selling off their credit cards and possibly their mortgage portfolio too.

[BubbaJoeBob]

THE SKY IS FALLING !!!

THE SKY IS FALLING !!!

THE SKY IS FALLING !!!

 

:rolleyes:

 

You can roll your eyes all you want, but to the 4k people that live in my area, their individual sky may indeed be falling.

 

They may be losing their jobs because of HSBC selling off their credit cards and possibly their mortgage portfolio too.

 

This topic is not about people losing their jobs.

[lookwhospending]

THE SKY IS FALLING !!!

THE SKY IS FALLING !!!

THE SKY IS FALLING !!!

 

:rolleyes:

 

You can roll your eyes all you want, but to the 4k people that live in my area, their individual sky may indeed be falling.

 

They may be losing their jobs because of HSBC selling off their credit cards and possibly their mortgage portfolio too.

 

 

O yeaaaa! So lets bail out the banking industry!!!! Give me a break!!!!!

 

 

 

 

 

I HOPE the Discover card HSBC has is transferred to Cap 1!!!!!

 

 

My TWO cap one cards have gotten CLI's.

 

My one HSBC Discover, which is over a YEAR old, has never seen a CLI. Perhaps with Cap one, I will see one.

 

 

People bash Cap one left and right.

 

Fact is. They where there and gave me my FIRST credit card out of BK. They have given me CLI's. I pay my cards off every month, so I never pay interest. My second Cap one card has 1% cash back, and I just redeemed a $100 account credit.

 

I LOVE cap 1.

Edited August 11, 2011 by lookwhospending

[Guest]

THE SKY IS FALLING !!!

THE SKY IS FALLING !!!

THE SKY IS FALLING !!!

 

:rolleyes:

 

You can roll your eyes all you want, but to the 4k people that live in my area, their individual sky may indeed be falling.

 

They may be losing their jobs because of HSBC selling off their credit cards and possibly their mortgage portfolio too.

 

This topic is not about people losing their jobs.

While the fate of the employees jobs is not included in the title of this thread, it is still a part of the topic.

[jazzpetals]

Ugh!! I just disputed the TL off of my report...they're BAAAAAAAAAAAACCCKKK!!!

'

[schizcat]

me wonders how this will affect old accounts that have been closed or COd?

Edited August 12, 2011 by schizcat

[wanabe]

THE SKY IS FALLING !!!

THE SKY IS FALLING !!!

THE SKY IS FALLING !!!

 

:rolleyes:

 

You can roll your eyes all you want, but to the 4k people that live in my area, their individual sky may indeed be falling.

 

They may be losing their jobs because of HSBC selling off their credit cards and possibly their mortgage portfolio too.

 

 

O yeaaaa! So lets bail out the banking industry!!!! Give me a break!!!!!

 

 

 

 

 

I HOPE the Discover card HSBC has is transferred to Cap 1!!!!!

 

 

My TWO cap one cards have gotten CLI's.

 

My one HSBC Discover, which is over a YEAR old, has never seen a CLI. Perhaps with Cap one, I will see one.

 

 

People bash Cap one left and right.

 

Fact is. They where there and gave me my FIRST credit card out of BK. They have given me CLI's. I pay my cards off every month, so I never pay interest. My second Cap one card has 1% cash back, and I just redeemed a $100 account credit.

 

I LOVE cap 1.

 

That is great for you, some of us are stuck with

the rebuilder card we got at the beginning, that

has not passed the beginning CL outside of the

step $100 or $200 increase, and are not even

eligible for a requested CLI. That card was good

for me when I couldn't get any better. Now I

am not paying the AF, get no rewards on a card

I don't use. They are toast for me next month.

HSBC's are also, same story different creditor for me.

[susserTod]

Well that made my decision easy... Pay it off tomorrow and close it...

 

I agree. I've been paying one of them off monthly. Only have a 600 limit. Have a total of 3 cards. I will pay them out next month and let them ride at zero until Capital One takes over and then end it, because I don't like Capital One and don't plan to do business with them.

[TheBanker]

O yeaaaa! So lets bail out the banking industry!!!! Give me a break!!!!!

 

You realize that, as a foreign banking corporation, HSBC received NO "bailout funds" from the United States, right?

 

Just pointing out the facts...

[snark]

As far as someone "loving" Crap One, I cant help but notice that they havent given you much of a CL either....

 

Like I say, in this and everything, YMMV. If it works for you then work with it.

 

My experience though is that when the chips were down and I was hurting, Crap One didnt cut me any slack,

and instead of choosing to work with me to resolve the problem, they seemed to almost take pleasure in trashing my credit reports. Others DID work with me and we all came through pretty well, with the glaring exception of Crap One.

 

They chose to help you out=good for you- but because of the way they treated ME, I simply wont do business with them. I will pay off the small balances and close them. Maybe even BT them to NFCU....we'll see.....

[Burgerwars]

According to the HSBC website, Premier CC accounts will stay with HSBC. I've read conflicting reports about whether the non-Premier HSBC-branded CCs will stay with HSBC or not.

 

I just called CS to find out whether my HSBC-branded CC is converting to Capital One, and none of the CSRs had a clue. FAIL :/

 

My thinking (and hoping) is they would also keep their non-Premier (Platinum MasterCard) with their Premier MasterCard. The amount of Premier accounts has to be relatively small, due to the $100K in deposits or paying them a large monthly fee (I think it's $50) requirements. To just keep Premier MasterCards and no other card, I think would be such a small number of accounts that it couldn't be profitable to run, unless the whole Premier relationship thing is worth much more to the bank than losing money on the card.

 

I only have a checking and Platinum MasterCard with them. I have no intention of switching to Premier regardless of the outcome, mainly because I don't have an extra $100K laying around to deposit with them and forget about.

[Burgerwars]

One thing I wonder is why HSBC spends money for their giant airport jetway ads at airports like LAX? An international visitor coming to this city might think L.A. has lots of HSBC branches. Fact is, there are hardly any. They would be lucky to see an HSBC branch during their visit (although there are a few in tourist spots, like Beverly Hills).

 

At LAX, I don't think there is even one HSBC ATM at the entire airport, let alone a branch.

Edited August 12, 2011 by Burgerwars

[Joi27]

You're fine. According to the press release, all HSBC-branded CCs stay with HSBC (premier and non-premier). When I wrote my post, I had only browsed the FAQ and missed the info in the press release describing the fate of the HSBC-branded cards. I'm happy with this because I enjoy being an HSBC bank customer. They're they only online savings account I've seen that gives u ATM access, and the CC reps are very friendly.

 

 

According to the HSBC website, Premier CC accounts will stay with HSBC. I've read conflicting reports about whether the non-Premier HSBC-branded CCs will stay with HSBC or not.

 

I just called CS to find out whether my HSBC-branded CC is converting to Capital One, and none of the CSRs had a clue. FAIL :/

 

My thinking (and hoping) is they would also keep their non-Premier (Platinum MasterCard) with their Premier MasterCard. The amount of Premier accounts has to be relatively small, due to the $100K in deposits or paying them a large monthly fee (I think it's $50) requirements. To just keep Premier MasterCards and no other card, I think would be such a small number of accounts that it couldn't be profitable to run, unless the whole Premier relationship thing is worth much more to the bank than losing money on the card.

 

I only have a checking and Platinum MasterCard with them. I have no intention of switching to Premier regardless of the outcome, mainly because I don't have an extra $100K laying around to deposit with them and forget about.

[Occam]

I too would have preferred that HSBC stay in the US credit card market. Further consolidation in the industry gives us fewer options and less competition.

 

But look at the bright side:

 

1) Capital One is the only major bank that doesn't tack on a foreign exchange charge. Most of the others charge 3%, and even credit unions usually charge at least 1%. That's a huge benefit if you travel and an occasional benefit even if you don't. Hopefully they will extend this policy to the former HSBC accounts.

 

2) For anyone who wants a Capital One account but has been deterred because they pull 3 hard inquiries, this may be your chance to get one on the cheap. Apply for an HSBC card now (they usually pull only EQ) and you're in after the switch.

 

And it could have been worse, HSBC could have simply closed all the accounts.

[Chris in OK]

I actually like Capital One. They've been good to me.

[BW1216]

When something like this happens, the TLs on the CRs change to the new bank, right? I had a WaMu go Chase, but I don't think I looked at my CRs for the brief time it was still WaMu. What if it's closed like tomorrow... Will it change to CapOne in time? I was going to close the HSBC card in a couple of months anyways, but I have a CapOne from 1999 as my oldest TL and I'd kinda rather there not be a "newer" smaller closed CapOne TL showing.

It is expected that closing of the transaction will take place in the first half of 2012.

 

 

 

The Business to be sold does not include HSBC Bank USA’s US$1.1bn credit card programme. HSBC Bank USA will continue to offer credit cards to its customers.

Which cards would be under the HSBC Bank USA?

 

I have two cards with them, one is the weekend card (or whatever it is called these days) and an AF card. I know the AF card would go to Cap One but what about the weekend card?

 

I have a HSBC checking, debit card and HSBC credit card ($12.5k limit) that I manage by logging on to the same website for the checking (I can transfer money from HSBC checking to the credit card). I'm guessing that card remains with HSBC. If HSBC is still thinking of having branches and retail products in the U.S. (checking, savings, etc.) I would assume that they would still offer credit cards, to match and remain competitive with other banks. I'm not HSBC Premier, but their HSBC Premier credit card is a component of that service. To not offer credit cards in the U.S. with Premier would diminish the value of that service.

 

Your card stays with HSBC as it is most likely issued by HSBC Bank USA

[BW1216]

O yeaaaa! So lets bail out the banking industry!!!! Give me a break!!!!!

 

You realize that, as a foreign banking corporation, HSBC received NO "bailout funds" from the United States, right?

 

Just pointing out the facts...

 

It's good someone else saw that...

 

"Bailing out" the banking industry netted the government at least $10B. Pretty good investment if you ask me.

[xelda]

I too would have preferred that HSBC stay in the US credit card market. Further consolidation in the industry gives us fewer options and less competition.

 

But look at the bright side:

 

1) Capital One is the only major bank that doesn't tack on a foreign exchange charge. Most of the others charge 3%, and even credit unions usually charge at least 1%. That's a huge benefit if you travel and an occasional benefit even if you don't. Hopefully they will extend this policy to the former HSBC accounts.

 

2) For anyone who wants a Capital One account but has been deterred because they pull 3 hard inquiries, this may be your chance to get one on the cheap. Apply for an HSBC card now (they usually pull only EQ) and you're in after the switch.

 

And it could have been worse, HSBC could have simply closed all the accounts.

Excellent points! I'm kind of neutral on the whole thing. I don't currently have any CapOne cards, but I did a long time ago.

[Geebs]

According to the HSBC website, Premier CC accounts will stay with HSBC. I've read conflicting reports about whether the non-Premier HSBC-branded CCs will stay with HSBC or not.

 

I just called CS to find out whether my HSBC-branded CC is converting to Capital One, and none of the CSRs had a clue. FAIL :/

 

My thinking (and hoping) is they would also keep their non-Premier (Platinum MasterCard) with their Premier MasterCard. The amount of Premier accounts has to be relatively small, due to the $100K in deposits or paying them a large monthly fee (I think it's $50) requirements. To just keep Premier MasterCards and no other card, I think would be such a small number of accounts that it couldn't be profitable to run, unless the whole Premier relationship thing is worth much more to the bank than losing money on the card.

 

I only have a checking and Platinum MasterCard with them. I have no intention of switching to Premier regardless of the outcome, mainly because I don't have an extra $100K laying around to deposit with them and forget about.

 

HSBC is only keeping the credit card accounts held by customers who currently bank with HSBC in their remaining footprint areas (NYC, Miami, California, DC). All other card accounts, regardless of brand, (HSBC, Direct Merchants, Orchard, Household) will be transferred to Capital One next year. Premier Mastercard holders with a Premier banking account, whether online or not, remain with HSBC. All other HSBC Advance (online banking) customers will have their MC/Visa transferred to Capital One as well.

 

The GM, Saks, Neiman Marcus, Best Buy credit products are also transferring regardless of whether you are a banking customer.

Edited August 12, 2011 by Geebs

[Ron1]

THE SKY IS FALLING !!!

THE SKY IS FALLING !!!

THE SKY IS FALLING !!!

 

:rolleyes:

 

It is the end of the world.

 

 

Ron.

[Ron1]

According to the HSBC website, Premier CC accounts will stay with HSBC. I've read conflicting reports about whether the non-Premier HSBC-branded CCs will stay with HSBC or not.

 

I just called CS to find out whether my HSBC-branded CC is converting to Capital One, and none of the CSRs had a clue. FAIL :/

 

My thinking (and hoping) is they would also keep their non-Premier (Platinum MasterCard) with their Premier MasterCard. The amount of Premier accounts has to be relatively small, due to the $100K in deposits or paying them a large monthly fee (I think it's $50) requirements. To just keep Premier MasterCards and no other card, I think would be such a small number of accounts that it couldn't be profitable to run, unless the whole Premier relationship thing is worth much more to the bank than losing money on the card.

 

I only have a checking and Platinum MasterCard with them. I have no intention of switching to Premier regardless of the outcome, mainly because I don't have an extra $100K laying around to deposit with them and forget about.

 

HSBC is only keeping the credit card accounts held by customers who currently bank with HSBC in their remaining footprint areas (NYC, Miami, California, DC). All other card accounts, regardless of brand, (HSBC, Direct Merchants, Orchard, Household) will be transferred to Capital One next year. Premier Mastercard holders with a Premier banking account, whether online or not, remain with HSBC. All other HSBC Advance (online banking) customers will have their MC/Visa transferred to Capital One as well.

 

The GM, Saks, Neiman Marcus, Best Buy credit products are also transferring regardless of whether you are a banking customer.

 

 

How do you know? Did you ask them or you're working for them? It is unclear which HSBC branded Visa/Mastercard is going to stay with HSBC next year.

 

 

Ron.

Edited August 12, 2011 by Ron1

[Ron1]

I don't really want too many accounts with Cap1. I didn't want them to close it all like BofA/FIA.

 

 

Ron.

[honestabe]

It seems Capital One wants to be a bigger player in the credit card game, they have been working deals left and right, Sony switched, Kohls switched, this HSBC acquisition, I doubt they are done.

[jonson]

Oh, darn, I guess no big loss.