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

[PunisherSD]

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...

 

Meh, foreign banks received quite a bit of bailout money...

 

http://www.nytimes.com/2009/03/16/business/16rescue.html

 

Oh, and it looks like HSBC directly received bailout monies from the AIG crisis...

 

http://www.businessweek.com/the_thread/economicsunbound/archives/2009/03/german_and_fren.html

[Ron1]

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...

 

Meh, foreign banks received quite a bit of bailout money...

 

http://www.nytimes.com/2009/03/16/business/16rescue.html

 

Oh, and it looks like HSBC directly received bailout monies from the AIG crisis...

 

http://www.businessweek.com/the_thread/economicsunbound/archives/2009/03/german_and_fren.html

[Ron1]

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.

 

It's just like GEMB.

 

 

Ron.

[LustfortheMoment]

CapOne????

 

Bad news for me. I have an old HSBC Direct Rewards card which still pays 5% on gas,groceries,and drugstores. There's a snowball's chance in Hell CapOne will maintain it.......

[T77125]

I wonder what's going to happen to my HSBC backed Discover card. Unlike my Orchard card the HSBC bill pay site doesn't have any infor for the pending sale on it.

Edited August 13, 2011 by The Thomas J

[Ron1]

I wonder what's going to happen to my HSBC backed Discover card. Unlike my Orchard card the HSBC bill pay site doesn't have any infor for the pending sale on it.

 

 

I wonder what happened to HSBC American Express.

 

 

Ron.

[BW1216]

I wonder what's going to happen to my HSBC backed Discover card. Unlike my Orchard card the HSBC bill pay site doesn't have any infor for the pending sale on it.

 

If it's issued by HSBC Bank USA, it will stay in their portfolio the article says. If you log into the actual HSBC site, I would think that infers HSBC Bank USA.

[Pondus.Natrii]

CapOne????

 

Bad news for me. I have an old HSBC Direct Rewards card which still pays 5% on gas,groceries,and drugstores. There's a snowball's chance in Hell CapOne will maintain it.......

LFTM, I admit envying you that card. That said, I recall you talking about AMEX Blue Cash traditional as the card you rely on for rewards--why if you have this gem, does it have a puny cap? Also, what chances would it have in the hands of Wells Fargo or whoever else was talked about as the potential buyer?

[deemac]

sheesh.... cap1 certainly seems to be buying up all my debt. First Kohls, now HSBC. And I have both HSBC and Household branded cards.

[Ron1]

More info from Cap1:

 

link:

 

http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NDM2OTg5fENoaWxkSUQ9NDU3NTUyfFR5cGU9MQ==&t=1

 

http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NDM2OTg4fENoaWxkSUQ9NDU3NzEwfFR5cGU9MQ==&t=1\

 

 

Ron.

[minnie aubre]

I wonder what's going to happen to my HSBC backed Discover card. Unlike my Orchard card the HSBC bill pay site doesn't have any infor for the pending sale on it.

 

I wonder about this, too. Cap One does not currently issue Discover cards, do they?

[BW1216]

I wonder what's going to happen to my HSBC backed Discover card. Unlike my Orchard card the HSBC bill pay site doesn't have any infor for the pending sale on it.

 

I wonder about this, too. Cap One does not currently issue Discover cards, do they?

 

Nope. Just Visa and MC.

 

I believe that card will be staying with HSBC though, as it's issued by HSBC Bank USA.

[minnie aubre]

Ohhh. I did not catch that distinction.

[dvd]

I spoke with an employee of an HSBC branch and according to her HSBC branded cards are apart of the billion dollar card portfolio that will remain with HSBC. This includes Premier and the Platinum MasterCard.

[Joi27]

please delete

Edited August 14, 2011 by Joi27

[Ron1]

I spoke with an employee of an HSBC branch and according to her HSBC branded cards are apart of the billion dollar card portfolio that will remain with HSBC. This includes Premier and the Platinum MasterCard.

 

 

That's what I thought.

 

 

Ron.

[bobbyblaze]

Well this is just great.... what happens if I have an unpaid charge off with cap one? I am pretty sure they blacklisted me. I have an orchard card, are they going to refuse me credit?

[Ron1]

They might close your account after they take over.

 

 

Ron.

[iWhat]

So discover is staying MEH closing it in a few. Months...

[jack1212]

ttt

[brent91055]

It will be on your credit report. I have an HSBC branded Discover and a Household Bank Mastercard and they now appear as Cap 1 on my credit report.

I'm also wondering if my 2 HSBC cards will now be branded as Cap1...that will give me 3 Cap1 cards and that's a bit much. I may app for a couple of new cards and close down those 3 altogether as they all charge annual fees and haven't granted CLIs since Hector was a pup. Pretty sure I can get 2 or 3 prime cards and ditch those now.

[distantarray]

I got a HSBC card but will i be able to request a picture card from capital one now? XD

[Kevin22]

You replied to a year old question.

 

 

It will be on your credit report. I have an HSBC branded Discover and a Household Bank Mastercard and they now appear as Cap 1 on my credit report.

I'm also wondering if my 2 HSBC cards will now be branded as Cap1...that will give me 3 Cap1 cards and that's a bit much. I may app for a couple of new cards and close down those 3 altogether as they all charge annual fees and haven't granted CLIs since Hector was a pup. Pretty sure I can get 2 or 3 prime cards and ditch those now.

[T77125]

My HSBC Discover became a Cap1 card. I tried to cancel it & they waived the annual fee. So I will kep it for one more year.

 

My Orchard still hasn't converted.

[HoldenMcGroin]

I don't know if my Weekender has been converted yet, but I do know that they have been pretty generous with the CLIs since announcing that Cap 1 was taking over. I asked for a 2k increase today because I normally only get 1k or so, so I figured they'd counter offer. They immediately approved the 2k and now I regret not asking for more.