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Just read over the newswires: Capital One will be acquiring HSBC's credit cards.

I have one HSBC card I don't use so I guess I'll have an extra Capital One card now. This merger is good because I will have a higher credit limit at Capital One and Capital One's service and customer support has been quite good, and superior to HSBC. So a total win for customers and for the business model.

HSBC has issues getting me the card and customer support actually thought I was a subprime Orchard Bank customer.

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Called CSR, they made the correction. Very nice customer service, rounded up on the credit.

I cashed out for a statement... (more)

BUffetologist (Apr. 08, 2014 @ 9:35a) |

Anyone successfully convert this lame 1% card to something you'd actually use?

lonestarguy (Apr. 17, 2014 @ 11:28p) |

They refused my request to convert to Quicksilver though offered that I could certainly apply for it (and take the credi... (more)

sayhey (Apr. 20, 2014 @ 8:09a) |

Orchard and Household 2% cards will become 1.5% flat Capital One cards. You have until 7/8 to get rewards under the old program website. No redemption between 7/8 and 7/15, you can redeem on capitalone.com website starting 7/15. Any usage on existing card from 7/15 forward will be at the new lower rate.

No change to accountcentralonline (5% EDP cards) cards as yet. This is likely a next phase as it is a different back-end system.
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Is this for hsbc business cc too? Hsbc always wanted tax returns for their business cc and I would never provide them

Yes, entire credit card portfolio. Not sure how it affects tax return documentation.

Some customers will be on First Niagra accounts where the banks were sold supposedly.

Looks like all my business has been migrating from HSBC to Capital One as of late.

On another note: World MasterCard Elite will be branded by Capital One now for some cards. So this is a good move especially considering I have a relationship with Capital One that is positive.

One of the previous downsides was that it was branded by HSBC.

So Capital One did good here maintaining its business and improving CC distribution across the board and yes, likely increasing credit card income as well since more customers will use Capital One cards.

Remaining question is what happens to the remaining HSBC branches in the USA.

I see this as really bad news. Capital One is the only credit card company that I have had major issues with.

No issues whatsoever and Capital One has 0% FOREX as well.

They do have a annual fee and no annual fee version and I presume my 1% card will get converted to the 2% gas + grocery card. So its a nice offering in the arsenal and since I have excellent credit I also assume I will get no annual fee version of the card or they will notify me in advance of any such changes.

HSBC was one of the bad credit card issuers I have had. Capital One Venture customer support has been excellent.

Capital One allows instant payments and crediting via their website for same day credits and more.

It is a win/win for me and lots of consumers, the shareholders and management of the firm.

The only HSBC credit card account I have is an old GM Card. They posted a link to this FAQ on their website this morning:

http://www.hsbcusa.com/ourcompany/pressroom/news_08102011_card_sale_faqs.html

Essentially HSBC seems to be dropping banking for retail accounts in the USA with other banks picking up the business.

Yeah those FAQ sheets don't provide anything interesting for the firm itself, just basic common knowledge.

Capital One is nice for the 0% forex.

I now suspect all my credit cards will be held by one bank in 3-5 years.

No. Plenty of competition in the marketplace. HSBC was horrible for credit cards and now it will be run by a firm who knows how to do better.

I can't comment on the cards you have but there are boatloads of competition in the Credit Card industry and HSBC was not a needed player.

The merger made sense from an industry perspective and was not anticompetitive in any way.

I believe HSBC Premier credit cards for HSBC customers at their branches is also still in effect.

The merger for me actually should be in my favor with another rebate card presuming they give me the 2% gas/grocery with no annual fee and no FOREX.

I just wish the merger would come quicker so I would get the new card sooner. But thats another story.

Worst Buy cards are moving too

Is this a way to get into CaptialOne without getting an inq on all 3? Hmmm.

Heck I've still got the HSBC Direct Rewards card with 5% on Gas/Groceries/Drugstores. This is a sad day in America.

I had a 5% rebate card with HSBC but only if I spent a very high amount on it like $5000 and they converted me to a flat 1% card which I never used anymore.

Yawn. Banking. Its all the same.

curtisekarr said:   Heck I've still got the HSBC Direct Rewards card with 5% on Gas/Groceries/Drugstores. This is a sad day in America.

Same here, hope they don't kill it.

Many of us have the Direct Rewards 5% EDP card -- great card that is one of the few EDP cards left. I also have the Orchard 2% one. Despite the many gripes, I was able to get decent credit lines and they report as HSBC on credit reports, so I did not see the stigma that was given to HSBC as a less than prime portfolio.

The transition is expected to happen in June 2012 I think, so I expect the rewards will go away at that time as that type of reward does not seem to be required to keep card holders. It would be nice if Capital One created some new products (grandfather or not) to retain the customers, but we will have to wait and see.

I did not find HSBC customer service particularly good or bad. I found the Direct Rewards EDP a bit difficult to redeem (had to call once a month with lots of sales pitches), but Orchard was all web-based.

Will have to see if this card is worthwhile for use after transition or will become a sock drawer option.

Rasheed

I have one HSBC Platinum MasterCard and then my Best Buy Credit Card (not the Best Buy MasterCard - just the store card) that is serviced by HSBC Retail Services. Not particularly thrilled with Capital One ... one of my very first credit cards was with them and after being a card member for a few years, they still refused to increase my credit limit on the card above $200 (despite no late payments, etc. and having other cards with $20k limits at that point). Then they sent me a letter after my last attempt saying all credit limits below $250 would be charged an annual fee of like $30. That was the first (and only) credit card I've ever closed.

Then, Capital One sent me a credit card offer a few years later, using my nickname. When I replied to the offer to see what would happen and changed the nickname (that I have never used on official documents) to my real name, they said that I wasn't offered the credit card offer and they couldn't process it. So, I told them to remove my nickname and real name from the databases and never contact me again ... also asked what SSN was associated with the nickname, as that person did not exist.

The only perk I can foresee personally is that Capital One doesn't charge foreign transaction fees (at least that's what I last heard).

On the other hand, I was never impressed with HSBC either ... they always felt dirty and cheap or something .. just a weird vibe (that's why I don't use the card that much, just enough to keep it active).

[ETA: Additional info.]

Okay, so UnicornSnake gave red to just about everything OP said. Is some information wrong?

I'm busy building credit and dropped my Orchard Cards last week to keep my 2 Capital One cards as they had lower annual fees. Someone advised that I reopen an Orchard Card as it was bad to have all my cards from thr same 'bank' . Now that Capital One is buying HSBC cards which owns my Orchard Cards, I guess reopening accounts would be pointless.

bombcar said:   Capital One is nice for the 0% forex.

I now suspect all my credit cards will be held by one bank in 3-5 years.


This is my second card picked up by Capital One this year. Doesn't matter much to me as I never use either of them.

Chase Sony card was also moved to Capital One

Dynastar454 said:   curtisekarr said:   Heck I've still got the HSBC Direct Rewards card with 5% on Gas/Groceries/Drugstores. This is a sad day in America.

Same here, hope they don't kill it.

Ditto. I expect its days are numbered though.

HSBC FAQ said: all non-HSBC branded credit cards will transfer to Capital One Financial Corporation.
Bloomberg said: The deal includes HSBC’s private label, or store-branded cards, and excludes HSBC Bank USA’s $1.1 billion credit card business, the British bank said.
I believe only private label cards were sold to CapitalOne. So your HSBC branded EDP will probably not be shifted to C1.

The only HSBC Card to be kept is HSBC Premier accounts. The regular credit card business is being sold apparently.

Not sure where you got your information. The website from HSBC indicates accounts are being sold to First Niagra in some instances, Capital One in other instances and the HSBC Premier account credit cards will remain at HSBC.

The quotes were from their FAQ and Bloomberg. Of course, not being sold to C1 doesn't mean not being sold to First Niagara. Good to hear about the premier cards though.


savemehsbc
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Zaos said:   HSBC FAQ said: all non-HSBC branded credit cards will transfer to Capital One Financial Corporation.
Bloomberg said: The deal includes HSBC’s private label, or store-branded cards, and excludes HSBC Bank USA’s $1.1 billion credit card business, the British bank said.
I believe only private label cards were sold to CapitalOne. So your HSBC branded EDP will probably not be shifted to C1.


On the back of my 'HSBC Premier World Mastercard' it says: issued by HSBC Bank USA, N.A.

On the back of my 'HSBC Cash Back Platinum Mastercard' it says: issued by HSBC BANK Nevada, N.A.

This press release has the same blurb as Bloomberg.

It's a little vague.

No its not vague. HSBC Premier is HSBC USA. These are the accounts HSBC is keeping for now according to them.

First Niagra customers get First Niagra credit cards serviced by their own bank. HSBC Customers with branches who have HSBC Premier get serviced by their own branch and the rest get sold off to Capital One.

Nothing confusing. If my card gets kept as HSBC then fine with me. Doesn't really matter much either way if that is what happened.

But in my case the 5% Rewards card, I was given notification the program changed over to 1% so those who are assuming it is still 5% could be in the wrong.

Mine was if you charge a min of $5000 you get 5% rewards. Then I got a letter saying it was being changed over to 1%. So it is not 5% any longer.

Does this mean Capital One will start sending me spam again? I have an HSBC card right now but I'd rather not deal with Capital One at all.

Spam has to do with your privacy settings with a bank. All banks send spam, even HSBC if you don't opt out.

grex23 said:   Spam has to do with your privacy settings with a bank. All banks send spam, even HSBC if you don't opt out.

Isn't Capital One notorious for sending junk mail, mailings to an actual physical address? I'd like to try their Interest Checking account's debit card, but will go with Schwab instead, because of this issue. I may try them at a later date, though.

Crapital One better not messing with my HSBC Orchard 2% CashBack. I have a grudge against them dated back when I first turned 18. All my friends were able to obtained a $300-$800 credit line. Only me got denied letter stating "no credit history"...huh?? My friends neither!!!...For the next year/half, I couldn't get any credit card (other issuer) 'cause I have too many inquiry from Crapital One (2-3 inquiries).

Isn't Capital One notorious for sending junk mail, mailings to an actual physical address?

No, this is set by privacy settings with HSBC + Capital One proper. If you don't opt out with any banks you will get calls and/or junk mail.

Capital One and HSBC are no different in this regard. On that note I have both accounts and do not get junk mail from either nor calls and have fully opted out via privacy settings.

" All my friends were able to obtained a $300-$800 credit line. Only me got denied letter stating "no credit history"...huh?? My friends neither!!!...For the next year/half, I couldn't get any credit card (other issuer) 'cause I have too many inquiry from Crapital One (2-3 inquiries)."

No, it showed that Capital One was maintaining high credit risk underwriting standards. The multiple inquiries from Capital One was your own fault.

Certain banks are more lienient in this regard as to giving out a first credit card to a cardholder.

If Capital One does acquire HSBC's Orchard Bank customers which are subprime I hope it doesn't hurt the rest of the customer base.

How do I "opt out via privacy settings" if I don't yet have an account with - Capital One? I've thought about calling them in order to have them send me an application to my physical address; but if I do so, and then decide not to send in the application, I may very well be hit with a barrage of junk mail!!!

grex23 said:   Isn't Capital One notorious for sending junk mail, mailings to an actual physical address?

No, this is set by privacy settings with HSBC + Capital One proper. If you don't opt out with any banks you will get calls and/or junk mail.

Capital One and HSBC are no different in this regard. On that note I have both accounts and do not get junk mail from either nor calls and have fully opted out via privacy settings.

" All my friends were able to obtained a $300-$800 credit line. Only me got denied letter stating "no credit history"...huh?? My friends neither!!!...For the next year/half, I couldn't get any credit card (other issuer) 'cause I have too many inquiry from Crapital One (2-3 inquiries)."

No, it showed that Capital One was maintaining high credit risk underwriting standards. The multiple inquiries from Capital One was your own fault.

Certain banks are more lienient in this regard as to giving out a first credit card to a cardholder.

If Capital One does acquire HSBC's Orchard Bank customers which are subprime I hope it doesn't hurt the rest of the customer base.

Thats lame but that would happen with any bank or institution anywhere in the USA and the policies lead back up to the FTC (Federal Trade Commission).

So under that theory one should not open an account with any institutions in the USA at all because it will lead to junk mail.

Each other place in the world is different.

I did get calls and receive some but not a lot of mail from issuers. But I since opted out and stopped receive them.

It has included all the institutions, no exceptions. Capital One nor HSBC nor Chase nor Bank Of America nor anyone else is different in this regards.

I love my junk mail. Every day its a treasure hunt. Will this envelope contain a zero percent balance transfer offer? Will this one contain a $500 sign up bonus? Keep it coming! The more the better!

I opted out of all of them. Is your photo of Honus Wagner by any chance? Looks so familiar.

Getting FICO dings and swapping around money to achieve nothing is useless. I wouldn't call it a treasure hunt. I opted out as I was getting piles of useless mail.

Loan offers (when I don't want to pay a cent in interest), and banks with poor reputations trying to pummle me with products.

There are literally boatloads of banks and different types of banks in locations around the world and I have yet found the one that is superior to all of them that lies outside the corrupt jurisdiction of the United States of America which is led right now by a bunch of Thugs.

I have some leads though right now which I am working on. But I am not disclosing where my new banking relationship will reside for privacy reasons.

I'm surprised; I don't really get any spam from HSBC or Capital One despite having accounts with them. I get the most spam from Discover, Citi and Chase.

Neidman said:   I love my junk mail. Every day its a treasure hunt. Will this envelope contain a zero percent balance transfer offer? Will this one contain a $500 sign up bonus? Keep it coming! The more the better!

Me too! I love supporting the USPS, if they had a list to get more spam I would sign up.

I love junk mail! Yesterday, I got a crisp $1 bill in the mail from Arbitron!

Skipping 162 Messages...
lonestarguy said:   Anyone successfully convert this lame 1% card to something you'd actually use?
  
They refused my request to convert to Quicksilver though offered that I could certainly apply for it (and take the credit inquiry hits). No way. I went on-line and asked for a check to be sent to me to cover my existing CashBack (I stopped using the card in mid-March). I'll then file it in my sock drawer. 

I'm now back to using my Old Amex Blue Cash for 5% on groceries, fuel, and drugstores. I got over the $6500 threshold by paying my estimated Federal taxes with payusatax.com. I had to pay 1.87% in fees ($121) less the 0.5% CashBack from AMEX ( $33) = $88. I'll easily make that back with 5% purchases over the calendar year. 

Good Luck,



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