HSBC & Direct Merchants Bank

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Replied by Wanderer on topic Re: HSBC & Direct Merchants Bank

belle - :cc: banks have the ability to do about anything they want including selling your account (example Providian Bank being taken over by WAMU who was taken over by Chase and another big one was MBNA Bank being absorbed by Bank of America). In this case HSBC Bank owns Direct Merchants Bank which generally hold less than their prime cards (the curious thing about the HSBC American Express Cards is the Fico Score required for approval was around 811 - hardly subprime). For some reason they didn't want the HSBC American Express Rewards Plus Credit Card accounts in their HSBC mix of products. HSBC has a whole line of elite credit cards NOT issued in the United States. Some of their cards require assets greater than $100,000 so I really don't get it. In the market place there has been a contraction in the number of credit card issuers. Most unfortunate as we the consumers end up with less options.
9 years 4 months ago #1

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Replied by belle on topic Re: HSBC & Direct Merchants Bank

Wanderer;24099]It just keeps on coming... on February 17, 2010 my HSBC American Express Plus Rewards account was transferred from HSBC Bank to Direct Merchants Bank. I didn't know it until I reviewed my three in one credit report (today) searching for info on Chase.


I didn't know that they can transfer an account to another without the card holder's prior knowledge...hmmnn...frustrating indeed!
9 years 5 months ago #2

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Replied by ColoNative on topic Re: HSBC & Direct Merchants Bank

Colonative - thanks for more insight as I knew nothing...!



:cool: No worries. Let us know if any changes are made to the account.
9 years 6 months ago #3

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Replied by Wanderer on topic Re: HSBC & Direct Merchants Bank

Colonative - thanks for more insight as I knew nothing...! :sleepy:
9 years 6 months ago #4

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Replied by ColoNative on topic Re: HSBC & Direct Merchants Bank

It just keeps on coming... on February 17, 2010 my HSBC American Express Plus Rewards account was transferred from HSBC Bank to Direct Merchants Bank. I didn't know it until I reviewed my three in one credit report (today) searching for info on Chase. I then proceeded to look up Direct Merchants Bank and found lots of lawsuits and games played that were typical of a "sub-prime" card bank. Was I in shock. In my mind the HSBC American Express Card was based on the real American Express Cards along with a better rewards program. Now I find we have been transferred to a sub-prime bank?! What a shock. It is enough for me to consider closing the account. Customer comments on Direct Merchants Bank along with attorneys over law suits was too much. When will the credit issurers let it go. Frankly, I deserve better than this. I really loved all the aspects of the HSBC AX Plus Rewards Card and am totally freaked out. A customer service rep read me an e-mail back in February that gave me the impression that there was only 4,000 HSBC AX Cards issued before the bank put a hold on them (about the time AX shut down their credit ops). I wonder today who's cards can we put faith in and who will treat us right and be around tomorrow? My record with this card is spotless and I PIF most of the time. Hmm...


The HSBC Amex reports on the bureau as Direct Merchants Bank? Direct Merchants Bank used to be their own bank; however, they were purchased by HSBC along with Household/Beneficial. And this was years ago. I wouldn't read too much into it...as long as the credit line and APR stay the same it is essentially an HSBC Amex card still. I dont know where Direct Merchants is coming into it now as they technically don't really exist anymore....
9 years 6 months ago #5

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It just keeps on coming... on February 17, 2010 my HSBC American Express Plus Rewards account was transferred from HSBC Bank to Direct Merchants Bank. I didn't know it until I reviewed my three in one credit report (today) searching for info on Chase. I then proceeded to look up Direct Merchants Bank and found lots of lawsuits and games played that were typical of a "sub-prime" card bank. Was I in shock. In my mind the HSBC American Express Card was based on the real American Express Cards along with a better rewards program. Now I find we have been transferred to a sub-prime bank?! What a shock. It is enough for me to consider closing the account. Customer comments on Direct Merchants Bank along with attorneys over law suits was too much. When will the credit issurers let it go. Frankly, I deserve better than this. I really loved all the aspects of the HSBC AX Plus Rewards Card and am totally freaked out. A customer service rep read me an e-mail back in February that gave me the impression that there was only 4,000 HSBC AX Cards issued before the bank put a hold on them (about the time AX shut down their credit ops). I wonder today who's cards can we put faith in and who will treat us right and be around tomorrow? My record with this card is spotless and I PIF most of the time. Hmm... :upset: Frustration!!!
9 years 6 months ago #6

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