Hsbc

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Replied by ColoNative on topic Re: Hsbc

"HSBC to wind down US card unit if no buyer found"

http://www.reuters.com/article/2011/06/13/us-hsbc-idUSTRE75C3M620110613

So, what does that mean exactly? They will do what the issuers of Total Visa, Rewards 660 and Tribute MasterCard did? Essentially closing all the accounts and then setting up a trust to maintain the remaining balances?

That would leave a TON of people in the cold if they started to shut down all of those cards.

I love how the article says that the US card card portfolio is profitable but it relies too much on the sub prime market. Well whose bloody fault is that???? Maybe if they tried to get a prime cardholder that wouldn't be the case! Good lord!
12 years 9 months ago #31
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Replied by Finance Globe on topic Re: Hsbc

It seems HSBC went into hiding November 2009 and until now... never came out! Glad to see they are coming back to the real world.

Chase has been the leader in and out of card lending since this recession. It seems that most of the other issuers follow their lead for whatever reason. Could it be that Chase has a good track record for avoiding risk? I don't know, but if you see Chase coming off, that's a good sign that we're heading for something in the unknown realm of consumer credit.
12 years 9 months ago #32
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Replied by hjm331 on topic Re: Hsbc

I hope other lenders follow this trend.
12 years 9 months ago #33
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Replied by Wanderer on topic Re: Hsbc

I found that out too. this morning the credit limit increase button on my best buy mastercard was there again, and i hit it and they doubled my limit from $300 to $600

I have never had a problem with hsbc besides low lcredit limits and no limit increases. It took me a year to get the $300 increase


It seems HSBC went into hiding November 2009 and until now... never came out! Glad to see they are coming back to the real world.
12 years 9 months ago #34
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Replied by kforbes86 on topic Re: Hsbc

I found that out too. this morning the credit limit increase button on my best buy mastercard was there again, and i hit it and they doubled my limit from $300 to $600

I have never had a problem with hsbc besides low lcredit limits and no limit increases. It took me a year to get the $300 increase
12 years 9 months ago #35
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Replied by hjm331 on topic Re: Hsbc

I heard that HSBC has ressurected their luv button and is handing out CLI's without a hard pull.
12 years 9 months ago #36
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Replied by ColoNative on topic Re: Hsbc

This whole thing with HSBC is ironic. They essentially discontinued the issuance of quality prime cards since November 2009. The only HSBC cards issued are to the sub-prime market in the USA (Orchard Bank & Household Bank). What is their point? They issue quality bank credit cards and co-branded American Express Cards around the world to affluent members of society including a World Mastercard which requires banking relationships starting at $100,000 to $500,000 in assets/account relationships. Where are they in the good ole USA??? In my opinion, they never tried. I have been fortunate to have quality cards from them before the big lock down. A co-branded American Express Plus Rewards Card with a $10K CL and 7.9% APR. Where do you find this with 1.25 points for every dollar spent and a guaranteed 6 month balance transfer option of 3.9% for six months which not many cards out their can match that and all of the usual American Express benefits through AX. Also have HSBC Platinum Mastercard with Cashback rewards 1 point for every dollar spent. I get full rewards values not reduced like many cards so... with a CL of $7.5K and 13.9% APR. Pretty good in today's market place. Anyway... I think HSBC is it's own worst enemy!!!


That has always been my point. They never really went after the prime customer. Unless you count the Saks and Neiman Marcus accounts. HSBC's shareholders have been crying foul for years over their US card portfolio but NEVER even tried, or half arsed tried. Even Capital One has built a solid prime portfolio; sure they are known mostly as a sub prime bank, but they do have their fair share of prime customers too.
12 years 9 months ago #37
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Replied by kdb030609 on topic Re: Hsbc

This whole thing with HSBC is ironic. They essentially discontinued the issuance of quality prime cards since November 2009. The only HSBC cards issued are to the sub-prime market in the USA (Orchard Bank & Household Bank). What is their point? They issue quality bank credit cards and co-branded American Express Cards around the world to affluent members of society including a World Mastercard which requires banking relationships starting at $100,000 to $500,000 in assets/account relationships. Where are they in the good ole USA??? In my opinion, they never tried. I have been fortunate to have quality cards from them before the big lock down. A co-branded American Express Plus Rewards Card with a $10K CL and 7.9% APR. Where do you find this with 1.25 points for every dollar spent and a guaranteed 6 month balance transfer option of 3.9% for six months which not many cards out their can match that and all of the usual American Express benefits through AX. Also have HSBC Platinum Mastercard with Cashback rewards 1 point for every dollar spent. I get full rewards values not reduced like many cards so... with a CL of $7.5K and 13.9% APR. Pretty good in today's market place. Anyway... I think HSBC is it's own worst enemy!!!


I wonder if anyone is really interested in buying their card portfolio. I'm amazed at how they never gave any CLI's. I'm going to use my GM Rewards towards my next service visit before I cancel my GM Mastercard. In general they've been a waste of time for me.
12 years 9 months ago #38
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Replied by Wanderer on topic Re: Hsbc

Agreed. Even Barclay's gives credit lines in the thousands....Oh well, HSBC's loss.


This whole thing with HSBC is ironic. They essentially discontinued the issuance of quality prime cards since November 2009. The only HSBC cards issued are to the sub-prime market in the USA (Orchard Bank & Household Bank). What is their point? They issue quality bank credit cards and co-branded American Express Cards around the world to affluent members of society including a World Mastercard which requires banking relationships starting at $100,000 to $500,000 in assets/account relationships. Where are they in the good ole USA??? In my opinion, they never tried. I have been fortunate to have quality cards from them before the big lock down. A co-branded American Express Plus Rewards Card with a $10K CL and 7.9% APR. Where do you find this with 1.25 points for every dollar spent and a guaranteed 6 month balance transfer option of 3.9% for six months which not many cards out their can match that and all of the usual American Express benefits through AX. Also have HSBC Platinum Mastercard with Cashback Rewards 1 point for every dollar spent. I get full rewards values not reduced like many cards so... with a CL of $7.5K and 13.9% APR. Pretty good in today's market place. Anyway... I think HSBC is it's own worst enemy!!!
12 years 9 months ago #39
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Replied by ColoNative on topic Re: Hsbc

I believe that they half-arsed their subprime customers as well. They were approving consumers for small credit card lines and charging them a really high interest rate so they were hoping to minimize risk but maximizing profits but in reality, no one is going to carry a balance with a $300 credit line.


Agreed. Even Barclay's gives credit lines in the thousands....Oh well, HSBC's loss.
12 years 9 months ago #40
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Replied by hjm331 on topic Re: Hsbc

I believe that they half-arsed their subprime customers as well. They were approving consumers for small credit card lines and charging them a really high interest rate so they were hoping to minimize risk but maximizing profits but in reality, no one is going to carry a balance with a $300 credit line.
12 years 9 months ago #41
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Replied by ColoNative on topic Re: Hsbc

Well... HSBC is in the market to sell off their USA credit card portfolio. It seems they find the US Cardholders not profitable enough. Any buyers? GE Money Bank and Barclay's Bank have expressed an interest but ... no deal yet?!


Which is funny to me. They bought a subprime issuer and then made only half-arsed attempts to attract the prime customers. It is hard to be profitable relying on customers with $300 credit lines.....
12 years 9 months ago #42
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Replied by rsty99 on topic Re: Hsbc

Yea, my HSBC Discover card will become a real card.
12 years 9 months ago #43
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Well... HSBC is in the market to sell off their USA credit card portfolio. It seems they find the US Cardholders not profitable enough. Any buyers? GE Money Bank and Barclay's Bank have expressed an interest but ... no deal yet?!
12 years 9 months ago #44