cancel
Showing results for 
Search instead for 
Did you mean: 

Capital One buys ING Direct. Seeks HSBC credit card portfolios (Orchard, Best Buy, GM Card, etc.).

tag
Gray
Regular Contributor

Capital One buys ING Direct. Seeks HSBC credit card portfolios (Orchard, Best Buy, GM Card, etc.).

http://www.delawareonline.com/article/20110619/BUSINESS/106190307/ING-latest-building-block-Capital-...

http://finance.yahoo.com/news/Capital-One-to-buy-ING-Direct-apf-3513327957.html?x=0&sec=topStories&p...

Looks like Capital One has bought ING direct and now intends to acquire HSBC's credit card portfolios (Orchard, Best Buy, GM Card, etc.) as well.
Message 1 of 19
18 REPLIES 18
fused
Moderator Emeritus

Re: Capital One buys ING Direct. Seeks HSBC credit card portfolios (Orchard, Best Buy, GM Card, etc.

How long before Cap1 is considered "too big to fail"?Smiley Indifferent

Message 2 of 19
Walt_K
Senior Contributor

Re: Capital One buys ING Direct. Seeks HSBC credit card portfolios (Orchard, Best Buy, GM Card, etc.

I'm glad I don't use any of those products.  I just got around to cancelling my Chevy Chase Checking account to get away from Capital One after they bought Chevy Chase.  I'll be none too pleased if they go and buy something else that I use.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


Take the FICO Fitness Challenge
Message 3 of 19
Anonymous
Not applicable

Re: Capital One buys ING Direct. Seeks HSBC credit card portfolios (Orchard, Best Buy, GM Card, etc.

Maybe I'm overlooking something, but I don't see any mention of HSBC in either of those stories.

Message 4 of 19
Cesarlopez
Established Member

Re: Capital One buys ING Direct. Seeks HSBC credit card portfolios (Orchard, Best Buy, GM Card, etc.

I also read something last week about them buying the Target Stores credit business s as well. 

CAP1 Venture $3k & No Hassel $750 / Discover More 2.5k / AMEX ZYNC NPSL & Delta 2k / FirstTech CU Visa 2k / USAA AMEX 1k / Sam's 2.2k / Amazon 1.9k / Walmart $800 /
Message 5 of 19
Open123
Super Contributor

Re: Capital One buys ING Direct. Seeks HSBC credit card portfolios (Orchard, Best Buy, GM Card, etc.

With access to ING's deposit base and customers, they're now better positioned to extend their credit portfolio and cross sell to ING account holders.  ING's huge US deposit portfolio base allows them to more aggressively expand their credit portfolios both organically and through acquisitions, such as HSBC's US credit card portfolio.

 

With this acquisition--especially if ING attrition is low during the transition--Cap One becomes a signficant banking force, especially in online banking, which is the future.

 

 

 

 

Message 6 of 19
slarano
Frequent Contributor

Re: Capital One buys ING Direct. Seeks HSBC credit card portfolios (Orchard, Best Buy, GM Card, etc.

Hmm, well this may convince me to dump ING Direct and go with another bank. Time to wait and see.

ImageImageImage

Message 7 of 19
Open123
Super Contributor

Re: Capital One buys ING Direct. Seeks HSBC credit card portfolios (Orchard, Best Buy, GM Card, etc.

This is going to sound a little absurd, but Cap One is fine if you don't ever have to deal with them on any issues.  Their online technology and bill pay is above average. 

Message 8 of 19
ReVeLaTeD
Regular Contributor

Re: Capital One buys ING Direct. Seeks HSBC credit card portfolios (Orchard, Best Buy, GM Card, etc.


@Walt_K wrote:

I'm glad I don't use any of those products.  I just got around to cancelling my Chevy Chase Checking account to get away from Capital One after they bought Chevy Chase.  I'll be none too pleased if they go and buy something else that I use.


Give Capital One some credit (no pun intended).  Of all of the banks, they are one of the very selective few who seem to be willing to buck the "lend to the flawless only" trend that everyone else (i.e. Juniper, Amex, Chase, Citi, the worst offenders) has fallen into.  Their credit limits aren't great at all - AT ALL - but at least they give people a chance. 

 

They don't pull elitist crap over single inquiries (Juniper/Barclays).

They don't pull faulty non-bureaus to find excuses NOT to give cards to otherwise qualified customers, nor do they arbitrarily close accounts without warning (Amex).

They don't demand pristine credit reports (Citi).

They don't auto deny over 6 year + 11 month old BKs (Chase).

They don't demand credit reports from a single bureau and refuse to run any other (Chase, Citi, AND Amex).

 

It's why they've gotten large enough to even consider this acquisition.  If they do ING -AND- HSBC I'll be shocked and impressed at the same time.  I would rather GE Money Bank take over the HSBC accounts though to even things out.

Credit Cards:
| Cabrillo Credit Union MasterCard @ $3,000 | Chevron Visa @ $2,000 | Amazon Store Card @ $1,800 | HSBC 2% Rewards MasterCard @ $950 (redeemed themselves)
Message 9 of 19
clocktick
Valued Contributor

Re: Capital One buys ING Direct. Seeks HSBC credit card portfolios (Orchard, Best Buy, GM Card, etc.

Don't forget the 0% foreign transaction fees!  This is the main reason I keep them around!

11/30/08 TU 648 EX 672 EQ 656 SEPT 2014 TU 787 EX 789 EQ ???
Amex BCP $24.1K/Clear $8.5- Sallie Mae $27.5 -Cap One QS $7.5 - Chase Freedom $7.5/United $5k/CSP $20k/Ink- Citi DP $9.5/Dividend $13k/HHHx2 $15k/16.4/Reserve $4.5k Best Buy $1940 HD $1701- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800




Starting Score: 648
Current Score: 736
Goal Score: 765


Take the FICO Fitness Challenge

Message 10 of 19
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.