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Gray
Posts: 99
Registered: ‎08-11-2007

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

[ Edited ]
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.
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fused
Posts: 16,256
Registered: ‎03-12-2007

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"?:smileyindifferent:

Credit Cards:
Amex BCP 25K ~ Amex Clear 25K ~ Amex Platinum NPSL ~ Chase Freedom Visa 19.3K ~ CITI Dividend World Mastercard 20.3K ~ FIA Fidelity Investments Platinum Plus Visa 40K ~ First Hawaiian Bank Gold Visa 10K
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Walt_K
Posts: 3,065
Registered: ‎11-02-2009

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.


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rbh
Posts: 356
Registered: ‎06-25-2009

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.

AMEX Blue Cash - $15k, Lowes/GECRB - $10K, PNC - $10K, CIti Diamond Preferred - $10K, Home Depot/Citi - $7590, Best Buy Store/HSBC - $7400, Citi Platinum Select - $7150, Best Buy RZMC/HSBC - $5750, Dillards/GECRB - $4350, Discover More - $3600, Cap 1 Cash Rewards - $3000, Amex HHonors - $2000, State Farm - $2000, Cap 1 MTV - $1500
Established Member
Cesarlopez
Posts: 34
Registered: ‎05-11-2011

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 /
Senior Contributor
Open123
Posts: 4,037
Registered: ‎02-23-2011

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

[ Edited ]

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.

 

 

 

 

Frequent Contributor
slarano
Posts: 281
Registered: ‎04-30-2008

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.


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Senior Contributor
Open123
Posts: 4,037
Registered: ‎02-23-2011

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

[ Edited ]

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. 

Regular Contributor
ReVeLaTeD
Posts: 180
Registered: ‎06-14-2008

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

[ Edited ]

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.

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Valued Contributor
clocktick
Posts: 1,603
Registered: ‎12-07-2008

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 JUNE 2014 TU 779 EX 764 EQ 721
Amex BCP $24.1K/Clear $8.5- Barclays LLBean $15k/Sallie Mae $12.5 -Cap One QS $4 - 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- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800




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