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Valued Member
cowgirl79
Posts: 49
Registered: ‎02-07-2008
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HSBC TO C1 QUESTION.

I'm curious about something. Does anyone think there is a chance of C1 consolidating cards now that they've absorbed HSBC? I know they stopped doing it a few years ago but maybe this merger will bring it back. I know they used to only allow 2 C1 accounts at a time. I now have 5, with a total CL of about 4100. Nothing to get excited about but it would make life easier if I was only making 1 or 2 payments.

Closed on first home 11/8/12 FHA 3.5%!!
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Ron1
Posts: 4,883
Registered: ‎05-23-2009
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Re: HSBC TO C1 QUESTION.


cowgirl79 wrote:

I'm curious about something. Does anyone think there is a chance of C1 consolidating cards now that they've absorbed HSBC? I know they stopped doing it a few years ago but maybe this merger will bring it back. I know they used to only allow 2 C1 accounts at a time. I now have 5, with a total CL of about 4100. Nothing to get excited about but it would make life easier if I was only making 1 or 2 payments.


Not yet.

 

link:

 

http://www.capitalone.com/creditcards/lp/welcome-faq/?linkid=WWW_1009_Z_A0B2086C205CD2238E1FFCF86A1G...

Valued Contributor
j_casteel
Posts: 1,904
Registered: ‎06-21-2012
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Re: HSBC TO C1 QUESTION.


cowgirl79 wrote:

I'm curious about something. Does anyone think there is a chance of C1 consolidating cards now that they've absorbed HSBC? I know they stopped doing it a few years ago but maybe this merger will bring it back. I know they used to only allow 2 C1 accounts at a time. I now have 5, with a total CL of about 4100. Nothing to get excited about but it would make life easier if I was only making 1 or 2 payments.



Thats a good question. I hope for your sake that they let you consolidate your cards and not close any. I have a Cap1 Plat and a HSBC. I was pre-approved for the Cap1 Cash Rewards card. I applied and was immediately declined. I got the letter in the mail for the reason and it stated b/c i already had the max allowed Cap1 cards. I called and tried to recon, and they told me that the HSBC card is already reporting as a Cap1 card so i would need to close one of my cards in order to apply and receive the Cash Rewards card.

 

Good Luck

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Revelate
Posts: 8,956
Registered: ‎12-30-2011
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Re: HSBC TO C1 QUESTION.


cowgirl79 wrote:

I'm curious about something. Does anyone think there is a chance of C1 consolidating cards now that they've absorbed HSBC? I know they stopped doing it a few years ago but maybe this merger will bring it back. I know they used to only allow 2 C1 accounts at a time. I now have 5, with a total CL of about 4100. Nothing to get excited about but it would make life easier if I was only making 1 or 2 payments.


Extremely unlikely in my opinion.  Capital One makes the majority of their money on annual fees as 97ish% of their issued cards aren't exactly go-to default cards anyway and it's just going to get worse until they add a rewards package to their low-end cards like other lenders are doing these days.

 

It doesn't make sense from a business perspective to allow customers to consolidate cards.  There's no upside to them at all, less reward for the same risk, and if you were to close a card anyway, that's the same as consolidation for them.  Bad math, and C1 isn't terrified of losing customers as they transition to better ones, it's nowhere close to red water competition in the subprime bracket, and their acquisition of HSBC/Orchard neatly solidified themselves as probably the premier subprime secured/unsecured lender at least for the short-term if they weren't there already.

 

 

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