HSBC to Capital One

[corymcd88]

When is this happing. Some people said 24 Feb 2012. HSBC one said end of 2012. One said it is not selling it US Credit cards. Does anyone know?

[Wolf3]

Capital One just got approval for ING purchase this month.   I can't find any news that the HSBC CC acquistion has been approved yet.    My guess is 2nd Q, 2012 is still good,  (that what was estimated when the sale was announced).

[stefanc]

It seems from talking with them numerous times that they are doing it in stages - I have an Orchard card from way back - and a more recent HSBC cash back Platinum.

They have already changed my HSBC card number and sent a letter with the new card about the sale to Cap One (the new card/number is still an HSBC card, th letter says Cap one will issue a new Cap One branded card after the change-over) -- that one is going over to Cap One on April 2. There has been no movement on my Orchard card as of yet.

No idea yet what Cap one card the HSBC will convert to - it's a mystery...

[Wolf3]

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@stefanc wrote:

It seems from talking with them numerous times that they are doing it in stages - I have an Orchard card from way back - and a more recent HSBC cash back Platinum.

They have already changed my HSBC card number and sent a letter with the new card about the sale to Cap One (the new card/number is still an HSBC card, th letter says Cap one will issue a new Cap One branded card after the change-over) -- that one is going over to Cap One on April 2. There has been no movement on my Orchard card as of yet.

No idea yet what Cap one card the HSBC will convert to - it's a mystery...

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I suspect the HSBC logo cards that are being transferred will need a new account number, to seperate them from the cards they are keeping.  Whereas all the other brands could be transferred with existing account numbers. 

[pipeguy]

This is a paste from another post I made in another thread (gathered from public information and other myFICO posts):

HSBC will be selling 99% of their USA based credit card operation to Capital One including branded HSBC, Household Bank and Orchard Bank cards.

HSBC will be selling all of their co-branded credit cards to Capital One including GM Card, Best Buy, etc.

HSBC will retain a small number of credit card accounts (Premier) , these are generally "asset customers" not everyday credit cards and this operation is moving to Ireland. *** (note added)

HSBC will NOT be exiting the USA market as a business, but they will be exiting USA based consumer credit cards.

Once the sale is complete, publicly stated as the second quarter of 2012, Capital One will own the complete operation including accounts receivables, etc generally governed by the assignment clause in the original customer agreements terms. I'm sure any changes Capital One makes will follow the usual "you can opt out but we'll close your card" SOP.  I'm also fairly sure that co-branded cards will see no real difference in the everyday operation of these cards. I base this assumption of the Capital One - Kohls purchase that happened August 11, 2011. Most Kohls customers, including my wife, had no idea that their account was now owned/backed by Capital One rather than Chase.

Note: *** To qualify for an HSBC Premier relationship, you need to open an HSBC Premier checking account and maintain $100,000 in combined U.S. personal deposit and investment balances.

[JustMe77]

I have an ING savings account and received an email on 2/21 that said this:

In June, we let you know that we would soon have a new shareholder. On February 17, 2012, our parent company - ING Group - announced that ING DIRECT USA and ShareBuilder Corporation were officially purchased by Capital One. We are proud to bring these great companies together.
What's it mean for you today? It's business as usual. You'll still be able to access your account online, view balances, pay bills - everything that you were able to do yesterday. And rest assured, your bank deposits are still safe and FDIC-insured.
What else can you expect? For starters, coming this spring, you'll have access to CheckMate, our new remote deposit service. You can deposit checks directly into your ING DIRECT accounts anywhere from your computer or the ING DIRECT mobile app.
If you use Electric Orange checking or MONEY, you'll be able to withdraw cash at any of Capital One's over 2,000 fee-free ATMs - that's in addition to the 35,000 free Allpoint ATMs you can currently access. What's it mean for you down the road? As part of the Capital One team, we remain committed to offering innovative products and maintaining the same Customer service and experience you've come to expect while saving you time and money.
As always, thanks for being part of America's favorite place to save.

Not totally related to the credit cards with HSBC, but interesting...

[Anonymous]

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@JustMe77 wrote:

I have an ING savings account and received an email on 2/21 that said this:

In June, we let you know that we would soon have a new shareholder. On February 17, 2012, our parent company - ING Group - announced that ING DIRECT USA and ShareBuilder Corporation were officially purchased by Capital One. We are proud to bring these great companies together.
What's it mean for you today? It's business as usual. You'll still be able to access your account online, view balances, pay bills - everything that you were able to do yesterday. And rest assured, your bank deposits are still safe and FDIC-insured.
What else can you expect? For starters, coming this spring, you'll have access to CheckMate, our new remote deposit service. You can deposit checks directly into your ING DIRECT accounts anywhere from your computer or the ING DIRECT mobile app.
If you use Electric Orange checking or MONEY, you'll be able to withdraw cash at any of Capital One's over 2,000 fee-free ATMs - that's in addition to the 35,000 free Allpoint ATMs you can currently access. What's it mean for you down the road? As part of the Capital One team, we remain committed to offering innovative products and maintaining the same Customer service and experience you've come to expect while saving you time and money.
As always, thanks for being part of America's favorite place to save.

Not totally related to the credit cards with HSBC, but interesting...

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Yes, this is interesting because I have an ING Savings and Electric Orange account and I didn't receive an email about any of this.  This is depressing because I don't want Capital One to end up as my bank.

[corymcd88]

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@Anonymous wrote:

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@JustMe77 wrote:

I have an ING savings account and received an email on 2/21 that said this:

In June, we let you know that we would soon have a new shareholder. On February 17, 2012, our parent company - ING Group - announced that ING DIRECT USA and ShareBuilder Corporation were officially purchased by Capital One. We are proud to bring these great companies together.
What's it mean for you today? It's business as usual. You'll still be able to access your account online, view balances, pay bills - everything that you were able to do yesterday. And rest assured, your bank deposits are still safe and FDIC-insured.
What else can you expect? For starters, coming this spring, you'll have access to CheckMate, our new remote deposit service. You can deposit checks directly into your ING DIRECT accounts anywhere from your computer or the ING DIRECT mobile app.
If you use Electric Orange checking or MONEY, you'll be able to withdraw cash at any of Capital One's over 2,000 fee-free ATMs - that's in addition to the 35,000 free Allpoint ATMs you can currently access. What's it mean for you down the road? As part of the Capital One team, we remain committed to offering innovative products and maintaining the same Customer service and experience you've come to expect while saving you time and money.
As always, thanks for being part of America's favorite place to save.

Not totally related to the credit cards with HSBC, but interesting...

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Yes, this is interesting because I have an ING Savings and Electric Orange account and I didn't receive an email about any of this.  This is depressing because I don't want Capital One to end up as my bank.

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I love ING Direct and Capital One are one of the best banks. Wells Fargo and Bank of America are also very good banks.

[Anonymous]

I finally received an email from ING this morning advising that they have joined forces with Capital One.

I guess the one good thing out of this is that I can use my Electric Orange Debit Card at Capital One ATMS.  I hope all other changes will be positive ones as well.

[Juan123]

Through different communication's i've recieved the anticipated date for the deal closing is around Q2 2012 but it can be later since it's still pending approval.