Credit Cards

[creditwherecreditisdue]

Because it is an over generalization. Just like not all Providian cards were sub-prime. I had two that were. Her Ladyship had one that was most definitively not.

Like I said, YMMV.

Message Edited by creditwherecreditisdue on 06-29-2009 11:45 AM

[score_building]

i guess i'm just not aware of a single orchard product that doesn't have sub prime attributes but then again some 'prime' issuer products have subprime features as well...so i guess YMMV.

Message Edited by score_building on 06-29-2009 08:57 AM

[creditwherecreditisdue]

My Providian CC's, which became WaMu CC's and are now Chase CC's were issued as sub-prime. And they still are. So good old Chase, who never was a sub-prime issuer appearantly is one now. I say this because I asked them to do something about my remaining open CC and I got the same old - same old as I got from the other two outfits, "Can't do anything about it, but we can't explain why we can't. Keep being good, which we can see you have been for years, and call back in a while." I am actually getting better treatment from HSBC than I am Chase. And I have no love loss for HSBC. Go figure.

I think I have made it adequately clear in my postings as to how I feel about HSBC and family as a CC issuer. Just say "NO", unless, of course, you just don't have any other choice!

[74king]

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creditwherecreditisdue wrote:

I think I have made it adequately clear in my postings as to how I feel about HSBC and family as a CC issuer. Just say "NO", unless, of course, you just don't have any other choice!

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Those are my sentiments exactly....only as absolute last resort would I ever turn to these Credit Card issuers. From the comments that have been posted, it looks like we have a very interesting debate happening here. Good.

King

[score_building]

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creditwherecreditisdue wrote:

 ...HSBC and family as a CC issuer. Just say "NO", unless, of course, you just don't have any other choice!

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+1   (unless it is an acct based in asia where they are noted as one of the more elite bank issuers.  wish they would choose to pull together their US operations)

[haulingthescoreup]

HSBC and Barclays did the same thing --prime banks in Great Britain (and elsewhere) who bought not-so-prime bank portfolios in the US, and they have mysteriously never upgraded.

And I can't fathom why. Back before the big crisis hit, why didn't each bank launch one good, competitive card? --sort of how Cap One does. (Yes, Cap One does have some good cards, and I've heard of some very impressive CL's on them.)

The Barclays Barnes and Noble MC seems to be their best deal going, and it's an affinity card. Nice, and I used to like to use mine at Borders, but it wasn't a straight bank card. And I think that HSBC issues the Saks Fifth Avenue card, and we have some members who've had it forever and have very nice CL's.

There's obviously something that kept these banks from expanding their customer data base that I'm not grasping, but it's still a surprise. It's especially a surprise for those who move or return to the US and discover that this prestigious banks have kinda stinky credit products here.

Message Edited by haulingthescoreup on 06-29-2009 03:03 PM

[wmarat]

Barclay underwrites Ameriprise World Elite MC (current APR is 4.5%)

HSBC underwrites Saks World Elite MC

[haulingthescoreup]

Thanks --I knew I was shaky on the Saks. My excuse is that we don't even rate a Macy's around here, much less a really good store!

And I'd completely forgotten the Ameriprise card.

I'm still baffled why banks don't offer a continuum of cards, allowing for upgrades from one to another. They would create fantastic loyalty among their customers. And everyone knows how expensive it is to get new customers.

[Underh20]

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score_building wrote:

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creditwherecreditisdue wrote:

 ...HSBC and family as a CC issuer. Just say "NO", unless, of course, you just don't have any other choice!

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+1   (unless it is an acct based in asia where they are noted as one of the more elite bank issuers.  wish they would choose to pull together their US operations)

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So true!

HSBC in Hong Kong, mainland China and other Asian countries is an elite bank -- especially in regards to their credit card products.  While HSBC USA platinum card products -- and platinum cards in general from virtually every US bank -- are on par status-wise with your basic food stamp voucher, in Asia an HSBC platinum card is by invitation only and those invitations are exceptionally difficult to come by.  They also carry a slew of benefits that you can actually use on a day-to-day basis.

So sad that what could be an excellent bank in the US has placed itself in the role of the poor illiterate second cousin twice removed.