topic HSBC Cards in Credit Cards

HSBC Cards

Anonymous — Wed, 20 Apr 2011 03:17:54 GMT

Anyone have an HSBC card? I have seen chip and pin versions overseas but the ones in the states seem to be kind of antiquated. Any upgrades coming soon?

Re: HSBC Cards

Anonymous — Wed, 20 Apr 2011 03:59:49 GMT

I have an HSBC and an Orchard and neither of them have a chip. I have a Wells and an Amex and they both have chips.

Re: HSBC Cards

Anonymous — Wed, 20 Apr 2011 04:08:06 GMT

Did you open the wells and amex in the states? I wasn't aware they were issued domestically.

Re: HSBC Cards

Anonymous — Wed, 20 Apr 2011 04:13:42 GMT

What do you guys mean by chips? My bad if it's a dumb question? Lol

Re: HSBC Cards

Anonymous — Wed, 20 Apr 2011 04:19:40 GMT

An encrypted data chip is embedded in the card which stores a pin number. Users can enter the card into a reader and input their pin, supposedly limiting unauthorized usage. While it's non-existent in the US, it's commonplace in many parts of the EU and asia.

Re: HSBC Cards

scottwagnon — Wed, 20 Apr 2011 07:00:21 GMT

many cvs retailers carry these reader/swipe devices. thing is that is seems to be american not to have these issued on credit cards.

Re: HSBC Cards

haiti222 — Wed, 20 Apr 2011 14:46:01 GMT

HSBC has been in a holding pattern in the US since 2009. They may sell, wind down, or eventually refurbish their operations.....

Re: HSBC Cards

Anonymous — Thu, 21 Apr 2011 13:55:29 GMT

@haiti222 wrote:
HSBC has been in a holding pattern in the US since 2009. They may sell, wind down, or eventually refurbish their operations.....

Just to be clear, I'm talking about cards issued directly by HSBC, not a co-brand or subsidiary. This is what I would expect the US to get in the near-term:

http://www.hsbc.ca/1/2/en/personal/credit-cards/advance-mastercard

Re: HSBC Cards

Anonymous — Thu, 21 Apr 2011 16:43:02 GMT

Here is what the OP is talking about:

http://en.wikipedia.org/wiki/Paypass#PayPass

http://en.wikipedia.org/wiki/Visa_Inc.#PayWave

http://en.wikipedia.org/wiki/ExpressPay

Re: HSBC Cards

bostonte — Thu, 21 Apr 2011 18:10:02 GMT

NFC is very different than "Chip and PIN". NFC is just tap and go payment.

You can get plenty of cards with NFC (PayPass, PayWave, ExpressPay, etc. like the above poster linked to) -- but so far the UN credit union is the only one to do a major issue of chip and pin cards in the US. Wells Fargo and Citi are supposedly doing a trial for future release.

Chip and PIN is what they're using in Europe, and it's had a major introduction in Canada in the past few years. No mag swipe. Insert card into reader, Enter PIN. No signature.

The problem is US cards only have a mag swipe -- some European retailers try to refuse a swiped card because the merchant has better fraud protection (in so far as being able to charge back for unauthorized or some such reason) on a chip and PIN transaction. Also, lots of automated things like train ticket machines, parking meters, etc. only take chip and PIN.

*NO ONE* in the US is doing chip and PIN as a merchant. Some may have equipment that would be capable of doing it, but it is not yet an option with US processing networks.

Re: HSBC Cards

Anonymous — Fri, 22 Apr 2011 02:37:58 GMT

@Anonymous wrote:
Here is what the OP is talking about:

http://en.wikipedia.org/wiki/Paypass#PayPass
http://en.wikipedia.org/wiki/Visa_Inc.#PayWave
http://en.wikipedia.org/wiki/ExpressPay

That's not what I'm talking about.

Re: HSBC Cards

Cranston — Fri, 22 Apr 2011 15:40:55 GMT

financial press is claiming hsbc may sell its US cc operation

http://www.thestreet.com/story/11089683/1/hsbc-planning-big-bank-shakeup-report.html?cm_ven=GOOGLEN

Re: HSBC Cards

Anonymous — Sat, 23 Apr 2011 03:56:51 GMT

@Cranston wrote:
financial press is claiming hsbc may sell its US cc operation

http://www.thestreet.com/story/11089683/1/hsbc-planning-big-bank-shakeup-report.html?cm_ven=GOOGLEN

I interpret this as meaning divesting non-core underperforming assets such as Orchard and the other relatively autonomous subsidiaries. However, I can't imagine HSBC exiting the prime retail business in the US (ie. HSBC only branded products). If anything it wants to grow. Ways HSBC is doing this is through expanding premier and advance accounts, of which you must be an account holder in order to apply for most HSBC cards at this point.

I just wonder how soon the US will catch up to the rest of the world in receiving the fully product offerings.