topic Re: HSBC Conversion in Credit in the News

HSBC sells "mass market" credit unit to First Bank & Trust's PF|CP

mediocrebadguy — Tue, 07 Jun 2022 20:48:36 GMT

Looks like my 16-year rollercoaster ride with HSBC will finally be coming to an end. Just got the letter today that my HSBC Platinum (previously "Cash or Fly Rewards") will be part of the "mass market" sale to First Bank & Trust and their new PF|CP platform.

https://www.about.us.hsbc.com/hsbc-sells-mass-market-card-portfolio

https://www.about.us.hsbc.com/hsbc-in-the-usa/moving-forward/faq-customer-resources

Just for fun, here's a summary of my adventure with HSBC:

Signed up for the "Cash or Fly Rewards" MasterCard in 2006
Somehow was not sold off as part of HSBC's massive credit card sale to Capital One in 2011. (Even though my GM Mastercard from HSBC was sold to Capital One)
In 2012, I receive notice from HSBC that all my accounts (checking, savings, credit) will be sold to First Niagara. After the sale, my checking and savings went to First Niagra but my credit card stayed with HSBC for unknown reasons.
Earlier this year, I avoid being sold off to Citizens or Cathay, even though all the infomation online indicates that my card should have been sold to them.

HSBC current CL is $11,500. Current FICO score is around 790 -- total available credit is near $300,000. I'm not super rich (why HSBC isn't keeping me), but I'm definitely not subprime, which I hope isn't what this new bank is known for. We'll see where this goes! This definitely isn't one of my primary cards, but I go out of my way to keep it active since it's the second-oldest card on my credit history.

Re: HSBC sells "mass market" credit unit to First Bank & Trust's PF|CP

NoMoreE46 — Tue, 07 Jun 2022 20:58:20 GMT

Great details @mediocrebadguy and Welcome to MF.

Re: HSBC sells "mass market" credit unit to First Bank & Trust's PF|CP

coldfusion — Tue, 07 Jun 2022 21:09:05 GMT

I guess I'm not getting migrated, as I didn't get a mailer nor do I see a message on the splash screen when I log in.

Re: HSBC sells "mass market" credit unit to First Bank & Trust's PF|CP

chiefone4u — Tue, 07 Jun 2022 21:52:52 GMT

@coldfusion wrote:

I guess I'm not getting migrated, as I didn't get a mailer nor do I see a message on the splash screen when I log in.

@coldfusion

I haven't received anything in the mail as of today about this change, but noticed two of my cards are on the list of cards that were sold in the FAQ link OP provided.

Not saying it will be the same for you... when I logged in through my android device there is nothing saying my account was sold. When I logged in on my iPad with Safari, nothing saying my account was sold.

When I logged in on a windows computer using Chrome, a pop-up appeared stating my account had been sold (more detailed than that).

If you have pop-ups disabled or some of the other features some browsers offer, your browser might be suppressing the pop-up so you aren't seeing it.

On another note, I really hope this transfer of accounts is smooth and not like some of my accounts that were sold to Capitol One over the past few years (only one that survived was Walmart).

Re: HSBC sells "mass market" credit unit to First Bank & Trust's PF|CP

Curious_George2 — Wed, 08 Jun 2022 06:21:23 GMT

Thanks OP, and welcome!

My history with HSBC is roughly similar to yours. So far, no mailer or popup for me. It looks like they might be keeping me again. Makes perfect sense; I've put a whopping $5 of spend on the card this year.

The information about First Bank & Trust in that FAQ is... interesting. Can't say I have high hopes for what their card(s) will be, but it wouldn't take much to surpass my tired old HSBC Platinum.

Re: HSBC sells "mass market" credit unit to First Bank & Trust's PF|CP

Iron1 — Wed, 08 Jun 2022 16:03:32 GMT

Received the pop-up notice today when logging in that being moved to PF|CP as well. When I first looked at the FAQs I saw they were based in South Dakota - assumed it was a First Premier Bank affiliation but after more reading, thankfully it seems to be entire different entity

Re: HSBC sells "mass market" credit unit to First Bank & Trust's PF|CP

Curious_George2 — Thu, 09 Jun 2022 02:56:03 GMT

I got the popup today. Happy to learn I'm going to be a member of the Premier Finance | Card Program. Sounds fancy!

Re: HSBC sells "mass market" credit unit to First Bank & Trust's PF|CP

CreditCuriosity — Fri, 10 Jun 2022 15:54:46 GMT

Ugh just got mailer today I am being transferred and night finding much information on them as pulled up their website, but no CC can be found that i can see.. Trying to decide whether to AXE the card or not before the transition as don't want to be with some rag tag bank if that is what they are. i don't know anything about them. Anyone ever hear of them as they aren't first premier although that is initially what came to mind for me. Letters are coming. Need to login to see what top of my screen says, but got snail mail today.

Re: HSBC sells "mass market" credit unit to First Bank & Trust's PF|CP

SouthJamaica — Fri, 10 Jun 2022 16:26:52 GMT

@mediocrebadguy wrote:
Looks like my 16-year rollercoaster ride with HSBC will finally be coming to an end. Just got the letter today that my HSBC Platinum (previously "Cash or Fly Rewards") will be part of the "mass market" sale to First Bank & Trust and their new PF|CP platform.

https://www.about.us.hsbc.com/hsbc-sells-mass-market-card-portfolio
https://www.about.us.hsbc.com/hsbc-in-the-usa/moving-forward/faq-customer-resources

Just for fun, here's a summary of my adventure with HSBC:
Signed up for the "Cash or Fly Rewards" MasterCard in 2006
Somehow was not sold off as part of HSBC's massive credit card sale to Capital One in 2011. (Even though my GM Mastercard from HSBC was sold to Capital One)
In 2012, I receive notice from HSBC that all my accounts (checking, savings, credit) will be sold to First Niagara. After the sale, my checking and savings went to First Niagra but my credit card stayed with HSBC for unknown reasons.
Earlier this year, I avoid being sold off to Citizens or Cathay, even though all the infomation online indicates that my card should have been sold to them.
HSBC current CL is $11,500. Current FICO score is around 790 -- total available credit is near $300,000. I'm not super rich (why HSBC isn't keeping me), but I'm definitely not subprime, which I hope isn't what this new bank is known for. We'll see where this goes! This definitely isn't one of my primary cards, but I go out of my way to keep it active since it's the second-oldest card on my credit history.

Great post. What a ride. HSBC must really love you, they just couldn't bear to part with you

Re: HSBC sells "mass market" credit unit to First Bank & Trust's PF|CP

RSX — Fri, 10 Jun 2022 16:39:44 GMT

i had my Checking and LOC move from HSBC to Citizens - once the transition was complete, i closed both...

My Gold Card stayed with HSBC

however, i just logged in and received the popup that it will be moved

trying to decide if i just close it now and avoid the whole new account and website setup, for a card i barely use

i had planned to sock drawer it while it was with HSBC and let it get closed over the next year or so anyway

Re: HSBC sells "mass market" credit unit to First Bank & Trust's PF|CP

KatSoDak — Sat, 11 Jun 2022 00:33:12 GMT

My letter came yesterday. I live in South Dakota so am familiar with First Bank & Trust. There is a branch in the small town (population 3300) near me. I had no idea this small bank was in the credit card business.

I'll be interested to see if the app is better than the HSBC app which is a royal pain to use to pay balances, in my opinion.

Re: HSBC sells "mass market" credit unit to First Bank & Trust's PF|CP

coldfusion — Mon, 13 Jun 2022 01:20:40 GMT

@chiefone4u wrote:
@coldfusion wrote:

I guess I'm not getting migrated, as I didn't get a mailer nor do I see a message on the splash screen when I log in.

@coldfusion

I haven't received anything in the mail as of today about this change, but noticed two of my cards are on the list of cards that were sold in the FAQ link OP provided.

Not saying it will be the same for you... when I logged in through my android device there is nothing saying my account was sold. When I logged in on my iPad with Safari, nothing saying my account was sold.
When I logged in on a windows computer using Chrome, a pop-up appeared stating my account had been sold (more detailed than that).

If you have pop-ups disabled or some of the other features some browsers offer, your browser might be suppressing the pop-up so you aren't seeing it.

On another note, I really hope this transfer of accounts is smooth and not like some of my accounts that were sold to Capitol One over the past few years (only one that survived was Walmart).

I tried other laptops, with multiple browsers, deliberately enabled popups, but no popup and no letter. The card only sees a swipe once every several months and I no longer have any other accounts with them since the Citizens move. >shrug<

Re: HSBC sells "mass market" credit unit to First Bank & Trust's PF|CP

Cory88 — Tue, 14 Jun 2022 13:42:03 GMT

I will believe this when I see it happens. I have been with HSBC for some time when they had HSBC Retail Services and that was crazy, then the move to Citizens was a mess too letters that was different if they came from HSBC or Citizens. I was looking forward to the HSBC card going to Citizens with the 1.8% cash I know it's not the best but better then nothing. Now this no one knows anything with HSBC and time lines I never heard with a transition that their is not a time line they post, if they don't know wait and tell people when they know all the information.

Re: HSBC sells "mass market" credit unit to First Bank & Trust's PF|CP

Anonymous — Fri, 09 Sep 2022 19:44:43 GMT

HSBC to PFCP

tcbofade — Thu, 16 Jun 2022 18:31:25 GMT

Got snail mail today stating that one or more of my HSBC cards will transition to Premier Finance Card Program, issued by First Bank & Trust.

Never heard of them.

Both HSBC accounts are zero balance. Should I just close them?

Re: HSBC sells "mass market" credit unit to First Bank & Trust's PF|CP

zerofire — Thu, 16 Jun 2022 21:03:53 GMT

Wow. HSBC is a special type of roller coaster. After the Citizens sell off and not getting transferred I am now glad to have gotten out. It seams like they are trying to clear out their CC unit but the issue is too many programs are running through it. They definitely are going to have issues if this sale is not the end of their CC issuance as somebody will always want to look more ritz than they are and will need to be sold off to protect the brand.

Re: HSBC to PFCP

Curious_George2 — Thu, 16 Jun 2022 23:29:38 GMT

@tcbofade wrote:
Got snail mail today stating that one or more of my HSBC cards will transition to Premier Finance Card Program, issued by First Bank & Trust.

Never heard of them.

Both HSBC accounts are zero balance. Should I just close them?

Personally, I view this as an opportunity to get a free look at a new issuer. Maybe they won't be terrible! Unlikely, but we don't have to spend an HP or ding our account aging metrics to find out.

Re: HSBC sells "mass market" credit unit to First Bank & Trust's PF|CP

LosAngelesTraveler — Mon, 27 Jun 2022 16:23:27 GMT

I just hope this Premier Finance Card Program issued by SD's First Bank & Trust is NOT the same as "First Premier Bank" and "Premier Bankcard." If it is I might close the card before risking being stuck with a subprime lender and paying an annual fee. If it's just a small and harmless regional bank and they offer a fee-free card for the sock drawer then I'll stay to keep history.

Re: HSBC sells "mass market" credit unit to First Bank & Trust's PF|CP

coldfusion — Mon, 27 Jun 2022 21:07:21 GMT

@LosAngelesTraveler wrote:
I just hope this Premier Finance Card Program issued by SD's First Bank & Trust is NOT the same as "First Premier Bank" and "Premier Bankcard." If it is I might close the card before risking being stuck with a subprime lender and paying an annual fee. If it's just a small and harmless regional bank and they offer a fee-free card for the sock drawer then I'll stay to keep history.

More to the point, which "First Bank & Trust" is the one involved here - besides the one headquartered in South Dakota there is also a bank of the same name headquartered in the Chicago area.

Re: HSBC sells "mass market" credit unit to First Bank & Trust's PF|CP

Anonymous — Tue, 28 Jun 2022 15:18:03 GMT

@mediocrebadguy wrote:
Looks like my 16-year rollercoaster ride with HSBC will finally be coming to an end. Just got the letter today that my HSBC Platinum (previously "Cash or Fly Rewards") will be part of the "mass market" sale to First Bank & Trust and their new PF|CP platform.

https://www.about.us.hsbc.com/hsbc-sells-mass-market-card-portfolio
https://www.about.us.hsbc.com/hsbc-in-the-usa/moving-forward/faq-customer-resources

Just for fun, here's a summary of my adventure with HSBC:
Signed up for the "Cash or Fly Rewards" MasterCard in 2006
Somehow was not sold off as part of HSBC's massive credit card sale to Capital One in 2011. (Even though my GM Mastercard from HSBC was sold to Capital One)
In 2012, I receive notice from HSBC that all my accounts (checking, savings, credit) will be sold to First Niagara. After the sale, my checking and savings went to First Niagra but my credit card stayed with HSBC for unknown reasons.
Earlier this year, I avoid being sold off to Citizens or Cathay, even though all the infomation online indicates that my card should have been sold to them.
HSBC current CL is $11,500. Current FICO score is around 790 -- total available credit is near $300,000. I'm not super rich (why HSBC isn't keeping me), but I'm definitely not subprime, which I hope isn't what this new bank is known for. We'll see where this goes! This definitely isn't one of my primary cards, but I go out of my way to keep it active since it's the second-oldest card on my credit history.

In searching the following information came up:

PF|CP describes itself and the Program as follows:
The Premier Finance Card Program (PF|CP) is a credit card program sponsored by First Bank & Trust, which is one of the leading consumer credit card issuers.
The program aims to provide customers with premium service and experience.
After the transfer, PF|CP will service your account and provide a new online experience for you to manage payments, alert settings, statement preferences, and more.The PF|CP website is currently under construction and will launch in the coming months at pfcardprogram.com.You can visit the PF|CP Coming Soon page now by going to pfcardprogram.com.Prior to transfer, HSBC will continue to service transferring accounts.

First Bank & Trust is a family- and employee-owned South Dakota state bank, member FDIC, with 22 locations in 17 communities in South Dakota and Minnesota. Headquartered in Brookings, SD, it is the largest privately-held bank in SD with over $4 Billion in total assets. First Bank & Trust has a history that dates back more than 140 years and spans four generations of the Fishback family, who support independent and entrepreneurial leadership. First Bank & Trust's experience in partnering with Fintech companies nationwide centers around the shared goal of developing market-leading solutions that deliver consumer-friendly, sustainable, innovative, and compliant financial services products on a national scale.

First Bank & Trust has 22 locations in 17 communities in South Dakota and Minnesota. Select a community for location details.

Like many successful businesses, First Bank & Trust began with a small-town vision. In 1880, Brookings, South Dakota entrepreneur Horace Fishback saw a need to serve a growing community with banking services. Horace and his uncle, Bert Olds, began a check-cashing station at the back counter of their general store. What began as a small venture has grown into one of South Dakota’s largest privately-held companies—Fishback Financial Corporation (FFC)—the holding company for First Bank & Trust.

On November 2, 1925, Security National Bank became the Fishback family's first independent community bank. Today, we serve 17 thriving communities in South Dakota and Minnesota with 22 bank locations. Our founding philosophy—to meet each local community's needs with integrity and innovation in banking—is why we support independent leadership and employee ownership.