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Hsbc, sinking ship, jump or wait?

IowaGuy
Contributor

Hsbc, sinking ship, jump or wait?

I read that HSBC is dumping it's entire US card program (explains why no CLIs). Cap 1 made a bid but Cap 1 bought another high dollar asset recently so may not end up with HSBC portfolio. HSBC has stated that they will close the division if no one buys it.

I have a household bank card and don't want to be a cap 1 customer. Since I have like 1 hard inq I think it's time to replace the hb card. I only have 2 cards. I don't want HB to close account for me, or sell it to Cap 1.

The hb card was a rebuilder I have outgrown anyways. My other cards a chase amazon.

Anyone else had credit cards bought out by other banks? What was your experience?
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Message 1 of 40
39 REPLIES 39
android01
Valued Contributor

Re: Hsbc, sinking ship, jump or wait?

My WAMU card turned into a Chase card.  We won't talk about how I really feel about that other than to say that I'd rather have Cap1 get it than Chase.  Smiley Mad

 

EQ Fico 8 - 850
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Message 2 of 40
Wolf3
Senior Contributor

Re: Hsbc, sinking ship, jump or wait?

I have had lots of CC bought up by different banks over the years.   Not a big deal in the past.

 

Here is an article on how a shutdwon would play out.

http://www.creditcards.org/article/do-you-have-hsbc-credit-card-maybe-not-much-longer-.html

 

 

Message 3 of 40
Gray
Regular Contributor

Re: Hsbc, sinking ship, jump or wait?

The question I have is whether GM will transfer its reward program and accounts to another bank.

 

Message 4 of 40
laz98
Senior Contributor

Re: Hsbc, sinking ship, jump or wait?

oh no!  what will i do without my best buy card!!!

Message 5 of 40
minimock
Frequent Contributor

Re: Hsbc, sinking ship, jump or wait?

The only thing that hurts is its my oldest card. I imagine alot of folks are in the same boat. If you started rebuilding your credit 5 to 7 years ago, thats all you could get.....

well except for Premier, which even back then was a joke.
Message 6 of 40
stan_the_man
Established Contributor

Re: Hsbc, sinking ship, jump or wait?

I'd stay.

 

  1. Cap1 is supposed to have the money to be able to make both the ING Direct deal and the HSBC CC deal.
  2. Unless you have an annual fee, or you need to lock in terms, there's really no good reason to ever close a CC.

 

 

Message 7 of 40
gangof4
Frequent Contributor

Re: Hsbc, sinking ship, jump or wait?

HSBC is going back to China (i.e., withdrawing from certain economic activities in the U.S.)  The Chinese are very uneasy about the American economy.

Message 8 of 40
beamMEup
Moderator Emeritus

Re: Hsbc, sinking ship, jump or wait?


@IowaGuy wrote:
I read that HSBC is dumping it's entire US card program (explains why no CLIs). Cap 1 made a bid but Cap 1 bought another high dollar asset recently so may not end up with HSBC portfolio. HSBC has stated that they will close the division if no one buys it.

I have a household bank card and don't want to be a cap 1 customer. Since I have like 1 hard inq I think it's time to replace the hb card. I only have 2 cards. I don't want HB to close account for me, or sell it to Cap 1.

The hb card was a rebuilder I have outgrown anyways. My other cards a chase amazon.

Anyone else had credit cards bought out by other banks? What was your experience?


If you're feeling that you've outgrown the HSBC card, it may be time to close it (or sockdrawer it) regardless.  Does this card have an AF (IIRC, it does)?  If so, and you feel you've grown beyond it, you may want to close it.  If not, you may want to sockdrawer it.

 

In the meantime, are you feeling like you've built your credit enough to app for a more long-term card?  Or are you comfortable with only one card open (that makes some folks feel a little vulnerable)?

 

 

Just puttin' syrup on something, don't make it pancakes.
Message 9 of 40
TravellingNomad
Established Contributor

Re: Hsbc, sinking ship, jump or wait?

if HSBC does get bought out by another lender/creditor, how will that affect my current BBRZ MC reporting if i decide to just keep the card?  will it close the HSBC TL on my report and then a new one under the new company pops-up?  or would the name just update and its business as usual?

Message 10 of 40
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