Seems to just be retail banking for now, something they have long struggled with in the US and they have previously tried to streamline those operations by focusing on high wealth clients. I don't see any announcements regarding their credit cards, but they only recently entered the US market again, having previously sold the entire credit card portfolio to Capital One in 2011 (who kept the subprime bank card accounts (Orchard Bank, Household Bank, etc.), but sold most of the retail (Best Buy and many others) accounts to CBNA just a few years later).
Since the Premier, Advance, and Elite cards all require varying (and escalating) tiers of banking relationships, I wouldn't be surprised to see those cards discontinued. The Gold and Cash Rewards cards have been rather aggressively marketed and have no banking requirements, so I am sure there are likely a significant number of cardholders who may find themselves with a new issuer in the coming year. Since HSBC avoided the subprime market in lending this time around, that does leave them with quite a few options.
One thing to consider for those with HSBC cards is that the last time HSBC exited the US credit card market, the accounts were marked as closed and then CapOne duplicated the accounts on consumer credit reports retaining the original opening date and account history. Depending on one's AAoA or 5/24 status, that could be a negative if that repeats as these accounts will all be somewhat recent, with many being under 2 years old.
@cashorcharge wrote:Interesting...thanks for sharing!
Even though I don't have one, it would make me wonder what happens to all the US credit card holders....not that they can't make payments online but if they pull out, seems that part of banking would go too.
FYI @Aim_High I know you've spoken about them before
Bummer! Thanks for the tag, @cashorcharge. I doubt I would have added one but had studied their cards before for serious consideration. Definitely glad I held off now! As @K-in-Boston said, I would expect them to divest of existing cards.
"Europe's biggest bank is seeking to dispose of a business that has long underperformed."
So in other words they just couldn't compete here. Too many better offerings and better banks.
And I just opened an account for the promo... 🙄
@K-in-Boston: Weird. I have had an HSBC card since 2005, and my experience with it doesn't match what you describe. I never knew about the sale of portfolio to Capital One, and I never saw any evidence that my account left HSBC's hands. I just checked an old credit report from 2012 and it doesn't show the account duplicated/transfered as you describe, or anything out of the ordinary. Is it possible they retained some accounts, including mine?
Setting that aside, any speculation about what this news report means for their U.S. credit card business is just that: speculation. Right? The article addresses "retail banking" and talks about branch closures. But it says nothing about credit cards, which I assume are in a separate division of the company from retail banking. I don't have any bank accounts with HSBC, but just today, I recieved an email from them, inviting me to sign up for something called Direct Checking, which they bill as an "easy, no-fee, online-only checking account." Perhaps they are trying to keep just enough of a banking presence here to service their CC holders. Or maybe the marketing department just hasn't gotten the memo yet. 
Don't get me wrong -- I dislike HSBC. I only keep the card open because it's old and free. They are the black sheep of my CC issuers and I wouldn't necessary shed any tears if they sold my account... but of course, much depends on who buys it.
Wow. I never fail to learn new things on myFICO! There was even a big thread a few years back on their re-entry to the US CC market. But doing a search after reading your post, indeed they did retain some accounts:
https://ficoforums.myfico.com/t5/Credit-Cards/HSBC-Accts-Close-by-2-24/m-p/1203239
Yes, this is all speculation. They closed a number of branches already and this is just stating that they will likely elect to close the remaining branches.
I did have an old Orchard Bank credit card back in the day when I was first rebuilding. It was sold off to Capital One because I remember the conversion to their platinum card at the time.
The only reason I opted to open the accounts, aside from the bonus, is that they just opened a new branch near my home. Not many around me, but one near my work and one near my home are enough for me. I see all the hate for HSBC, but I guess I'll see for myself. doh!
