cancel
Showing results for 
Search instead for 
Did you mean: 

HSBC leaving US.

coldfusion
Community Leader
Super Contributor

Re: HSBC Exit US


@M_Smart007 wrote:

HSBC / Citizens Bank update:

 

Got a notice via snail mail today. Can disregard what the former HSBC rep had told Me.

Accounts WILL be going over to Citizens (I even called to confirm it.)

 

Per the letter;

 

"We are pleased to tell you that Citizens will be your new financial partner beginning in early 2022"

 

I asked if Citizens would retain the old account history, CSR sounded very confident that they would.

I bet that after Citizens takes over that my old HSBC accounts will now report to TU ..(as HSBC did not report them there)

 

 

I wonder how Citizens Bank is with CLI's? .. SP or HP? and are they as generous with them as FNBO?

 


HP.  They lean toward being conservative with limits in general. 



(11/2021)
FICO 8 (EX) 806 (TU) 833 (EQ) 827
FICO 9 (EX) 828 (TU) 841 (EQ) 842

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 51 of 70
coldfusion
Community Leader
Super Contributor

Re: HSBC Exit US


@Cory88 wrote:

I was told that only deposit accounts will go to Citizens bank (I'm east cost), Credit Cards will stay will HSBC. I also have a Select Credit LOC that no one seams to know what is going to happen to that account. Does anyone else have a Select Credit LOC and have gotten any into on it?


See my post #45 above.  The line below is a verbatim quote from their mailer. 

 

"December - Citizens will send important Change in Terms information to personal credit card and line of credit customers."

 

Seems to be a pretty strong indicator that credit cards and LOCs will migrate to Citizens.  If one weren't migrating to them it wouldn't make much sense for them to be sending change-in-terms information. 

 



(11/2021)
FICO 8 (EX) 806 (TU) 833 (EQ) 827
FICO 9 (EX) 828 (TU) 841 (EQ) 842

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 52 of 70
M_Smart007
Epic Contributor

Re: HSBC Exit US


@coldfusion wrote:

@M_Smart007 wrote:

HSBC / Citizens Bank update:

 

Got a notice via snail mail today. Can disregard what the former HSBC rep had told Me.

Accounts WILL be going over to Citizens (I even called to confirm it.)

 

Per the letter;

 

"We are pleased to tell you that Citizens will be your new financial partner beginning in early 2022"

 

I asked if Citizens would retain the old account history, CSR sounded very confident that they would.

I bet that after Citizens takes over that my old HSBC accounts will now report to TU ..(as HSBC did not report them there)

 

 

I wonder how Citizens Bank is with CLI's? .. SP or HP? and are they as generous with them as FNBO?

 


HP.  They lean toward being conservative with limits in general. 


@coldfusion, Thank YouSmiley Happy

Message 53 of 70
coldfusion
Community Leader
Super Contributor

Re: HSBC Exit US

I should point out though that if they are converting HSBC Cash Rewards cards to Cash Back Plus cards it's a good conversion, certainly a way better one than the hog.gif most BBVA Clearpoints cardholders ended up with.



(11/2021)
FICO 8 (EX) 806 (TU) 833 (EQ) 827
FICO 9 (EX) 828 (TU) 841 (EQ) 842

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 54 of 70
Curious_George2
Valued Contributor

Re: HSBC Exit US

That's what I was thinking. Citizens Bank's Cash Plus earns 1.8% cashback on everything, right? That's... (checks notes)... an 80% improvement on the lame 1% my old HSBC Platinum Rewards has been stuck at for 15+ years. And better than anything I saw on Cathay's website back when it looked like we west-coasters might be shunted off to them. Fingers crossed for Cash Plus!


Message 55 of 70
coldfusion
Community Leader
Super Contributor

Re: HSBC Exit US


@Curious_George2 wrote:

That's what I was thinking. Citizens Bank's Cash Plus earns 1.8% cashback on everything, right?


Correct.  Also, no FTF and still has a few other perks like a degree of trip protection coverage and secondary auto rental insurance.  Not a unicorn but not a bad card.

 

They do have 1 other card but it's Just Another 0% APR BT Card, not an appealing option to be product-changed to.



(11/2021)
FICO 8 (EX) 806 (TU) 833 (EQ) 827
FICO 9 (EX) 828 (TU) 841 (EQ) 842

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 56 of 70
Dinosaur
Moderator Emeritus

Re: HSBC Exit US


@M_Smart007 wrote:

@coldfusion wrote:

@M_Smart007 wrote:

HSBC / Citizens Bank update:

 

Got a notice via snail mail today. Can disregard what the former HSBC rep had told Me.

Accounts WILL be going over to Citizens (I even called to confirm it.)

 

Per the letter;

 

"We are pleased to tell you that Citizens will be your new financial partner beginning in early 2022"

 

I asked if Citizens would retain the old account history, CSR sounded very confident that they would.

I bet that after Citizens takes over that my old HSBC accounts will now report to TU ..(as HSBC did not report them there)

 

 

I wonder how Citizens Bank is with CLI's? .. SP or HP? and are they as generous with them as FNBO?

 


HP.  They lean toward being conservative with limits in general. 


@coldfusion, Thank YouSmiley Happy


Same song and dance they used back in 2008-2009 when they sent most everything to Capital One. Why don't they just go away! Smiley Mad They issued an HSBC American Express Card with a 7.9% Fixed Rate and rewards were ok with only a few thousand issued ... tried to get them to keep us but no! Bitter would cover it and I closed my HSBC accounts so when they hit Cap1 they were dead.

Starting Score: 850
Current Score: 850
Goal Score: 850


Take the myFICO Fitness Challenge
Message 57 of 70
FinStar
Moderator

Re: HSBC Exit US


@Dinosaur wrote:

@M_Smart007 wrote:

@coldfusion wrote:

@M_Smart007 wrote:

HSBC / Citizens Bank update:

 

Got a notice via snail mail today. Can disregard what the former HSBC rep had told Me.

Accounts WILL be going over to Citizens (I even called to confirm it.)

 

Per the letter;

 

"We are pleased to tell you that Citizens will be your new financial partner beginning in early 2022"

 

I asked if Citizens would retain the old account history, CSR sounded very confident that they would.

I bet that after Citizens takes over that my old HSBC accounts will now report to TU ..(as HSBC did not report them there)

 

 

I wonder how Citizens Bank is with CLI's? .. SP or HP? and are they as generous with them as FNBO?

 


HP.  They lean toward being conservative with limits in general. 


@coldfusion, Thank YouSmiley Happy


Same song and dance they used back in 2008-2009 when they sent most everything to Capital One. Why don't they just go away! Smiley Mad They issued an HSBC American Express Card with a 7.9% Fixed Rate and rewards were ok with only a few thousand issued ... tried to get them to keep us but no! Bitter would cover it and I closed my HSBC accounts so when they hit Cap1 they were dead.


I think that folks just have to realize and expect that a variety of CC portfolios are going to change hands like Pokémon or baseball cards go, especially anything that may be co-branded -- not a forever thing with any particular lender.

I had both HSBC AmEx and Discover cards back in the day. Nothing special or spectacular, but they were decent products to experience. Then again, sometimes it's not even about swapping lenders, often times some issuers just discontinue certain products and it be like that sometimes 🤷‍♂️

Message 58 of 70
Dinosaur
Moderator Emeritus

Re: HSBC Exit US


@FinStar wrote:

@Dinosaur wrote:

@M_Smart007 wrote:

@coldfusion wrote:

@M_Smart007 wrote:

HSBC / Citizens Bank update:

 

Got a notice via snail mail today. Can disregard what the former HSBC rep had told Me.

Accounts WILL be going over to Citizens (I even called to confirm it.)

 

Per the letter;

 

"We are pleased to tell you that Citizens will be your new financial partner beginning in early 2022"

 

I asked if Citizens would retain the old account history, CSR sounded very confident that they would.

I bet that after Citizens takes over that my old HSBC accounts will now report to TU ..(as HSBC did not report them there)

 

 

I wonder how Citizens Bank is with CLI's? .. SP or HP? and are they as generous with them as FNBO?

 


HP.  They lean toward being conservative with limits in general. 


@coldfusion, Thank YouSmiley Happy


Same song and dance they used back in 2008-2009 when they sent most everything to Capital One. Why don't they just go away! Smiley Mad They issued an HSBC American Express Card with a 7.9% Fixed Rate and rewards were ok with only a few thousand issued ... tried to get them to keep us but no! Bitter would cover it and I closed my HSBC accounts so when they hit Cap1 they were dead.


I think that folks just have to realize and expect that a variety of CC portfolios are going to change hands like Pokémon or baseball cards go, especially anything that may be co-branded -- not a forever thing with any particular lender.

I had both HSBC AmEx and Discover cards back in the day. Nothing special or spectacular, but they were decent products to experience. Then again, sometimes it's not even about swapping lenders, often times some issuers just discontinue certain products and it be like that sometimes 🤷‍♂️


Truth, back in the day I don't think some of us realized lenders swap porfolios or terminate cards for business reasons. So ... we get displeased. Today reading on this board the results of many changes over and over it is "just business". As we know the Co-Branded Discover and some for American Express has gone away pretty much ... could well be a reflection of consumer interest that changes too with time. Information was not out in the public back in the day like now (or websites that allow us to share info). My experiences go way back and most of it was all through the school of hard knocks in finding out what was going on as there was no other way to find out. Also, rewards were small and if you were getting 1:1 it was not to bad back in the mid 2008 era.

Starting Score: 850
Current Score: 850
Goal Score: 850


Take the myFICO Fitness Challenge
Message 59 of 70
coldfusion
Community Leader
Super Contributor

Re: HSBC Exit US

Got a letter from HSBC today.  I'm not going to bother with posting an edited image or the content in its entirety, but will comment on a few highlights. 

 

At 11:59PM ET on 2/18/22 "one or more of my accounts" will become Citizens accounts. 

.

.

.

"Personal account types that will transfer to Citizens include deposit accounts (checking, savings, certificate of deposit), personal credit cards, mortgages and Home Equity Line of Credit (HELOC).  All other personal account types will remain with HSBC....."

 

As I had mentioned earlier in this thread, Citizens earlier touched on the topics of credit cards and HELOCs in their last mailing but this confirms that for those of us being migrated to Citizens with credit cards and/or HELOC accounts they will be migrating over with us. 

 

Given that Citizens currently only has a 1.8% cashback Mastercard and their version of a BT card in their portfolio I'm again wondering how this will pan out for me, both in light of the BBVA Clearpoints conversion where most of us ended up with an inferior card and in my particular case where I already hold that 1.8% cashback Mastercard. 



(11/2021)
FICO 8 (EX) 806 (TU) 833 (EQ) 827
FICO 9 (EX) 828 (TU) 841 (EQ) 842

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 60 of 70
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.