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

[mediocrebadguy]

That's a great point -- thanks for sharing!

I compared what you are describing to what occurred with my Walmart MC (Synchrony --> Capital One) and Old Navy (Synchrony --> Barclays). In both cases, each card is listed twice. The original issuer is listed as a closed card (with an indicator that it was sold). The new issuer is listed as having the same open date as the original card. I definitely will think twice about closing my HSBC card. Premier Finance | Card Program here I come -- not sure I'll ever get used to that name, though!

Interestingly enough, this case doesn't seem to always apply with an issuer upgrades a card. For example, when Synchrony upgraded my Walmart Card to a Walmart MC years ago, the MC shows up as a totally new card with a new open date. I probably took a hit at the time but didn't even realize it. Same thing is showing up for JCPenney and the original Old Navy card. However, I had the same thing happen when TD converted my Nordstrom Card to a Nordstrom Visa -- in that case, there's only one entry and the Visa inherited the original card's history. This practice must vary by issuer?

[Cory88]

Say what you will but they could have sold the card to Citi, Cap 1, or Sync and we know what to expect from them. I still don't know what the rewards will be I have the 1.5% cash card. If it's useless I can close it or keep it and use it once every 6m. I'm not going to close anything until I see I have closed the card before and wished I did not.

[Curious_George2]

There has been a delay in this transition. The letter from PF|CP said the new cards would be mailed out starting July 29, and the FAQ on HSBC's site said the same. HSBC's FAQ page now says: "Since the July Letter was sent, it has become necessary to change the date of such transfer to later this year. The information contained in the July Letter has been updated in this FAQ, so customers should disregard the July Letter. PFCP will provide another letter with details on the date and timing of transfer." It goes on to say the new cards should arrive by early September. 

[Cory88]

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@Curious_George2 wrote:

There has been a delay in this transition. The letter from PF|CP said the new cards would be mailed out starting July 29, and the FAQ on HSBC's site said the same. HSBC's FAQ page now says: "Since the July Letter was sent, it has become necessary to change the date of such transfer to later this year. The information contained in the July Letter has been updated in this FAQ, so customers should disregard the July Letter. PFCP will provide another letter with details on the date and timing of transfer." It goes on to say the new cards should arrive by early September. 

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HSBC strikes again! Uggh!!! I never saw a bank that does everything like this it's a mess with them and a big nightmare!

[markhs777]

Does anyone know if the switch to 1st Bank

snd Trust S Dakota for some HSBC cardholders will result in a new account showing on CR's or will it be backdated to the original opening date?

[FireMedic1]

"HSBC Bank USA, N.A. (HSBC) has sold a number of credit card accounts to First Bank & Trust. Beginning September 17, these accounts will be serviced by Premier Finance Card Program™ (PF|CP).

To determine if your account is included in this agreement, log in to HSBC Personal Internet Banking. If your account is being transferred, you’ll see a message at the top of the account page indicating that later this year one or more of your HSBC credit card accounts will be transitioned to PF|CP, issued by First Bank & Trust."

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

Coming Soon!

Your HSBC account is transferring to the Premier Finance Card Program (PF|CP). Later this year, PF|CP will provide a new credit card issued by First Bank & Trust and a new online experience for you to manage payments, alert settings, statement preferences, and more.

Please visit us.hsbc.com/mycreditcardchanges for more information and FAQs.

https://www.pfcardprogram.com/ 

[markhs777]

Thx, I did receive that letter. I have had situations where a portfolio of cards was sold to another FI and it reported as a new account.  I have had this card for many years and I wouldn't be pleased if it showed as a new account as opposed to a long standing one.

[coldfusion]

It's going to be anyone's guess as to how this will all play out.  At this point everything is speculative.

[Anonymous]

@FireMedic1

Premier Finance Program ...

Is this the financial that issued repair credit-oriented credit cards out of South Dakota? Break out in a sweat but then, it is HSBC who changes so often they may become a wonder of the world? Does any one get tired of constantly reading about HSBC and their going's on? I sure do! 

Good luck to all? 

Now I am glad they moved all my accounts back in 2008 (I closed all of them before they actually moved me)!

[mediocrebadguy]

Nine days from the big transfer, and I still haven't received a new card from PF|CP. Although, just this week I did get another letter from HSBC sharing the same details and the same transfer date of 9/20.

Anybody out there get their new card yet?