Congratulations! A real Discover Card... yes, HSBC is their own worst enemy. What a waste of time. You may want to do a card review under the credit cards and offer your CL, aprs, FICO's to help others who might be equally discouraged.

Done, although I couldn't find an entry for HSBC's Discover card.

Don't get me wrong: HSBC was one of the few who were willing to help when my credit was shot and I needed to rebuild. Unfortunately, they don't seem willing to reward those who have turned things around and do what's needed to keep them as a customer.

After trying repeatedly to get HSBC to bump my CL after 2 years with the card and a 100+ point bump in my score, I finally decided they could go pound sand. I opened a new account with Discover themselves and they approved me for over double my HSBC card's CL.

Congratulations! A real Discover Card... yes, HSBC is their own worst enemy. What a waste of time. You may want to do a card review under the credit cards and offer your CL, aprs, FICO's to help others who might be equally discouraged.

Yea, my HSBC Discover card will become a real card.

After trying repeatedly to get HSBC to bump my CL after 2 years with the card and a 100+ point bump in my score, I finally decided they could go pound sand. I opened a new account with Discover themselves and they approved me for over double my HSBC card's CL.

That wasn't true in my case. I just requested a CLI and was notified they needed my permission to pull my CR. BTW, I was denied for a bogus reason of "card inactivity". Their logic? To quote the Household Bank supervisor

Hsbc just recieve 200 CLI last night.

I heard that HSBC has ressurected their luv button and is handing out CLI's without a hard pull.

That wasn't true in my case. I just requested a CLI and was notified they needed my permission to pull my CR. BTW, I was denied for a bogus reason of "card inactivity". Their logic? To quote the Household Bank supervisor: "If you don't use your card on a regular basis then there is no need for additional credit". What a load of horse sh*t.

It's no surprise the HSBC is leaving the NA CC market. I applied for and received an Household Bank Visa 6 years ago with a $500 CL. This was during a time when I was going through some financial difficulties. Since then I have rehabilitated my credit and have not had a late payment in over 4 years. I have a 6-figure income, and I just was approved for an AMEX gold card and a Marriott Rewards Visa Signature card, both which require good/excellent credit. I just called Household Bank to request a CL increase from the paltry $500 and the request was denied. The reason? Because I had not used the card in over a year, I obviously did not need the extra credit. I would think that a loyal customer who was never late and never went OTL would be worthy of an increase, but instead they decided to view my inactivity as a negative factor and denied my increase. I will pay my $150 balance and close my account. Since they don't see the need for my CL increase request, I don't see the need to keep paying them interest and the $79 annual fee. I actually have two Household Bank cards which I will be cancelling shortly.

I think it would be interesting to see what Capital One or whoever buys out HSBC's credit card portfolio, what they do with the co-branded cards like the Best Buy Mastercard and store card, GM Card, etc.

Yes Capital one is definitely on the move! They already bought Chevy Chase Bank in 2009. Its located in the DC area. With the moves their making now it looks like they will become an even bigger player. I wouldn't be suprised if they accumulated some more bank branches. Its proof that HSBC is full of it! If they're saying they can't make money here. Because it obiviously isn't true since Capital One is doing so well. Because they've got a similar customer base as HSBC. For a bank like HSBC to do so well everywhere else in the world but give up here is amazing. Because after all they're one of the largest and oldest in the world.
If anyone hears that HSBC is going to close down their US credit cards and not sell to Capital One. I hope you will post it here immediately. Because if they do I'm going to close my GM card immediately. So it shows that I closed it on my credit bureau.

What I read in the last few days is that HSBC wants a certain price for the USA Cards period. If they don't get it, they will close the USA card operations down. Tell me you are going to close down if you don't get your price? Sounds childish?! Wouldn't something be better than nothing? Also, HSBC is a worldwide bank that markets top end banking products. Other than the USA, HSBC courts the elite and gives them top products. Why not in the USA? I have never understood it. I have two great cards with them. I don't want to loose them. The Co-branded American Express with 7.9% apr along with Plus Rewards worth 1.25 points for every dollar spent and all American Express options. Then I have an HSBC Platinum Mastercard with 13.9% apr and 1 point for every dollar spent. Both cards give me one point for one dollar in redemption no write downs like many cards have... great rewards.

I can;t say that I didn't see that coming. I have a feeling that Capital One will be competing against the other big boy banks in a few years with branches of their own.

Yes Capital one is definitely on the move! They already bought Chevy Chase Bank in 2009. Its located in the DC area. With the moves their making now it looks like they will become an even bigger player. I wouldn't be suprised if they accumulated some more bank branches. Its proof that HSBC is full of it! If they're saying they can't make money here. Because it obiviously isn't true since Capital One is doing so well. Because they've got a similar customer base as HSBC. For a bank like HSBC to do so well everywhere else in the world but give up here is amazing. Because after all they're one of the largest and oldest in the world.
If anyone hears that HSBC is going to close down their US credit cards and not sell to Capital One. I hope you will post it here immediately. Because if they do I'm going to close my GM card immediately. So it shows that I closed it on my credit bureau.

I can;t say that I didn't see that coming. I have a feeling that Capital One will be competing against the other big boy banks in a few years with branches of their own.

Capital One Financial (COF) is reportedly working on a bid for HSBCs (HBC) US credit card portfolio, even as it is in the final bidding for ING Groups US online bank. The Wall Street Journal reports that Capital One is plotting the two complementary deals, which would allow it to expand lending and secure funding.

http://www.forbes.com/2011/06/16/capital-one-reportedly-bidding-on-hsbc-credit-card-portfolio-marketnewsvideo.html

Joey:

The point is not that Americans expect easy and large amounts of credit (which is true) it is that HSBC is crying foul and complaining about the American market (and therefore Americans) for the performance of their credit division (which is funny since the articles I have read stated that the business was "profitable.") They made no attempt to attract the higher worth and prime client. They bought Household and Direct Merchants Bank hoping to cash in on the sub prime market-which they did-and now they want out.

HSBC is considered a very prime bank in the rest of the world and they don't go out handing tiny limits in the rest of the countries in which they do business.

HSBC did serve their purpose for many here on this board. They usually provide a fee-free or low fee credit card in order to re-establish credit. However; once the credit scores go up, HSBC seems uninterested in growing with their cardholders and therefore, those cardholders "jump ship" as they should. HSBC does not seem to care about any sort of relationship.

Hey guys... I am having a bit of the opposite opinion here on this than everyone. Now, this may not reflect specifically on HSBC though.

Sure, everyone getting higher credit limits allows better credit reports to be developed; however, it also allows higher balances to be racked up. Allowing consumers to buy things they can't afford is exactly why our economic system failed so bad in 2008. I don't blame HSBC or any other creditor for being a scrooge on providing higher credit limits. Consumers have grown to "expect" a credit limit increase every six months, or else they'll jump ship and find a new creditor, I think this logic is kinda senseless. You may disagree. But really, we need to earn better credit limits with time longer than six months - or else we could certainly end up back where we were.

Besides, consumers shouldn't mess around with sleazy banks like this anyway. I believe we should build strong relationships with our regional banks, credit unions, and employee incentive institutions.

To conclude my very opinionated post, I think there is one thing we can agree on here; don't buy things you can't afford. And I think banks are worried about this happening again.

Yuck... However other lenders are approving new card accounts. With time, change is imminent without a doubt. I think the best thing you can do if you rely on these cards is to find replacements ahead of time.

"HSBC to wind down US card unit if no buyer found"

http://www.reuters.com/article/2011/06/13/us-hsbc-idUSTRE75C3M620110613

So, what does that mean exactly? They will do what the issuers of Total Visa, Rewards 660 and Tribute MasterCard did? Essentially closing all the accounts and then setting up a trust to maintain the remaining balances?

That would leave a TON of people in the cold if they started to shut down all of those cards.

I love how the article says that the US card card portfolio is profitable but it relies too much on the sub prime market. Well whose bloody fault is that???? Maybe if they tried to get a prime cardholder that wouldn't be the case! Good lord!

Thanks. Now I am depressed. HSBC has provided good service and products. Loosing two credit (while it is not needed) lines is a kick in the teeth.