HSBC US Credit Card Business Sale - Customer Frequently Asked Questions
10 August 2011
HSBC US Credit Card Business Sale - Customer Frequently Asked Questions
HSBC has announced that it will sell its US Credit Card business to Capital One Financial Corporation. Please know that your credit card account will continue to function as it does today. We will be working closely with Capital One Financial Corporation to ensure a smooth transition over the coming months. Additional information pertaining to the sale will be added to this page when available.
1. Is HSBC exiting the U.S. market or going out of business?
No. As one of the world's largest banks in the global economy, the United States will remain an important market for HSBC and we will look to grow in those markets with strong international connectivity. Following this transaction, HSBC will have more than 260 branches across the U.S. in key international markets.
2. Why are you selling your credit card portfolios?
Since May 2011, HSBC has been undergoing a global review of the markets in which we operate to align us with our goal to become the world’s leading international bank. Consistent with HSBC’s global strategy, HSBC has been conducting an analysis of its U.S. credit card and private label businesses, which are dependent upon a domestic market with limited international connectivity. This decision to sell the U.S. Cards business better aligns HSBC – North America with the global strategy of HSBC.
3. Will I still be able to use my card?
Please continue to use your card as you always have. Your card will continue to function as it does today. We thank you for your business and support and will endeavor to ensure the transition is completed with as minimal disruption to you as possible.
4. Is my card impacted by the sale?
No. Please continue to use your card as you always have. There are no changes to your account(s) today. As this transaction has just been announced, we will be working to provide full details as soon as possible.
5. What will happen to my card account?
Your card will continue to function as it does today. We will endeavor to provide you with a seamless transition of your current arrangements with as minimal disruption to you as possible. Please note there is no action required on your part. We would like to take this opportunity to thank you for your business and support.
6. How will I find out if my account is staying with HSBC?
You will be contacted with more details about the seamless transition of your account(s). Please note that there is no action required on your part.
7. Do I need to re-apply for a new card?
There is no action required by you and you do not need to re-apply. Please continue to use your card as you always have. As this transaction has just been announced, we will be working to provide full details as soon as possible and will endeavor to ensure as minimal disruption to you as possible. We would like to take this opportunity to thank you for your business and support.
8. When is the sale scheduled to be final?
We do not have a confirmed date for this transition. You will be receiving further updates as soon as additional details are known.
9. Will I lose any points or benefits related to my card?
The functionality of your points and the benefits related to your card have not changed.
10. Will anything change with the terms and conditions on my card?
There are no changes to your account(s) today. Upon completion of the sale, you will be notified if there are any changes to your terms and conditions.
11. Will anything change with the interest rate or fees on my card?
There are no changes to your account today. Upon completion of the sale, you will be notified if there are any changes to your interest rate or fees.
12. Do I need to send payments or other correspondence to the new company?
No. Please continue to send payments and correspondence as you do today. As this transaction was only recently announced, it will be some time before the sale is completed. We will work to provide full details as soon as possible.
13. Will I be receiving a new card?
Not at this time. As this transaction was only recently announced, it will be some time before the sale is completed. You will be contacted with more details as they become available.
14. Will there be any impact on my other products such as credit protection or identity protection products?
As of today, there are no changes to any of your credit card accounts or services. You will be receiving further updates as soon as possible.
15. I am currently using my credit protection benefits, will that be cancelled?
As of today, there are no changes to the credit protection benefits on your account.
16. I am currently on a hardship program. Will that be cancelled?
Your hardship program will continue to function as it does today. We appreciate your continued focus on meeting the terms of the program.
17. Is the sale of the credit card business related to the recently announced HSBC Bank branch sale?
No. A separate strategic review was completed for the credit card business and is unrelated to the recent branch sale announcement.
18. Does this impact any of my other HSBC accounts?
No. This sale does not impact any of your other non-credit card HSBC accounts.
19. How can I learn more about Capital One Financial Corporation?
Please visit Capital One Financial Corporation’s website at www.capitalone.com
HSBC Bank USA Customers
1. I have a banking account and an HSBC non-card account that is included in the branch sale. Will my credit card account transfer with my other accounts?
If you are included in the sale of accounts to First Niagara, all of your accounts, including your HSBC credit card, will transfer to First Niagara.
2. I have a non-HSBC credit card, but see the HSBC logo on the back. Will this credit card transfer to Capital One Financial Corporation?
Yes. Upon completion of the sale, all non-HSBC branded credit cards will transfer to Capital One Financial Corporation.
3. I have a business banking relationship with HSBC. Will my corporate credit card transfer to Capital One Financial Corporation?
Your company’s deposit accounts, business loans, and investment accounts held with HSBC will not be affected unless part of the sale that is in process to First Niagara. For additional information on the sale of bank branches to First Niagara, please refer to the Branch Sale FAQs by clicking here.
4. Can I continue to make payments through HSBC branches
Until further notice, you can continue to make payments through HSBC branches. Throughout the process of the sale, we will continue to communicate with our customers on any changes to payment locations and/or processes.
5. I have an online savings account and a non-branded HSBC card? Will this affect my Online Savings Account?
No. Only your credit card account will transfer to Capital One Financial Corporation.
6. I am a Premier Customer and have a Premier World MasterCard. Am I affected by this sale?
This sale will not affect Premier Customers. Premier accounts will remain with HSBC unless part of the sale of branches that is in process to First Niagara. The sale of branches to First Niagara includes all retail branches in our Upstate New York region, four branches in northern Westchester County, N.Y., two branches in Putnam County, N.Y., and six branches in Connecticut. For additional information on the sale to First Niagara, please refer to the Branch Sale FAQs by clicking here.
