Transition Time for HSBC Customers as Capital One... - Card Issuers News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Card Issuers » Transition Time for HSBC Customers as Capital One Finalizes Purchase

Transition Time for HSBC Customers as Capital One Finalizes Purchase

The content is accurate at the time of publication and is subject to change.

Last August it was announced that Capital One would purchase HSBC Bank`s $30 billion American credit card portfolio for $2.6 billion in cash and stocks. Last Tuesday, May 1, the deal was finalized.

Orchard Bank credit cards, which used to be issued by HSBC, will now be distributed by Capital One. They will retain their Orchard Bank labeling, but instead of saying “Orchard Bank is distributed by HSBC Bank Nevada…” they will say “Orchard Bank is distributed by Capital One Bank (USA), N.A.”

Cardholders to Benefit

This sale is good news for HSBC credit card holders, who will now be customers of Capital One. Capital One is popular for many reasons, among them the fact that they offer great rewards programs and don`t charge foreign transaction fees on any of their cards.

Capital One spokesperson Tatiana Stead said by email, “Our history clearly demonstrates that our customers and communities will see numerous benefits from this acquisition.”

Cardholders who have credit cards with HSBC logos on them or the Orchard Bank name shouldn`t worry about how the transition will affect them. They will be contacted if anything in their terms and conditions is changing, and any new cards that might be issued will be mailed to them.

Capital One is determined to make a smooth and easy transition for all its new customers.

Plenty of Good News for Capital One

Capital One was excited about the finalization of the acquisition in the days leading up to it. Richard Fairbank, CEO of Capital One, said in a conference call on April 19 that “Our new products like Venture, Cash and Spark are winning in the marketplace. We expect the completion of the HSBC U.S. Card business acquisition will catapult us to a leading scale position in the private label partnership space.” In the most recent quarter, Capital One`s shares were up to $2.72 per share and they posted a profit of $1.4 billion.

HSBC Still in the Game

It`s important to note that HSBC is not going out of business – it is one of the world`s biggest banks and will continue to operate over 250 branches in the United States, as well as having a strong international presence. It simply sold its credit card portfolios to Capital One in order to streamline their business and “better align” their business strategies.

Funny Takes the Day

Capital One credit cards continue to be some of the most popular in the industry, not only because of their great rewards programs but because of their humorous marketing campaigns. They currently run a series of popular commercials for their Spark Business cards, and their advertisements feature celebrities Alec Baldwin and Jimmy Fallon. Baldwin is the representative of their Venture cards, while Fallon reps the Capital One Cash Rewards card.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Get 100,000 Bonus Points with the Radisson Rewards Premier Visa Signature

Posted: December 14, 2018

If you have been thinking about getting the Radisson Rewards Premier Visa Signature credit card, now might be the time to take another look because it now comes with 100,000 bonus points. This is a limited time offer, which is in play from ... Continue reading
Minor League Baseball and Allegiant Airlines Partner Up

Posted: December 13, 2018

Allegiant Airline and Minor League Baseball have inked a deal paving the way for a credit card partnership, one giving fans a credit card that reflects their fandom in terms of rewards whether they are traveling or catching a game. When ... Continue reading
Capital One Partners Up With Airlines

Posted: December 12, 2018

Capital One has partnered up with 14 airlines so that Venture and Spark cardholders can now use miles to pay for their flights. What is the transfer ratio? All of the carriers that have partnered up with Capital One, except for Emirates ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!