HSBC sells GM Card accounts to Capital One

[jake75]

This will happen "On or about May 1,2012" the letter says.
Also says "Here's what you can expect for now - you'll continue to have the same account features."
I think the operative words are "for now".
My expectation is that the 5% bonus is soon going to be history even though at the end it says
"It's important for you to know that there will be no change to your Earnings, or the way you redeem them. You may continue to use the Card as usual and keep earning towards your next eligible new GM vehicle."
Reminds me of a letter from my employer many years ago to the effect that "We will never change your benefits." Almost before the (removed) crowed three times the pension plan was eliminated. Christmas come and gone?

[SeattleJeremy]

Damn it.

[ColonelPanic]

Same thing happened with our Best Buy card through them.

I don't remember seeing any "for now's" in the letter they sent in regards to benefits... Hoping I don't lose my no interest thing on the one large purchase that is on that card..

[jake75]

Same thing happened with our Best Buy card through them.

I don't remember seeing any "for now's" in the letter they sent in regards to benefits... Hoping I don't lose my no interest thing on the one large purchase that is on that card..

The letter that I reported on was one from Capital One. Two days later there was a separate letter from GM. I am 100% sure they will not alter your prior no interest deal. I would be surprised to see the 5% GM Card earnings benefit continue at that level - maybe lower it to 2%.

[808 Vibes]

I still ain't gonna use it.

[jimincalif]

Once we bought the Vibes and GM became Government Motors, we pretty much gave up on the GM card, don't see needing it as we're unlikely to purchase new and even more unlikely to purchase new GM. Gave up on the airline miles cards and all that other nonsense, too hard to use. Now we use a Capital One card that has 1% cash back, and an AMEX that has a 5% credit on gas purchases (keep expecting them to drop this).

And the #1 rule, pay the card balance, in full, every month!

[jake75]

Where I made out on the GM Card was when they increased your balance if you bought a car by a certain date. They did that in 2003, and in Jan. 2009 they increased my $1,250 balance to $3,000. That was a deal. I can see buying a GM vehicle in the next few years. So I will keep using it some. A recent Chase AARP Visa card offered me 5% for the first 4 months - I got about $1,400 in cash rebates on that deal. I like the Discover Card 5% rebate specials in various categories each quarter. A local bank is giving me 5% on up to $4,000 in purchases using their debit card the next few months for opening a new account. American Express is giving me a $200 bonus if I spend $1,000 in the next 60 days on a American Express Business Card. It is work to keep it all straight but it is fun to stick it to the banks.