M&S moving to HSBC

marcia_

 Did anyone else get the email yesterday about the proposed move of M&S credit cards moving to HSBC? 

 I was rejected for a card by HSBC despite banking with them I'm a bit worried they will close my account after any merger as they previously rejected me, which will be next summer the high court says yes. 

SusanPerb

I should imagine M&S cards will continue to have their own specific eligibility criteria, just as the various different HSBC and First Direct cards each have their own rules and requirements to be accepted or rejected.

The email and linked website very much suggest it's just an administrative change and business as normal, with accounts staying the same.

Bear in mind that HSBC have owned M&S Bank for over 20 years already. 

vacheron

I've just recently been reminded that that M&S cards are under the HSBC umbrella when I tried to balance transfer from my M&S to my new HSBC card about 4 days ago. 🤦‍♂️

I would not expect that you will not have any issue with your account being closed. In fact the reason you were rejected for HSBC could have been that you already owned a card under the HSBC umbrella, or alternatively that HSBC have a reputation for being really picky and unnecessarily beaurocratic when it comes to accepting people! 

ManyWays

I too think its unlikely that they will close the account. But if they do, they cannot ask you to repay the balance immediately; you can just carry on making monthly payments to it.

jackjones01

More details can be viewed here:

https://bank.marksandspencer.com/transfer-scheme/

born_again

M&S use HSBC software & HSBC staff to cover some roles.
No surprise, that have done this. Seems they are pulling out of this market place. They pulled out of bank Accounts in 2021. 
So they are going to focus on their core business going forward.

superM

Does that mean M&S credit card will disappear and replaced with HSBC Crefit card with M&S rewards.  Like it happened with Sainsbury’s Nector to NatWest. 

I have HSBC/Frst Direct account and opened M&S card 2 months ago. 

Maegi

superM said:

Does that mean M&S credit card will disappear and replaced with HSBC Crefit card with M&S rewards.  Like it happened with Sainsbury’s Nector to NatWest. 

I have HSBC/Frst Direct account and opened M&S card 2 months ago. 

They're making M&S Bank a trading name (brand) of HSBC UK like First Direct rather than a standalone bank with its own banking licence and board. A similar setup to Barclays / Tesco with Tesco Bank. However, Barclays paid Tesco plc for the privilege - HSBC UK already has ownership of M&S Bank.  

It's all here M&S Bank transfer scheme

SusanPerb

born_again said:

Seems they are pulling out of this market place. They pulled out of bank Accounts in 2021. 
So they are going to focus on their core business going forward.

I doubt that M&S or HSBC are exiting the credit card business any time soon - they only renewed the partnership last year and it runs till at least 2031.

(Press release form April 2024: M&S and HSBC UK agree new M&S financial services partnership)

born_again

SusanPerb said:

born_again said:

Seems they are pulling out of this market place. They pulled out of bank Accounts in 2021. 
So they are going to focus on their core business going forward.

I doubt that M&S or HSBC are exiting the credit card business any time soon - they only renewed the partnership last year and it runs till at least 2031.

(Press release form April 2024: M&S and HSBC UK agree new M&S financial services partnership)

HSBC won't pull out. But M&S will have with the CC mover to HSBC.

WillPS

born_again said:

SusanPerb said:

born_again said:

Seems they are pulling out of this market place. They pulled out of bank Accounts in 2021. 
So they are going to focus on their core business going forward.

I doubt that M&S or HSBC are exiting the credit card business any time soon - they only renewed the partnership last year and it runs till at least 2031.

(Press release form April 2024: M&S and HSBC UK agree new M&S financial services partnership)

HSBC won't pull out. But M&S will have with the CC mover to HSBC.

M&S Bank has been fully owned by HSBC for a long time:
http://news.bbc.co.uk/2/hi/business/3885805.stm

The brand licensing arrangement runs until at least 2031 and has been extended many times before.

M&S Bank themselves say the M&S Bank brand and products range will continue following the transfer.

Exactly what are you saying M&S will have pulled out from?