The main differences between HSBC and Citibank are their credit card options and their U.S presence. HSBC currently offers only 2 credit cards: HSBC Premier World Credit Card and HSBC Elite Credit Card. And they both require excellent credit for approval. Citibank, on the other hand, has a large variety of options, including 0% APR, secured and balance transfers credit cards.
Here's more info about both HSBC and Citibank:
It has a more international presence (widely known in Asia, Europe, Middle East, and Africa). But it is more dependent on retail and commercial banking.
It mostly operates in North America. The bank's revenue comes from a diversified source.
Checking and savings accounts; CDs; credit cards; mortgages; personal loans; retirement and investment plans; online banking and more.
Checking and savings accounts; CDs; credit cards; loans; mortgages; IRAs, investment services; online banking and more.
Citibank is a good credit card company overall, and it's especially good for credit building, rewards, and intro bonuses, according to reviews. Citibank credit cards also have a solid user rating of 3.7/5 on WalletHub, based on more than 30,000 reviews
Reasons Why Citibank Is an Average Credit Card Company
3 credit card offers rated 4+ out of 5 by WalletHub editors
70.8 million cards in circulation
Initial bonus offers of up to 80,000 points
0% introductory APR for as long as 21 months
Offers for people with limited credit
Annual fees as low as $0
All in all, Citibank is right around average compared to its competitors. It is good for credit building and rewards, but other credit card companies are better for travel insurance perks and a variety of travel partners.
Citibank has been in trouble with regulators, and was fined $400 million by the Federal Reserve and the Office of the Comptroller of the Currency in 2021. The fine was for “unsafe and unsound banking practices,” which included sending around $900 million to the wrong recipients. In addition, the bank was found to have violated the Fair Housing Act and Flood Disaster Protection Act, and to have not kept track of how some funds moved through its accounts.… read full answer
Like most other major banks, Citibank has been in trouble for a variety of other things recently, too.
Reasons Why Citibank Has Been in Trouble
2021: “Unsafe and unsound banking practices”
2020: Unsatisfactory risk management procedures
2018: Failed to properly adjust credit card interest rates
2017: Illegally “spoofed” bids in U.S. Treasury futures market
2015: Allegedly tried to fix foreign currency rates
2013: Fined for misrepresenting the quality of mortgages sold to Fannie Mae and Freddie Mac leading up to the 2008 financial crisis
2012: Loan servicing and foreclosure abuses
2010: Misled investors about the bank’s exposure to subprime mortgage assets
As a result of Citibank’s recent trouble with regulators, it underwent changes in its leadership, as well as a revamp of its risk management strategies. The bank still has an “F” rating with the Better Business Bureau, though.
It’s worth noting that some people have had positive experiences with Citibank despite its recent issues. The bank has a number of highly-rated credit cards, and its personal loans receive a score of 3.7/5 from WalletHub’s editors. Citibank itself has an average user rating of 3.7 on WalletHub.
The difference between HSBC and Chase is that while HSBC is one of the largest full-service global banks, Chase is an American national bank offering investments, loans, banking and credit cards.
When it comes to credit cards, Chase has a bigger popularity and it’s more accessible. HSBC’s overall U.S. presence in quite limited, and you won’t find that much information about their products, as you would with Chase.… read full answer
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