Based on preliminary January results, HSBC is on track to become the leading acquisition emailer, toppling First Premier from the spot.

This has only occurred in one other month in the past three years, when Chase took the highest share of acquisition email last July. This latest shift in the pecking order is more significant as HSBC is using its Orchard Bank MasterCard to compete head-to-head with First Premier.

Subprime issuers, particularly First Premier, have been able to integrate email into their acquisition strategies by offering credit to consumers who can’t get it elsewhere.

HSBC began ramping up its email marketing efforts to subprime consumers in Q4 2009 as the economy began to show signs of recovery. The issuer’s January offers, for its Orchard Bank MasterCard, target consumers looking to build or rebuild their credit. Some emails encourage applicants with less than perfect credit histories to apply. The emails promote free online bill pay, online account access, reporting to three credit bureaus and fraud protection. HSBC promises a decision within 30 seconds.

First Premier’s emails continue to focus on the Centennial Classic MasterCard. Many show a photograph of the card along with a ball-and-chain. Some emails promote a low APR on purchases, online credit education and 24-hour account access by phone. First Premier also promises a decision within seconds.

HSBC’s email ramp up means more competition in the subprime space. This can only be a good thing for consumers looking to establish or rebuild credit as it means more choice and potentially better terms.

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