topic Re: HSBC Question in Credit Cards

HSBC Question

MrCreditInternational — Wed, 09 Jan 2019 17:42:41 GMT

Hello everyone!

I've been reading this forum for a while and I'm glad that I've found it!

I had few questions about HSBC credit cards since I wasn't able to find much information online.

1- When can you PC after getting a new card?

2- How often can you apply for cards?

3- Any rules regarding maximum number of cards per costumer?

4- How much are their points worth?

5- Anyone has their Premier World Elite MC?

6- Anyone had luck getting one of their cards as their first CC?

7- Why do people rarely talk about HSBC cards?

Thanks a lot in advance!

Re: HSBC Question

FinStar — Wed, 09 Jan 2019 18:13:40 GMT

@MrCreditInternational wrote:
Hello everyone!

I've been reading this forum for a while and I'm glad that I've found it!

I had few questions about HSBC credit cards since I wasn't able to find much information online.
1- When can you PC after getting a new card? No PCs available. You'll have to close the CC and reapply if you want a different product.
2- How often can you apply for cards? Depends on your overall profile, typically after ~6 months (banking relationship may drive some of this timeline)
3- Any rules regarding maximum number of cards per costumer? Not so much as far as the #, but rather overall exposure with HSBC.
4- How much are their points worth? Varies on how you redeem them, except for Cash Rewards (if bonus option available).
5- Anyone has their Premier World Elite MC? Yes.
6- Anyone had luck getting one of their cards as their first CC? Others can chime in on this one.
7- Why do people rarely talk about HSBC cards? It appears (for the most part), comparable CC products already exist with better or more flexibile rewards, redemption options, user-friendly website experience, etc. They're also known to close CCs if accounts are inactive <12 months. Also, based on reported DPs by various sources, most of their standard CCs end up with lower than average SLs. Of course HSBC can yield high SLs, the caveat to that is having excellent credit scores, fairly low utilization and not exhibit excessive credit seeking behaviors.

Thanks a lot in advance!

Re: HSBC Question

MrCreditInternational — Wed, 09 Jan 2019 18:19:02 GMT

Thanks for your answers FinStar!

May I ask you why you've opted for their world elite mc compared to other premium cards?

Re: HSBC Question

FinStar — Wed, 09 Jan 2019 18:34:38 GMT

Anytime OP.

I already have other similar CCs 😁 such as Prestige, AAdvantage Executive, Diners Club Elite, Fidelity Private Client, UNFCU Elite, etc.

It was a pre-approved offer based on my banking/investment relationship with HSBC so I said...why not? Decent SUB 😁

Re: HSBC Question

MrCreditInternational — Wed, 09 Jan 2019 18:42:35 GMT

@FinStar wrote:
Anytime OP.

I already have other similar CCs 😁 such as Prestige, AAdvantage Executive, Diners Club Elite, Fidelity Private Client, UNFCU Elite, etc.

It was a pre-approved offer based on my banking/investment relationship with HSBC so I said...why not? Decent SUB 😁

I didn't know that they send targeted offers. Since my Advance account is still new, I'll probably garden until they send me an offer or I get under 5/24.

Re: HSBC Question

FinStar — Wed, 09 Jan 2019 18:44:49 GMT

My pre-approved offer happened to be available with the banker, but IIRC they have targeted snail mail offers as well.

If you have fairly substantial banking or investments with HSBC, that's how I'm aware those offers become available since each of the higher-end CCs have some banking and/or investments relationship requirements.

Re: HSBC Question

budugu — Wed, 09 Jan 2019 21:07:39 GMT

Their application process is like pulling teeth if you dont go through a relationship banker. Even then it takes 3-4 weeks to get your card in hand. So no wonder no one tries for a second card. most value you can get is 1c (>50$ redemptions) to 1.5 (travel + elite card). Of course cash back card is 1.5-1.65% so probably max. Got a pretty good CL 30K . Also all cards are no forex fee.

Re: HSBC Question

DemonHusker — Wed, 09 Jan 2019 21:33:31 GMT

Some DP's

Pulled EX which I had 25 INQ/4 in last 3 months so must not be too INQ sensitive?

Total Utilization was 5% at time of APP

Applied for the Gold because of 18 month balance transfer offer

Approved for $4,000 so not a big SL but not my worst either while rebuilding

Applied on 9-22 but went to review and asked for driver license number

Approved on 9-28 and card was sent on 10-2 so a little over two weeks to actually get the card

They sent me a NexGen 1 score in the mail, mine was 701 at the time so I guess they use that model...they also give the EQ NG1 score with each statement but I cant seem to remember if the score they used was the EX or EQ version at approval, they did pull EX only on APP. My EX FICO 8 was only 667 at the time. Also I had a Best Buy store card that was backed by HSBC in about 2006 that eventually ended up chargeing off but might have been sold to Cap One before it was officially charged off

Hope any of this helps

Re: HSBC Question

FinStar — Wed, 09 Jan 2019 21:38:58 GMT

My understanding is they HP EQ and soft EX. It could vary regionally, but based on my experience with them + most DPs I've seen point to mostly EQ for HP.

Re: HSBC Question

DemonHusker — Wed, 09 Jan 2019 21:48:45 GMT

I just looked again and you are right, it was EQ afterall. That makes sense given they give the EQ NG1 score with the statement. So Nexgen EQ 701 and EQ Fico 8 was 672 at time of app.

Re: HSBC Question

MrCreditInternational — Wed, 09 Jan 2019 21:52:44 GMT

Is there a free way to see my nextgen score?

Re: HSBC Question

Anonymous — Wed, 09 Jan 2019 23:37:13 GMT

OP. Do you have an HSBC account in your home country? The website suggests that transferring history is possible, but adds: "Portable HSBC credit history is not available in all countries." which isn't all that useful!

But it looks like you already have some US cards, so maybe not an issue.

Re: HSBC Question

MrCreditInternational — Thu, 10 Jan 2019 00:34:34 GMT

Unfortunately they only transfer history for premier accounts and I have an advance account. I applied for a credit card when I opened my advance account but they rejected me
Yes I do have other cards, but my profile is very new and I don't even have FICO score. That's why I was asking for a way to see my nextgen score if possible.

Re: HSBC Question

FinStar — Thu, 10 Jan 2019 00:45:21 GMT

What were the reasons cited for the denial of the Advance MC application?

Re: HSBC Question

MrCreditInternational — Thu, 10 Jan 2019 00:49:51 GMT

I forgot what it was exactly, but IIRC it was something regarding thin profile.
For some reason I didn't have a profile on EQ (nothing on CreditKarma or when contacting EQ directly) but I was finally able to see my EQ report on CK a couple of weeks ago.
I think I'll wait until I get a FICO score and all my cards report to the CRAs (looking at you Amex)

Re: HSBC Question

FinStar — Thu, 10 Jan 2019 00:53:25 GMT

Ok makes sense.

So, if you just literally started building your credit profile, HSBC isn't going to be your BFF yet, especially on the Advance CC. Wait until you've had at least ~12 months of established history.

Re: HSBC Question

MrCreditInternational — Thu, 10 Jan 2019 00:56:38 GMT

Will do!

It's about because I opened the advance account specifically to get one of their credit cards.
My goal is to have at least one card with as many major lenders as possible!

Re: HSBC Question

FinStar — Thu, 10 Jan 2019 01:03:13 GMT

Well, it looks like you're on your way! Patience is key.

My advice with the current lending environment since things change pretty often (unlike several years ago), do your homework, never be late on anything, space things out, and temper expectations.

Re: HSBC Question

budugu — Thu, 10 Jan 2019 02:08:39 GMT

@MrCreditInternational wrote:
Will do!

It's about because I opened the advance account specifically to get one of their credit cards.
My goal is to have at least one card with as many major lenders as possible!

HSBC is not a major lender here in the US (it is not even an almost ran). most people who move from eu or asia where it is big dont immediately recognize. you have practically all top 10 covered except for chase? The checking account is still usefull and if i remember right they refund fees for ATM withdrawals. Amex / Chase / Citi are the bigest lenders in terms of cards.

Re: HSBC Question

MrCreditInternational — Thu, 10 Jan 2019 02:09:52 GMT

Yeah I wasn't about to get Chase because of 5/24. I preferred to have more cards early on to help my AAoA in the future.
I'll need to garden for 2 years at some point