topic Re: HSBC Cash Rewards Pre-Qualified Mailer in Credit Cards

HSBC Cash Rewards Pre-Qualified Mailer

atst2000 — Mon, 15 Apr 2019 21:31:56 GMT

So just got a HSBC Cash Rewards offer in the mail. Not sure if it's legit or not, it doesn't have a set APR so I have a feeling its just an ad, but had the pre-screen notice on the front. Has anyone gotten approved with this?

Re: HSBC Cash Rewards Pre-Qualified Mailer

DaveInAZ — Mon, 15 Apr 2019 23:23:31 GMT

Without a set APR & pre-qual code I wouldn't trust it, and all the pre-screen notice means is they got your name & address from a CRA as a possible candidate. And HSBC cards aren't great, pretty mediocre credit limits and the app process is a royal pain - first security will soft pull Experian to verify identity and probably ask you to send drivers license copy & possibly more. Once you clear the identity hurdles your app is sent to underwriting who will hard pull Equifax.

Re: HSBC Cash Rewards Pre-Qualified Mailer

Lucifer — Mon, 15 Apr 2019 23:35:13 GMT

HSBC

That is one bank I have ZERO desire to ever deal with. Too many bad stories over the years.

Hold out for better is my advice.

Re: HSBC Cash Rewards Pre-Qualified Mailer

pinkandgrey — Tue, 16 Apr 2019 00:52:13 GMT

@DaveInAZ wrote:
Without a set APR & pre-qual code I wouldn't trust it, and all the pre-screen notice means is they got your name & address from a CRA as a possible candidate. And HSBC cards aren't great, pretty mediocre credit limits and the app process is a royal pain - first security will soft pull Experian to verify identity and probably ask you to send drivers license copy & possibly more. Once you clear the identity hurdles your app is sent to underwriting who will hard pull Equifax.

This is exactly what I’ve heard as well

Re: HSBC Cash Rewards Pre-Qualified Mailer

atst2000 — Tue, 16 Apr 2019 02:27:07 GMT

Thanks for the info everyone. It does have a $150 Bonus after $2500 spend which honestly doesn't sound promising.

Looks like it's going in the shredder lol.

Re: HSBC Cash Rewards Pre-Qualified Mailer

DaveInAZ — Tue, 16 Apr 2019 22:28:19 GMT

@atst2000 wrote:
Thanks for the info everyone. It does have a $150 Bonus after $2500 spend which honestly doesn't sound promising.
Looks like it's going in the shredder lol.

I just read on Doctor of Credit that HSBC has an exciting new offer for the Cash Rewards MC! No SUB, just 3% rewards for the first year, max spend for 3% is $10k, then after the first year it goes back to being just another 1.5% card. Hmmm, let's see - if you max out the $10k spend you earn $300, double the old $150 SUB, but for 4 times the spend! Or another way to look at it, with the old SUB & rewards you would have gotten $187.50 rewards for a $2500 spend ($150 SUB + $37.50 in 1.5% rewards), now you just get $75 at 3% rewards.

I think I'll pass. . . .

Actually, in full disclosure, I had this card late 2017 to mid 2018. The offer then was $150 SUB for $500 spend + 2% rewards for the first 6 months. I saw it as a churner and dined & dashed, closed it after getting the SUB and the 2% rewards ended. From the continual decline in card offers I guess I wasn't the only churner . . .