topic HSBC Data Points in Credit Cards

HSBC Data Points

LosAngelesTraveler — Tue, 05 Oct 2021 07:03:27 GMT

Since HSBC is shutting mass retail in the US it could be a good opportunity to add one of their cards (which will most likely be transferred to Citizens bank) while getting an Equifax hard pull instead of an Experian or Transunion. This might be especially useful for those of us who live in areas where pretty much all lenders pull Experian.

There aren't that many posts about HSBC on here so I figured I'd put all the data points together:

Last updated Oct 5, 2021:

HSBC hard pulls Equifax and soft pulls Experian for Credit Card approvals.
They report to Experian and Equifax but not Transunion.
CLIs involve an Equifax HP. Update: Though rare, SF is possible *if* an offer is available on the account where it explicitly states that no HP would be pulled (similar to Citi).
Account must be open for 60 days before requesting CLI
No time defined between CLIs but they "recommend" 6 months.
Card limit is 2.
Reconsideration is almost impossible. As of Oct 2021, back door numbers don't work and reps say credit decisions are final.
For CC approval: they value relationship with them and income.
Rewards: points are not transferrable, so if you have an Advance card and a Premier card you can't pool points together.
Points redemption: 1 cent per point for statement credit, .08 cents per point for direct deposit into HSBC Checking account. Minimum redemption of $25 for most cards.
In 2022 all HSBC clients who are not Premier and hold $75k in assets with them will be transitioned to another bank. California accounts will be transitioned to Cathay Bank, HSBC Direct online accounts and East Coast accounts will be transitioned to Citizens Bank. It's understood that most credit cards will be transitioned to Citizens. It's unclear how Washington State accounts will be affected.
HSBC had previously sold its Credit Card business to Capital One and people had different experiences during that transition.

I hope someone finds this helpful. If you have more data points I will update the list!

Re: HSBC Data Points

FinStar — Tue, 05 Oct 2021 02:25:53 GMT

To add to the above, the max number of cards they allow is 2. CLIs can also be SP *if* an offer is available on the account where it explicitly states that no HP would be pulled (similar to Citi). Though, SP CLIs are rare.

Re: HSBC Data Points

ChargedUp — Tue, 05 Oct 2021 02:56:55 GMT

Is Citizens geo-restricted? If so, this seems like a means for one to get their foot in the door if desired.

Re: HSBC Data Points

CreditCuriosity — Tue, 05 Oct 2021 11:25:07 GMT

Cards are not geo restricted from my understanding for citizens.

Re: HSBC Data Points

cashorcharge — Tue, 05 Oct 2021 20:28:29 GMT

@ChargedUp wrote:
Is Citizens geo-restricted? If so, this seems like a means for one to get their foot in the door if desired.

No, they are not....I happen to call Citizens and ask when the HSBC announcement was made since I was helping a friend with their HSBC card and their credit management. I believe they are an EQ puller based on a recent DP Approval about 2 weeks ago

Re: HSBC Data Points

Ah-Chew228 — Mon, 11 Oct 2021 19:51:41 GMT

Chatted with an HSBC rep last week requesting a CLI on my Elite Mastercard. The rep offered a 3500 CLI without a hard pull. I quickly took her up on the offer. TU 777, Equifax, 772, Experian 772.

Re: HSBC Data Points

rockstar53 — Sat, 12 Mar 2022 05:13:03 GMT

@Ah-Chew228 wrote:
Chatted with an HSBC rep last week requesting a CLI on my Elite Mastercard. The rep offered a 3500 CLI without a hard pull. I quickly took her up on the offer. TU 777, Equifax, 772, Experian 772.

They offered me the same 3,500 SP CLI on both of my cards when I called a couple of months ago. Also when asked about my Gold and Elite Cards- will the Gold card stay or move to Citizen I was told no my account would stay as is just can't open a new Gold Card! Right now on their site you can only apply for the Premier and Elite Cards only!