HSBC- Guaranteed Offer- What to do

Anonymous · ‎09-07-2007

Currently I have an Orchard card through HSBC- it started off at 19% but I paid one time late severalmonths ago and they jacked it to 28.99%- the limit is only $400 and it has a $59 af. For the past 6mths or so, I have kept the balance down to about $60 or less and whenever I use it, I pay it off before the statement cuts. I've also done this with Target, Sams, Lowe's and Cap1.

They have offered me through the mail a pre-approved mastercard witha a guaranteed $1k limit, $39 af, 0% for 1year and a rate of 12% after that. My question is as I'm trying to limit my pulls and not apply for more credit as I'm trying to get out of debt(working the dave Ramsey snow ball and 7 baby seps but in MY order not his). Is it worth applying for this card which has more favorable terms and closing the other one or can I ask they to move my old Orchard card over to this term?

Also, once approved, how ameniable is HSBC to a credit line increase upon activation?

Please help!

Anonymous · ‎09-07-2007

tiburones5 wrote:

Currently I have an Orchard card through HSBC- it started off at 19% but I paid one time late severalmonths ago and they jacked it to 28.99%- the limit is only $400 and it has a $59 af. For the past 6mths or so, I have kept the balance down to about $60 or less and whenever I use it, I pay it off before the statement cuts. I've also done this with Target, Sams, Lowe's and Cap1.

They have offered me through the mail a pre-approved mastercard witha a guaranteed $1k limit, $39 af, 0% for 1year and a rate of 12% after that. My question is as I'm trying to limit my pulls and not apply for more credit as I'm trying to get out of debt(working the dave Ramsey snow ball and 7 baby seps but in MY order not his). Is it worth applying for this card which has more favorable terms and closing the other one or can I ask they to move my old Orchard card over to this term?

Also, once approved, how ameniable is HSBC to a credit line increase upon activation?

Please help!

I always go for lower rates. There is no telling when something may come up and you need to carry a balance. You can always stop using the other cards and cancel at next AF

Anonymous · ‎09-07-2007

I took HSB up on their offer of another card in MAY.

MAKE SURE IT HAS "valued customer" and a code on it or it will be denied for too many accounts with HSBC.

Took them up on a 0% Transfer too.

I had a missed payment on the old HSB card and e-mailed cs after 7 months of on-time payments and asked to have the APR reduced (I still PIF this acct every month) they emailed back a standard "we review.. etc"

Next statement the APR was back to 14.9 (cut in half)

Anonymous · ‎09-07-2007

Thanks guys and yes it does have an approval code on it. I'm going to apply for it and also do a balance xfer. I read the fine print and I can't believe that they can charge you 'up to 1/2 of the credit limit increased asked for'. Is that even legal!

What I have learned and seen is that if you keep your cards(most of them) at or below 30% consistently and pay them off in full, better offers will come and also credit limit increases.