HSBC Platinum MasterCard

[Anonymous]

I was preapproved for an HSBC Platinum MasterCard (Cash Back, no AF) and was just wondering how (other than the 10 page long "HSBC slashed my limit" thread) HSBC is.  I know Orchard and some of their other products aren't stellar, but I figured since this has no AF I would go ahead and get it.  I'm trying to build my credit, and this is my first non-store unsecured (other cards are Home Depot 1k limit, BoA secured 300 limit).

I went ahead and applied and they gave me a $600 limit.  I know I should have asked these questions before getting the card, but now I'm worried that I should've waited.  Please share your thoughts.

[creditchief]

Hello JF I started my repairs with orchard then received a platinum in the mail and I also accepted it . It is a decent card for rebuilding but the company seems very shakey right now. I was a victim of the cld everyone is talking about, I went from 3500 to 580 for no reason. So be very careful with these guys!!!!

[Anonymous]

Congrats the card has no AF so i would say it's a keeper in my book. HSBC is not my favorite of banks an most likely i will never apply for any of there cards again. My Orchard card has been good to me i've had it a year an my CL has gone from $300 to $700 plus they lowered my AF to $59. If i could get rid of the AF it would be a keeper for life but sometime in the near future i will get rid of it because of the AF.

[CreditAble]

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@Anonymous wrote:

I was preapproved for an HSBC Platinum MasterCard (Cash Back, no AF) and was just wondering how (other than the 10 page long "HSBC slashed my limit" thread) HSBC is. 

I went ahead and applied and they gave me a $600 limit.  I know I should have asked these questions before getting the card, but now I'm worried that I should've waited.  Please share your thoughts.

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Congrats on being issued the credit card.

 Have you actually read the "10 page long HSBC slashed my limit thread"?  There is a lot of info that people spent the time to post. There are many other threads about HSBC including info about HSBC "in the news" Have you read those threads yet?

Are you seeking information that is in addition to, or "other than" was in the thread?

 Are you seeking information that was in the thread but would prefer to have the same information posted in a new thread "other than"  having to read through 10 pages to find only the information that pertains to your question?

My thoughts about HSBC ( not included in the 10 page thread) 

 I would have read those threads before applying for the card myself. Since you applied for the card anyway, I would recommend that you now take the time to read what is already posted about the bank (if you have not yet done so).

 I personally think that the bank has a high probability of either failing or at least cutting back to having a core business of low limit (high interest and fee) cards. Since you were issued a card, it seems that there is something about your credit profile that is appealing to HSBC.

One thing for sure is that HSBC needs money and a lot of it.

HSBC is watching your account and other credit usage very carefully. As long as the bank is making money and not seeing any risky behavior on your part, you will probably be all right. 

It may very well be that you were issued the credit card because of HSBC's financial plight. The bank obviously has a game plan to either recover financially or recover as much money as it can before going under. 

I strongly recommend that you read everything that you can in these threads pertaining to HSBC in particular. I would also read everything available about "Adverse Actions" in general, even if those AAs were taken by other credit cards companies.

 Of course you will also undoubtedly get other responses that might be of more help in this particular thread. It is certainly true that HSBC has aspects worth discussion "other then" its practice of slashing credit limits.

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[Anonymous]

I've had an Orchard for the last 5 years and it's not too bad if you remember a few things.

1.)It reports your balance to CRAs the last day of the month, not on your statement date

2.)Use it or lose it is very much in force for HSBC, don't sockdrawer the card for more than 2 months or they might close it

3.)They gave me regular CLIs but it was my main card for those 4 years, so I regularly used it close to the limit every month. From what I've heard this is not too common for most Orchard cards since 2004, so YMMV with a straight HSBC. Using this card enough to make HSBC happy enough to raise your credit limit may be detrimental to your credit score, unless you are paying it 3-4 days before the end of the month

[Anonymous]

I've read the first few pages of the limits slashed thread, yes.  Since my limit has not been decreased yet (I've not even activated the card), I made a new thread asking for opinions on the bank, the card, or if I'd made a mistake by accepting their offer instead of posting an off-topic question in an already long thread.  There is a LOT of information in that other thread, but since I am new to this and trying to learn about credit, credit cards, and the people who issue them, threads where people are discussing differing products than what I have and ranting about limits being slashed is of limited value to me, or at least seems so.  The amount of information is overwhelming; I have no idea how to begin parsing it.  I also assumed that a thread that by its title suggests a place to vent about lowered limits would not provide an atmosphere conducive to many pro-HSBC thoughts (if they do exist) and would make any HSBC fans (again, if there are any) shy away.

I am mainly interested in learning if this is a card that will "grow with me" (as I've read countless times about my BoA card) or if I will be at small limits forever.  HSBC is one of the few that took a chance on me - even Cap One can't seem to find any preapproval offers.  I just wonder why, if everyone else is too good for me, why HSBC - already struggling - took that chance.  

From their website, it seems to be a good card.  Cash back, no AF, etc.  If I can get the limit to a reasonable number I would be much happier.  I want a card with decent limits.  My goal is to get a card (or limit increase on a current card) that will allow me to replace my debit card for day-to-day expenses and bills.   My BoA card was opened in December, which means it should graduate in September.

Basically, I'm having second thoughts since opening the account and would like to hear from others who might have been in a similar situation or have experience with the card in question.

[Anonymous]

Jumbofriendly allot of folks on this forum was hit hard by HSBC recently with CLD so allot of responses in this thread will not be HSBC friendly lol. This is my thing you already took the hit for the new account it will report weather you activate or not. The card has no AF so i would see how the card works FOR YOU in the near future.

[Anonymous]

Hey Jumbo,

I hear ya, as I'm in the same boat.  I didn't realize how decent my true fico scores were and thought I would only get a card like HSBC offers, so went ahead and applied.  After I was approved I got curious and wanted to see what my scores were, so I pulled them from here.  Low and behold they were quite decent, I just wish I had pulled them before I apped.

Anyway, I ended up applying for a Nordstrom Visa a couple of days later and was approved, so that made me feel better.  I haven't used the HSBC card yet either, and even tried to not accept it, but it was too late.  

I wish too that I didn't apply for the HSBC card, but we'll see how it goes.

[iwantbettercredit]

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@Anonymous wrote:

I've read the first few pages of the limits slashed thread, yes.  Since my limit has not been decreased yet (I've not even activated the card), I made a new thread asking for opinions on the bank, the card, or if I'd made a mistake by accepting their offer instead of posting an off-topic question in an already long thread.  There is a LOT of information in that other thread, but since I am new to this and trying to learn about credit, credit cards, and the people who issue them, threads where people are discussing differing products than what I have and ranting about limits being slashed is of limited value to me, or at least seems so.  The amount of information is overwhelming; I have no idea how to begin parsing it.  I also assumed that a thread that by its title suggests a place to vent about lowered limits would not provide an atmosphere conducive to many pro-HSBC thoughts (if they do exist) and would make any HSBC fans (again, if there are any) shy away.

I am mainly interested in learning if this is a card that will "grow with me" (as I've read countless times about my BoA card) or if I will be at small limits forever.  HSBC is one of the few that took a chance on me - even Cap One can't seem to find any preapproval offers.  I just wonder why, if everyone else is too good for me, why HSBC - already struggling - took that chance.  

From their website, it seems to be a good card.  Cash back, no AF, etc.  If I can get the limit to a reasonable number I would be much happier.  I want a card with decent limits.  My goal is to get a card (or limit increase on a current card) that will allow me to replace my debit card for day-to-day expenses and bills.   My BoA card was opened in December, which means it should graduate in September.

Basically, I'm having second thoughts since opening the account and would like to hear from others who might have been in a similar situation or have experience with the card in question.

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Well if you really want the truth, the card will nver grow with you, it will most likely be $100 limit increases, if your lucky it may jump up $300 but not until after the 1st year and hopefully you will not have to pay for the increase, most people do when the limits start low.  The decision is up to you and what you will tolerate as far as being taken advantage of by a rebuilder card. If it works for you go for it, nothing we say can change your mind if your intent on looking for the good in them...I however, have found no good in them and try my best to let people know they deserve better.  The personally have not found the card to grow with you when the limits are under $1000. In fact the last card I got they failed to tell me their was an AF.  I sent it back and cancelled all my cards with them 7 in all.