HSBC Question

[MrCreditInternational]

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!

[FinStar]

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@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.

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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!

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[MrCreditInternational]

Thanks for your answers FinStar!

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

[FinStar]

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 😁

[MrCreditInternational]

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@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 😁

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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.

[FinStar]

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.

[budugu]

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. 

[DemonHusker]

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

[FinStar]

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.

[DemonHusker]

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.