I have had my HSBC Platinum for 5 years. This card has my lowest CL (has not been raised in four years) and does not offer rewards, but is helping my AAoA and overall utilization - so I'm investigating the possibility of doing a product change to make the card more useful to me. I used to use it heavily, but now only use this card once a month (charge $20 or so), and PIF before the statement cuts in an efort to keep it active (my other cards have much higher CLs and great rewards, so they get my business). My other cards compete with each other - but HSBC just sits there, stagnant.
I do NOT want a hard inquiry. I just called for and received a product change & CLI with BoA with only a soft inquiry (and they retained my account open date), so I know this is possible (at least with one issuer). I'd like to switch to a card with no annual fee, higher CL, cash back rewards. I see one HSBC card listed in the Credit Card Center - the Household Bank Premium Mastercard (1% back on purchases, $0-$39 AF) - that's a start. My EQ is 795, no baddies, low overall and individual utilization.
Have any of you had experience doing a product change with HSBC? Were you able to retain your original account open date? Did you receive a hard or soft inquiry?
Thanks in advance!
HSBC don't do product changes, they ask you to apply for an additional card, at least this is what the rep told me.
They did the same to me. They asked me to apply for another sorry card, and I said NO!
I then said that I was considering closing, and they then gave me a 400.00 CLI, but this happened
about 1.5 years ago.
I was able to PC from the original GM Card to the GM Flex Card, but that is the only PC they would allow for me.
Just like the OP, I only keep my HSBC card open because I've had it for a good amount of time -- in fact it's my oldest trade line. Otherwise, these guys just plain suck.
Thank you Kiwill, My2cents, and stan_the_man! It appears that I may have to wait and apply for another card in order to make my existing account worthwhile. I don't currently have an annual fee, so I'm fine keeping it for now to help my AAoA.
stan_the_man: Were you able to retain your original account open date when you did the product change?