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Opinions on HSBC? 3% First Year offer

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Super Contributor

Opinions on HSBC? 3% First Year offer

I have gotten HSBC Mailers in the past, this one is the first I have noticed with a 3% offer, on up to $10k spend the first year. Combined with the 0% BT and 0% APR might be interesting. The "prequal" goes until Sept 30. It also seems to not have a foreign transaction fee. Goes to 1.5% after, so may or may not be interesting.

What is your opinion of HSBC? How are the BT offers after the initial year?

IMG_06274.jpg

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 1 of 16
15 REPLIES 15
Super Contributor

Re: Opinions on HSBC? 3% First Year offer

Haven't really heard anything positive, a lot of horror stories with the application process. They do not seem to be super popular and there isn't a lot of feedback around, but I certainly haven't seen anything very encouraging.

 

That said, the 3% for a year is a good offer if you'll put most of your spend on that card only. If not (i.e. you'll still be using many different cards) it's probably not going to add up to a lot.

Message 2 of 16
Moderator

Re: Opinions on HSBC? 3% First Year offer

That's actually a pretty decent offer IMO. I have this card and mine was 2% with a SUB (last year). The 10% anniversary can be of some value, but it depends on your actual spend.

As far as ongoing BT offers, I get them with some frequency on any of my HSBC cards.

Now, the question becomes, what SL you'd get if approved. They're not known for high SLs, but some success has been achieved with reconsideration.

I'd bite 😁

ETA - the application process can be wonky sometimes, but I didn't have any issues - just be prepared for some security questions. EQ HP and SP on EX.
Message 3 of 16
Moderator

Re: Opinions on HSBC? 3% First Year offer

I would like this offer although HSBC isn't known for their SL's persay unless you have some serious cash in with them.

 

Assume 3% for first year is only targeted?

 

edit: actually is a public offer although heard verification is a joy Smiley Happy

 

https://www.us.hsbc.com/credit-cards/open-market-cards/om-cash-rewards/?cid=PPG0042815&SearchEngine=...

Message 4 of 16
Community Leader
Valued Contributor

Re: Opinions on HSBC? 3% First Year offer

I hear mostly negative things about HSBC, specifically regarding the application process. However, that’s a very good offer, and if they’re sending you mail, things may go smoothly for you. If you think the card is a good fit for you, go for it! Good luck! 

 

See you in Approvals?

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~~~~~~~~~~~~~~~~~~
Once you go Berner, you never go back.
Message 5 of 16
Senior Contributor

Re: Opinions on HSBC? 3% First Year offer

$10k is a pretty low 3% (or 3.3%?) cap for a card with no lump sum bonus or (AFAIK) special features.

Spend: BofA Premium, BBP, Schwab Platinum, Freedom x 2, Costco, Discover
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Message 6 of 16
Valued Contributor

Re: Opinions on HSBC? 3% First Year offer

Skip the headache and low CL and get yourself a CFU 3% 20K spend cap.

 

If you're over 5/24 like most of us then....

 

Disco IT MILES is 3% no cap + $75 Amazon credit if you apply through Amazon

500K+ TCL / 800+ FCOs
Message 7 of 16
Moderator

Re: Opinions on HSBC? 3% First Year offer

Appears they removed the 100/150 signup bonus on $500 spend as well and changed it from 1.5% to 3.0% card for first year which you guessed it equals $150 if you spend the full 10k..  So actually this offer is worse than the 150 sign-up bonus for $500 spend.  I would certainly hold off now that i did my research Smiley Happy.  I see what they did there lol

Message 8 of 16
Super Contributor

Re: Opinions on HSBC? 3% First Year offer

Haven't heard much in the way of good things about them and I agree that this offer is a bit of a rip off. 


@Obscure-Expert wrote:

Skip the headache and low CL and get yourself a CFU 3% 20K spend cap.

 

If you're over 5/24 like most of us then....

 

Disco IT MILES is 3% no cap + $75 Amazon credit if you apply through Amazon




 

How did I not know about that Discover referral offer? I would have jumped on that when I was out of the garden last month! 



01/2019:
1/2020:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 9 of 16
Established Contributor

Re: Opinions on HSBC? 3% First Year offer

if you do the math, it's just $150 SUB for a $10K spend. not a good deal, really.

 

(Updated: incorrect and vague math. $150 excludes the regular 1.5% cashback.)




Message 10 of 16
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