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Opinions on HSBC? 3% First Year offer

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Super Contributor

Re: Opinions on HSBC? 3% First Year offer


@staticvoidmain wrote:

if you do the math, it's just $100 SUB for a $10K spend. not a good deal, really.


I was kind of hoping a $10,000 spend at 3% cash back would get me $300?

Is my math off?

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 11 of 16
Super Contributor

Re: Opinions on HSBC? 3% First Year offer


@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


Already have a CFU, which started in 2001 as a non-Chase card, merged / morphed to a Slate, then PC to CFU about 2 years ago.  

 

With AMEX Gold, USBank Cash+ and Altitude, and Freedom and Discover it, I was thinking this 3% might be able to play in the true non-category space, up to the $10k.  

 

The Discover Miles is a better SUB.  That would also test Discover for limits, where they have stalled me at $17,500 for about a year now.  

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 12 of 16
Super Contributor

Re: Opinions on HSBC? 3% First Year offer

Thinking more about this, it’s only a maximum $150 SUB, since you get the 1.5% base earnings. 

 

Which means I can get the 1.5% on any of Altitude Reserve, CSR, Quicksilver, and probably AMEX Hilton, Platinum or Gold cards.  And using CFU with CSR is minimum 2.25%, further reducing the net “SUB”. HP = $75 SUB! Woo hoo!

 

Thanks for the replies. Shredder it is. 

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 13 of 16
Established Contributor

Re: Opinions on HSBC? 3% First Year offer


@NRB525 wrote:

@staticvoidmain wrote:

if you do the math, it's just $100 SUB for a $10K spend. not a good deal, really.


I was kind of hoping a $10,000 spend at 3% cash back would get me $300?

Is my math off?


Haha. Sorry. I was factoring out the main cashback (after the promo year), which I thought was 2%. Turns out it was 1.5%, which makes it an even worse card. That means $150 for $10,000 spend + 1.5% cashback. that is assuming you reach 10K spend.




Message 14 of 16
Mega Contributor

Re: Opinions on HSBC? 3% First Year offer


@staticvoidmain wrote:

@NRB525 wrote:

@staticvoidmain wrote:

if you do the math, it's just $100 SUB for a $10K spend. not a good deal, really.


I was kind of hoping a $10,000 spend at 3% cash back would get me $300?

Is my math off?


Haha. Sorry. I was factoring out the main cashback (after the promo year), which I thought was 2%. Turns out it was 1.5%, which makes it an even worse card. That means $150 for $10,000 spend + 1.5% cashback. that is assuming you reach 10K spend.


And in some ways it makes sense to compare to a generic free 2% card.   Then the first year spend of exactly $10K does give you $330 (assuming the 10% bonus) which is $130 more than using an existing 2% card (with no new sub!)

Message 15 of 16
Member

Re: Opinions on HSBC? 3% First Year offer

  I got the HSBC Cash Rewards card over 1 year ago when they had a $150 SUB for $500 spend(later raised to $2500 spend and now eliminated) but card only had 0% on BT, NOT on purchases.    They replaced  the SUB with the 0% purchase offer.

  I had no issues with the application process and got a nice SL of $8,250 (FICO about 700 at the time)   I have been a long time checking customer of theirs with an $2000 overdraft LOC so that might have had something to do with it.   No CLI so far and a CLI request is a hard pull.  3% cash back first year is nice if you put some decent spend on it, plus the 10% anniversary bonus is nice.   You are effectively getting 3.3% back first year and 1.65% afterwards counting the anniversary bonus.

Message 16 of 16
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