HSBC Credit Cards

scottishsteve · Post by **scottishsteve** » Thu, 15 Jun 2006 11:57 am

Has anyone else had a problem getting a credit card from HSBC?

I do all my banking through them yet they refuse to give me a card, (no matter how much documentation I give them!!!!!!!!

Really cant understand it, (jsut been approved for finance from another bank for $60K, from a bank that I have NO dealings with originally.

Can anyone reccomend any other banks, (thats not so much hassle to get one?)

Info appreciated.

brifusg · Post by **brifusg** » Thu, 15 Jun 2006 7:21 pm

scottishsteve wrote:Has anyone else had a problem getting a credit card from HSBC?

I do all my banking through them yet they refuse to give me a card, (no matter how much documentation I give them!!!!!!!!

Really cant understand it, (jsut been approved for finance from another bank for $60K, from a bank that I have NO dealings with originally.

Can anyone reccomend any other banks, (thats not so much hassle to get one?)

Info appreciated.

That sounds strang coz I had no problem at all when applying for HSBC credit cards. Few questions..., however, do you meet their requirements when applying credit cards? or do you think they gave you bad credit rating because of late payments etc...?

rudiruessel · Post by **rudiruessel** » Fri, 16 Jun 2006 12:48 am

scottishsteve wrote:Has anyone else had a problem getting a credit card from HSBC?

I do all my banking through them yet they refuse to give me a card, (no matter how much documentation I give them!!!!!!!!

Really cant understand it, (jsut been approved for finance from another bank for $60K, from a bank that I have NO dealings with originally.

Can anyone reccomend any other banks, (thats not so much hassle to get one?)

Info appreciated.

yep, had the same experience with them ... sgd10k plus salary credited each month and my credit card was rejected a few times .... there are only 2 options afaik

- get a PR asap and you will qualify
- get a cash covered credit card... they require 1.5 times the credit card limit as cash collateral

i suspect local banks should be more generous with expats ...

scottishsteve · Post by **scottishsteve** » Fri, 16 Jun 2006 1:53 pm

Thanks for your replies.

I have been back in touch with my account manager from the bank, and seemingly they rejected becasue they couldnt confirm my employment here in singapore,

(you think they would accept a letter from my employer and the MOM vetting procedures!!!!!

Anyways i have threatened to move my banking and my companies banking to another bank if they dont sort this out.

Will let you know outcome.

riversandlakes · Post by **riversandlakes** » Sat, 17 Jun 2006 4:25 am

Go OCBC. They give to everyone I heard - and it's the only ones I have...

Mirandouli · Post by **Mirandouli** » Mon, 19 Jun 2006 1:05 pm

Don't give up on them. We have this same problem every time we relocate, but we always persevere with them. We've been banking with them now for 11 years and in 5 countries.

We've had credit card limit refusals, mortgages refusals, you name it and then we always get what we want in the end.

I wouldn't go to another bank, we tried twice and find it's just MUCH worse. We always remind them that they are our LOCAL GLOBAL bank!!!

Also another trick we learned was to get our old premier relationship manager to write a letter of introduction to the new premier relationship manager.(IN ADVANCE) IT WORKS!! It's just breaking into their door that's hard, but once there, they are fantastic bank and very flexible. don't give up.
M.

Bremen · Post by **Bremen** » Mon, 19 Jun 2006 2:44 pm

Ehhh.... my salary is sub-4k and i had no problems at all getting HSBC cards.

simmo · Post by **simmo** » Mon, 19 Jun 2006 4:56 pm

You're not the only one. I only just opened an account with them. It took me 5 weeks to receive my credit card as they had to come back to me on 3 separate occassions requesting further info which they could have asked for and received the first time I went in. I was furious, and have since opened an account with Citibank who I've found much easier to deal with and who've also given me a personal banker who acts as a "one stop" contact person. I'd recommend Citibank.

riversandlakes · Post by **riversandlakes** » Tue, 20 Jun 2006 2:36 am

Eh, are you sure, Bremen...

Bremen wrote:Ehhh.... my salary is sub-4k and i had no problems at all getting HSBC cards.

Bremen · Post by **Bremen** » Tue, 20 Jun 2006 4:03 pm

riversandlakes wrote:Eh, are you sure, Bremen...

Bremen wrote:Ehhh.... my salary is sub-4k and i had no problems at all getting HSBC cards.

Yes, very.

thomaskiong · Post by **thomaskiong** » Tue, 20 Jun 2006 4:37 pm

I have the same problem with HSBC..do try Citibank.Their customer service is great.

Left Wing · Post by **Left Wing** » Tue, 20 Jun 2006 6:41 pm

i was thinking on which bank to select in Singapore...moving from HK where HSBC rules supreme...guess Citi bank will be the best bet then..

greg003 · Post by **greg003** » Wed, 09 Dec 2009 8:39 am

I have had a very bad experience with HSBC fund transfer when using my HSBC Mastercard. As stated in their broucher, I will be able to get max of 80% of my credit limit. But in the end , they only approved 48.8% of my credit limit.

Although I respect their right to decide how much should the approve loan should be, but I am being charged for $50 admin fee no matter how much my loan is; therefore I am not fully utilising the $50 admin fee, which is a lot and make the interest rate no longer attractive.

When I made a call to their customer svc hotline, they are not able to give me a satisfactory answer. And when I emailed, they replied the following...

Please be informed that for credit card's fund transfer the credit limit that is available for usage is based on the cash limit of your credit card .
The cash limit for HSBC Credit Cards is usually half the total credit card limit granted.

If you have other enquiries, could you please call our 24hour Customer Service Hotline at 1800 HSBC NOW (4722 669)
(Singapore) or on CALL COLLECT at (65) 6472 2669 (overseas). We would be glad to help you.

Yours sincerely

Janice Peh (Ms)
Customer Care Associate
Personal Financial Services

If they are only able to give 50% of the credit limit, should not they state in black and white in the first place?!

Anyway, even with 80% of the credit limit, other banks could provide a better rate with 90% of the credit limit with NO ADMIN FEE.

vangel · Post by **vangel** » Mon, 14 Dec 2009 11:51 pm

Hi ppl, I am with HSBC in more than one way. I am not speaking on behalf of HSBC as employee but as a customer. Just that I moved countries too and I stick with HSBC much before I joined HSBC.

I agree it is not perfect. Also depends on if you have personal managers in each country to help you get around without trying to figure out how banking works on the inside

Credit cards? ... I have corporate, personal, insurance, investment everything with hsbc. My CC was still rejected, in fact they wont let me apply. The problem is the stringent MAS regulation which became even more tough last year.

Btw, all institutions do credit background checks with legitimate organizations. HSBC will also check for all credit or investment.

HSBC is GLOBAL and Local. Theefore even HSBC has to follow Local rules and guidelines. Everyone has to. So even though I have no problems getting any credit card back home, i cant get a single card in Singapore yet

Talk to your personal manager, if he/she wont do anything, let me know.

chanceit · Post by **chanceit** » Thu, 24 Dec 2009 8:26 am

Hi I was just wondering, if I apply with a bank for a credit card and get refused then would I get a negative mark against my credit rating ?

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