Something's in the air with the Citi cards, especially with the Dividend species. Another 5% cash card, Chase Cash Plus, seems unavailable for some time now.
Amongst all that jazz, someone on the apocalyptic Citi Dividend thread proposed a card offered by what we used to know as a subprime card issuer, HSBC, the Direct Rewards card.

Here's the link. Credits to user mountainview.

I don't know any details about this card, but it will soon appear in the 5% rewards card thread, at least it should. So, if anyone knows more about this, please do it here.

Edit: I already skimmed the link and a few reviews made by fellow FWers and all I got is reflected in the summary. When you find out something new, just put it there.

Some people were instantly denied when applied for the card, others were instantly approved. It seems it pulls Experian.

Phone number: 800-379-7999

800-513-1777

Preliminary observations: two factors seem to be of importance in getting an approval: the credit score and the number of cards. Scott1961, with a score in the 800s and only 4 cards, got the card, while Dolmar, with the score in the high 700's, and about 8-9 cards and a high (documented) income DNQ.
As a conclusion, HSBC seems to prefer a more "oligopolistic" or even monopolistic personal CC market (but for the monopoly case, there is the Orchard). In other words, in this case the number of open cards is crucial.

Let's see if this hypothesis gets its confirmation.

As of September 26, 2006, the "Apply now!" links in the application website seem not to work anymore.
Edit: the next day, link works again.

g10ny, it's officially called the 'Direct Rewards Platinum MasterCard'. i make the distinction since there is another one offered by HSBC and Discover called the 'Direct Rewards Platinum'. i suggest you update accordingly.

Is it confirmed that this is actually new? With Citi's 5% disappearing, and a couple months of rumors of Chase's 5% card disappearing, I wonder what HSBC's intention with this is. If it's a brand new program, I suppose it won't be disappearing anytime soon? (at least for those who sign up?) It would suck if, come October, Citi kills their program, perhaps Chase follows, and then this turns out to be only a couple months worth of a good deal. Would be great if HSBC intentionally started this to get all the customers of the soon-to-be-killed 5% cards and keeps it that way for a while.

I'm sure if HSBC wanted, they could switch from subprime lending over to compete with Citi, Chase etc. for the regular CC crowd. After all it's one of the world's largest banks. It's just whatever segment is being targeted by their marketing strategy.

Hi,
I'm just wondering if the links to apply for this card might be a scam. When I do a whois lookup on thecreditshop.com and directrewardscard.com, it shows the following as the contact.

Metris Companies, Inc.
domain.request@METRISCOMPANIES.COM
2202 FOX DR
CHAMPAIGN, IL 61820-7554
US
Phone: 217-363-1500
Fax: 217-352-9101

Now, I know that Metris Companies, Inc was acquired by HSBC (according to http://www.hsbcusa.com/hsbcusa/abouthsbc/metris.html). However, the Campaign, IL address seems suspect. When I do a google lookup on the address, one of the results is this:

http://www.123contractorquotes.com/search.aspx?service=electrical&city=champaign&state_name=il

which says that the address belongs to a "Security Management Co" electrical contractor?

budster said:Hi,

Now, I know that Metris Companies, Inc was acquired by HSBC (according to http://www.hsbcusa.com/hsbcusa/abouthsbc/metris.html). However, the Campaign, IL address seems suspect. When I do a google lookup on the address, one of the results is this:

http://www.123contractorquotes.com/search.aspx?service=electrical&city=champaign&state_name=il

which says that the address belongs to a "Security Management Co" electrical contractor?

Interesting, according to the building owner there are only 2 tennants, Allstate and F.E. Moran, Inc. Alarm and Monitoring Services. http://www.fox-companies.com/tenants/the_corporate_center/2202_Fox_Drive_Tenants.html

That could be an old address you found on google as according to Hoovers they are located in Minnesota

If you want high credit limit don't even think of applying for this card...you'll be disappointed. You've to remember that this is an asian bank.

I recently accepted a targeted mailed offer for HSBC Cash Back Rewards Platinum MC that has 1% first 5k, 2% next 5k and 5% afterwards, max account year is $300 reward (ie =13k spending). $50 min redemption, earning expire 3 years. 0%apr x 12 months for purchases and no-fee balance transfers using their balance transfer checks. Full Platinum benefits plus only 1% foreign transaction fee.

They gave me 11k credit line

You need special one-time code to apply.

Probably test-marketing this card.

dlr3 said:DaloSony said:If you want high credit limit don't even think of applying for this card...you'll be disappointed. You've to remember that this is an asian bank.I think it's more to do with HSBC being a traditional subprime lender that brings about such low limits... nothing to do with being an "Asian bank."

Agreed - in fact I think it has a lot to do with Household Bank, which they bought out in 2003, and much less to do with HSBC as a global corp. Given that this is a Metris card and not a Household card, their credit limits may differ, but I have no evidence as such.

Although HSBC isn't too big in the US, I believe they are one of the top 3 banks in the world (with Citigroup and BOA) and higher on the Forbes Global 2000 than ExxonMobil, which you don't get to by catering to people that have $500 limits on their creditcards.

And like another poster said, they are HQ in London, despite their name.

opmnxtc said:Xeon852 said:Agreed - in fact I think it has a lot to do with Household Bank, which they bought out in 2003, and much less to do with HSBC as a global corp.

exactly, that's what people fail to realize. HSBC is not a subprime lender, Household Bank is, and because HSBC bought HouseHold Bank, people mistakenly associate HSBC with being a subprime lender.

Enough about whether they are prime or subprime, all I need to know is how large of limits do they give?

THIS kinda sounds like it might be from the old DIRECT MERCHANTS BANK which got folded into HSBC recently... another subprime crap issuer.