My wife got an invitation for such card, it's a tiered reward card with yearly maximum of $300. First $5000 is rewarded at 1%, next $5000 at 2% and rest at 5% but capped at $300 reward.
I got this invitation, but I passed since my citi rewards was still giving 5% back on groceries and gas. But now it seems a little better. Also HSBC probably is counting that people will not spend $13000 to maximize the $300 cash reward. If you spend $10,000 annually, the return is only 1.5% ($150). The additional $150 is for $3000 on top of the $10,000. Depending on your spending habits, the other big name cash rewards cards are comparable for annual expenditures at $10,000 or less.
UnixLab said: SUCKISSTAPLES said: unfortunately , like all the best cards, its INVITE ONLY
That is why I like to know the name of the card and see if we can call and convert from other HSBC card.
BTW, what is the name of invite only HSBC 2% card?
I received one a while ago - it just says "CashBack" on it. There is no information on their webpage about it, but CS seems to know about it when I have called in.
As others have mentioned, it becomes good when you will have "other spending" (ie: not Gas/Food/etc) at $13,000/yr so you get the full 2.3%. As the other gas cards change, it may become more beneficial.
I also don't think they plan on people spending the $13,000 to get the full amount.
Not sure if it matters about the invite, but I had a online savings account with them - it was down to about $200 when they sent the invite, but had been more.
The 2% card is called the "True 2% Cash Back" card. The number on the back is 1-800-477-6000.
bobfather
Senior Member
posted: Aug. 31, 2006 @ 5:51p
Not that hot. 2.3% tiered with a cap of $300 for this card, vs 2% flat with a cap of $500 on the True 2% card.
ccrzhh
Senior Member - 1K
posted: Aug. 31, 2006 @ 6:12p
djspray said: I'm pretty sure this is the same card that is talked about here. That card has $2,500/2,500 tiers. OP's card has $5,000/5,000. So, HSBC issues various offers. Now if we knew basis...
this is a fantastic card, only thing I don't like is the $300 limit I still have a Chase Rewards card that doesn't cap my limit, but it's now 1%, although my yearly charges are over $35k (thanks in part to HOT DEALS and consulting) and I purchase almost everything with my credit card. Now if my expenditure reduces, I'd welcome this card. But I want something special to push me over from Chase (more like 2.5% with no limits )
Namshik
Senior Member
posted: Aug. 31, 2006 @ 9:01p
the 300 limit kills it. i have the AMEX cash and although its up to 5%, i was able to cash up $350 last year. thus, this card is good if you dont use your card on retail stores but use your cc for misc stuff (i.e. phone bills)
rktmaw said: What so great about that? You have to spent over $10,000 in order to get 3% Cash Back. All other credits have been paying the same rate 10 years ago."All other credits have been paying the same rate 10 years ago"? LOL.
I'll pay you $20 if you can tell me just ONE credit card from another company that gives 3% Cash Back on ALL purchases after spending $10,000. I'm serious.
xerty
Senior Member - 2K
posted: Sep. 1, 2006 @ 11:03a
adiganifatwallet said: does your wife have savings with them for a large amount of money that they offer you this?My wife also got this offer, no banking relationship at the time with HSBC. We recently moved to the northeast where HSBC seems to be marketing aggressively, and we got it shortly after our move.
BlkBimM3r
Addicted Member
posted: Sep. 1, 2006 @ 2:58p
I hope I get an invite for this card as I just moved a huge chunk of money out of HSBC and into Country Wide and Emigrant Direct. So my HSBC balance is pretty low (couple thousand) now compared to what it used to be (>$100K). I hope this triggers to them that I now have no money and won't likely charge $13K so they offer me the card.
I might move out some more money to get closer to your $200 balance to see if I get an invite.
tbuccelli said: Not sure if it matters about the invite, but I had a online savings account with them - it was down to about $200 when they sent the invite, but had been more.
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