I posted HSBC Weekend Card 2 months ago, and it seems that it brought a lot of troubles to our FWers. Sorry to the FWers who are still fighting with HSBC.
However, here is another good deal from HSBC. Because it is straight 2% Cash Back, I hope it is fine this time.
I received an e-mail from Orchard to offer a 2% Cash Back MasterCard. This card is different from the card which was well discussed in this forum and offer extreme low credit limit.
I remember the old 2% card does not have rewards cap, but this one has a $400 limit annually.
Follow this link to apply the card http://ebusiness.householdaccount.com/277898371.652068.0.41114
Follow the link in the middle of that page to read the details about their cards. After filling up the pre-application, you may be offered one of their three cards.
Five in my family applied the card, here is the result: 1. Offered card without annual fee, Instant Approved, $2000 2. Offered card without annual fee, Deferred, Approved, $2000 3. Offered card without annual fee, Denied 4. Offered card with annual fee, did not apply 5. Offered card with annual fee, did not apply
Although the approved CLs are not high, $2000 is an acceptable number.
Credit status for each person, everyone has good history 1. Carry $30K balance, no HSBC card, most recent credit applied in 09/2006 (2 CC). 2. Carry $25K balance, no HSBC card, most recent credit applied in 03/2007 (1 CC & $22K car loan) 3. Carry $20K balance, HSBC Cash Back, most recent credit applied in 04/2007(2 CC & $24K car loan) 4. Carry $4K balance, got approved HSBC Weekend & Chase Freedom Visa Signature in 04/2007. 5. Low balance, just done the first AOR with approved HSBC Weekend two week ago.
Good luck to the FWers who are interested in this card.
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You are only allowed 1 HSBC credit card. If you have any others, you will be declined from this card. If you already applied, cancel your other HSBC card, and then call the application status line to have them review the application again. 1-877-707-3605 It might take up to 48 hours for the canceled card to show up in their system.
HSBC credit card pre-application After filling in this form, they'll do a soft pull and decide which card they offer you. If you decide to apply, they do a hard pull.
Message edited by: JermanDude on 2008-08-29 20:29:03 CDT
"Notice: By completing the Pre-qualification Form and clicking on the Continue Application button, you are giving HSBC Bank Nevada, N.A. written authorization to access your credit profile for Pre-qualification purposes and no other."
Nummerkins said:Does this result in a hard or soft pull?
zoym said:The Orchard Bank Premium Platinum MasterCard, issued by HSBC, offers great everyday pricing and:
2% Cash Back on credit card purchases - up to $400 annually! 0% Introductory APR on Purchases and Balance Transfers for 6 months $0 Annual Fee Premium Platinum MasterCard benefits 24/7 online account management tools $0 Fraud LiabilityGot this one too, but $2k is hardly worth it. I've still got a bevy of 5% cards running around at the moment (Chase, Citi, Advanta).
Actually, upon 2nd look, I also got 2 offers. I asks me to choose. The other is: The Orchard Bank Premium Secured MasterCard, issued by HSBC, is a great way to build credit and comes with:
2% Cash Back earnings on credit card purchases - up to $400 annually! Requires a minimum $200 deposit to secure your credit line Earns you interest on your deposit Reports your good credit behavior to 3 major credit bureaus Comes recommended by financial advisors Has no processing fee and a low $35 annual fee.
Another plus I saw to this card that hasn't been mentioned is that this card has a 1% ForEx fee. If their exchange rate is good, I think this is a huge plus as well.
dragoon976 said:Another plus I saw to this card that hasn't been mentioned is that this card has a 1% ForEx fee. If their exchange rate is good, I think this is a huge plus as well.
I got this card a few months ago and consolidated my other low credit limit HSBC card into this account. This consolidation doubled the credit line (still too low by my reckoning) but resulted in a hard pull.
Offered the good non-secured, no fee, 6 month 0% APR and then denied. Dirty bastards. I did an APR in March, so I had $80,000 in debt so it was mostly just stupid on my part.
Did anybody figure out if you could just keep doing the first step as bumpage?
mattun said:Offered the good non-secured, no fee, 6 month 0% APR and then denied. Dirty bastards. I did an APR in March, so I had $80,000 in debt so it was mostly just stupid on my part.
Did anybody figure out if you could just keep doing the first step as bumpage?
Haha, you beat me to it. I was offered the good card as well. I have two other 2% cards but one of them is already in grandfather status. I'm carrying $50K in debt that shows up on my report at the moment. I figured the soft pull saw that and offered me the card anyway.
Stupid me, thought I might sneak it in. Oh well, I'm still 10 months away from applying for cards again.
mattun said:Offered the good non-secured, no fee, 6 month 0% APR and then denied. Dirty bastards. I did an APR in March, so I had $80,000 in debt so it was mostly just stupid on my part.
Did anybody figure out if you could just keep doing the first step as bumpage?
To maximize the Cash Back on an annual basis, you would have to spend $20K a year. With a 2K CL, you would have to get near the CL each month and pay as soon as you receive the statement in order to reach 20K a year. (That would be a red-flag of revolving high utilization.)
For those that have received the card with an annual fee, see if you will spend enough to make back fee. You would be better off getting a non-reward card that doesn't change an annual fee.
The Orchard Bank Premium Platinum MasterCard, issued by HSBC, is a great way to build credit and comes with:
2% Cash Back earnings on credit card purchases - up to $400 annually! Premium Platinum MasterCard benefits A choice of payment due dates Periodic credit line increase reviews Complimentary online account management No processing fee and a low $39 annual fee
The Orchard Bank Premium Secured MasterCard, issued by HSBC, is a great way to build credit and comes with:
2% Cash Back earnings on credit card purchases - up to $400 annually! Requires a minimum $200 deposit to secure your credit line Earns you interest on your deposit Reports your good credit behavior to 3 major credit bureaus Comes recommended by financial advisors Has no processing fee and a low $35 annual fee
telflonmail said:To maximize the Cash Back on an annual basis, you would have to spend $20K a year. With a 2K CL, you would have to get near the CL each month and pay as soon as you receive the statement in order to reach 20K a year. (That would be a red-flag of revolving high utilization.)
For those that have received the card with an annual fee, see if you will spend enough to make back fee. You would be better off getting a non-reward card that doesn't change an annual fee.
My Household 2% card has no problem with mid cycle payments and even prepayments greater than the amount owed. Since Household and Orchard are both owned by HSBC I would assume the same policies would apply in this case.
♦ You will receive 2% earnings redeemable for cash (with a maximum of $400 annually) on new net retail purchases charged to this credit card. Cash redemptions can be claimed in increments of $25 USD only. Upon approval, you will receive the Rewards Terms and Conditions.
Rates accurate as of May 17, 2007. Offer subject to credit approval. You may qualify for the 0% Introductory APR on purchases and balance transfers upon your creditworthiness. The Introductory APR does not apply to cash advances. After the Introductory period ends, or if during the Introductory period a Minimum Payment is past due or your account exceeds the credit limit, the Introductory APR will increase to the variable Customary APR for purchases which will be between 14.9% and 15.99% depending on your creditworthiness. The variable Cash APR for cash advances, including credit card checks is 25.15%. The variable Default APR is 30.49%. A cash advance fee of 5% ($10 minimum) will apply to cash advances and balance transfers, unless otherwise disclosed. The minimum finance charge is $2. The annual fee will be between $0 and $79. The foreign transaction fee is 1% of the U.S. dollar amount on transactions made in a foreign currency. We apply payments to lower APR balances before higher APR balances.
Rush Processing is not available on all cards. If you select Rush Processing, a fee will apply.
Please note that we have the right to change your APRs, fees, and other terms at any time for any reason in accordance with the Cardmember Agreement and applicable law. See disclosures within the online application process.
Legal The Orchard Bank MasterCard is issued by HSBC Bank Nevada, N.A. and is serviced by HSBC Card Services, Inc. and/or HSBC Card Services (II), Inc.
It is our goal to provide you with the MasterCard that best fits your credit rating and you may be offered a Secured MasterCard. The Terms and Conditions will be disclosed to you before your application is processed.
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