|
-
-
bopc1996
- Senior Member
posted: Jul. 25, 2007 @ 6:17p 
Do not know much about HSBC credit card practices but love their online savings. Over 5% now and still have some savings with them at over 6%.Do not think there is much of a minimum. Only been with them about 9 months(savings only)but great security and quick response. |
-
-
CPBigAl
- Member
posted: Jul. 25, 2007 @ 6:38p
I love this site and all the advice about AORs on here... heck, I learned more about finance on here in a year than it 12 years of school and 5 of college.... However, I felt like I should write this although others have probably stated it elsewhere.... people do realize these companies like HSBC and Capital One don't really care about giving big limits... they like giving small limits... in fact, November, there was an article about Cap One (http://www.businessweek.com/magazine/content/06_45/b4008048.htm) - they like giving people many cards with small limits so they go the amount and get hit with late fees.... It's what they do... HSBC bank backs H&R Block instant tax refund loans at interest rates of 112%... and people want them... I know because I worked at H&R this past season and people need that money NOW so they can pay their rent that is 4 days past due (good planning on their part, could have just done that tax return 15 days earlier... eh?) So anyways, the reason for this is they could care less if you have millions of dollars coming in every year... you are not their target customer if you know how to manage your money, and that's okay. There is nothing wrong with that... they are a sub-prime company "helping" those in need. Anyways, I just noticed lately there are so many new posts from members: "my credit limit is being lowered", "I'm not getting massive credit lines anymore", "_____ (fill business name here) isn't trying to please me anymore" - I'm all for customer service but the price of customer service is making a profit... And there are probably many who won't agree with me but you gotta at least demonstrate to the company that's it worth having you as a customer... otherwise, why do they need you, right? Edit: linked to BusinessWeek article |
-
-
daregan
- Ancient Member
posted: Jul. 25, 2007 @ 6:54p
BankofGreed said:Why bother even applying for any of their cards? Unless they are offering 2% on all purchases, its not worth the hassle.I signed up for that stupid card and have freakin' great credit and was denied! HSBC sucks! |
-
-
MikeR397
- Senior Member - 2K
posted: Jul. 25, 2007 @ 8:25p
Updated OP with today's invigorating HSBC data and anecdotes. Please note my conversation with the HSBC supervisor. |
-
-
MikeR397
- Senior Member - 2K
posted: Jul. 25, 2007 @ 8:29p
akor said:MikeR397 said:As you can see, they thought he was only orignally eligible for a $600 CL, but then instantly upped it to 12.5k after I harassed them.
This is actually can be another method of instant CLI - if you just call them up right after you got approved and complain about the low CL.
By the way, how did you "harass" them? What specificly did you say that made them raise CL from 6K to 12.5K?First, please notice that the original CL was for 600 DOLLARS, not 6k (so it went from $600 to $12,500) For my dad, I just kept repeating "Please go look at my credit report and application again for a reevaluation." I said this exactly four times before they put me on hold for two minutes, came back and offered $12,500. Also, for me personally, I did call in for most cards about a instant CLI right after getting approved. I was successful with a few of the smaller ones such as: HSBC GM FLEX from 2.5k to 3k National City from 3k to 5k BoA from 5k to 7k PNC from 3k to 5k AMEX (crack button, obviously!) (2.6k to 10.6k and 3.6k to 24.9k) The rest were no go, but these was a significant increase for me personally. |
-
-
MikeR397
- Senior Member - 2K
posted: Jul. 25, 2007 @ 8:36p
WalStMonky said:I thought I was going to find a thread complimenting HSBC's well run operation, but instead this? OP don't you know that only the most intelligent, physically fit monkeys get to go into space? Great work if you can get it.I agree that of monkeys, HSBC is indeed top of thier class. Thier skills far outshine all other monkeys, including most of the monkey relatives. As for CSR and company running capabilities, well, lets just say we let the monkeys ride in the space ship, not build it  |
-
-
ziffy
- Broke Member
posted: Jul. 25, 2007 @ 8:44p
The space monkeys is also notorious for being CLOSING POLICES. My HSBC credit card as well as my fiance's are closed due to inactivity although we use them sparingly every couple of months. With other issuers, they won't close your account if you use it at least once a year. How do they expect us to put the card in our wallet with measle credit line and expect to use it everday (which translate to higher utilization rate)? Edit: Found THIS in hot deal forum. New mascot for HSBC?  |
-
-
Alcibiades
- Senior Member - 10K
posted: Jul. 25, 2007 @ 9:35p
UncleJr said:i'm just curious, but when u call customer service, do u just impersonate your mom and dad ?Maybe OP has an effeminate voice |
-
-
MikeR397
- Senior Member - 2K
posted: Jul. 25, 2007 @ 9:59p
Alcibiades said:UncleJr said:i'm just curious, but when u call customer service, do u just impersonate your mom and dad ?Maybe OP has an effeminate voiceHaha. I just call saying I'm calling on my mom/dad's behalf, then let the CSR verify this with my mom/dad. It is more of an issue with my mom since my voice doesn't quite cut it for a 50 year old woman. |
-
-
opmnxtc
- Thrifty Member
posted: Jul. 25, 2007 @ 11:19p
MikeR397 said:HSBC GM Flex - My CLI was denied b/c I haven't activated this card yet. The supervisor also said my mom is NOT going to get a CLI. I asked why and stated our household info and BELIEVE ME THIS IS WHAT THE HSBC SUPERVISOR SAID:
WE DO NOT CONSIDER HER FICO SCORE WHEN APPROVING FOR CREDIT
WE DO NOT CONSIDER HER HOUSEHOLD INCOME WHEN APPROVING FOR CREDIT
WE DO NOT CONSIDER HER CURRENT BALANCES ON OTHER CARDS WHEN APPROVING FOR CREDIT
"Your mom has too much credit already and we don't care about her household income, therefore, that is why we gave such a small line". unbelievable. man, they need to be exposed, this needs to change. |
-
-
mariojm
- Senior Member - 2K
posted: Jul. 26, 2007 @ 12:31a
OP, in my understanding HSBC mostly targets subprime customers. Customers with good credit histories are not profitable for the banks that targets these customers. Watch the movie Maxed Out and you'll know what I mean. |
-
-
DiabloD3
- Senior Member
posted: Jul. 26, 2007 @ 2:12a
MikeR397 said:
WE DO NOT CONSIDER HER FICO SCORE WHEN APPROVING FOR CREDIT
WE DO NOT CONSIDER HER HOUSEHOLD INCOME WHEN APPROVING FOR CREDIT
WE DO NOT CONSIDER HER CURRENT BALANCES ON OTHER CARDS WHEN APPROVING FOR CREDIT
He then continued to say:
WE DO NOT CONSIDER INTELLIGENCE AS A VALID METRIC TO HIRE PEOPLE
WE DO NOT CONSIDER MAKING MONEY AS A VALID WAY TO RUN A BUSINESS
etc etc |
-
-
RS4Rings
- Senior Member - 7K
posted: Jul. 26, 2007 @ 7:09a
I find HSBC to a good issuer. I got the Direct Merchants 5% card with a $25k CL and no doc's submitted. Then I applied for Premier card and got an instant $28k, Requested more and they bumped it to $35k. Then I wanted to close the Direct card and reallocate the CL to my Premier card. Was told I could not but my Premier rep said just close the other and he would bump my Premier Card by that $25k, He did that and I never even closed the Direct card. What's strange now is I still I have the Premier card, Even got the new upgrade on it, And I have about $10 in my HSBC savings |
-
-
wiredspider
- Shopaholic Member
posted: Jul. 26, 2007 @ 7:50a
MikeR397 said:Alcibiades said:UncleJr said:i'm just curious, but when u call customer service, do u just impersonate your mom and dad ?Maybe OP has an effeminate voiceHaha. I just call saying I'm calling on my mom/dad's behalf, then let the CSR verify this with my mom/dad. It is more of an issue with my mom since my voice doesn't quite cut it for a 50 year old woman. Haha, I don't sound like a 50 year old man (my dad). |
-
-
MikeR397
- Senior Member - 2K
posted: Jul. 26, 2007 @ 10:02a
scott1961 said:I find HSBC to a good issuer. I got the Direct Merchants 5% card with a $25k CL and no doc's submitted. Then I applied for Premier card and got an instant $28k, Requested more and they bumped it to $35k. Then I wanted to close the Direct card and reallocate the CL to my Premier card. Was told I could not but my Premier rep said just close the other and he would bump my Premier Card by that $25k, He did that and I never even closed the Direct card. What's strange now is I still I have the Premier card, Even got the new upgrade on it, And I have about $10 in my HSBC savingsscott, I'm pretty sure what happened in your situation is that one of the monkeys accidentally dropped his bananna on the keyboard causing it to add two extra zeros to the end of your credit line. |
-
-
CPBigAl
- Member
posted: Jul. 26, 2007 @ 10:48a
exposed? needs to change??? huh? - okay, why do people think these companies need to please us... the stock for Household Bank (symbol HBC) is up 100% over the last 4 years... I'd think they know what they are doing.... I don't know this for a fact but I would assume that they really don't care what your balances are... they'll give you six cards with $500 credit limit, let you max them out and then collect the interest and over-the-limit fees of $39 per card. and if you want another card to max out when you are at 99 percent utilization, they'll give it to you with a $200 credit limit and say "have fun, we heard there is a sale at Macy's this weekend". I think they are pretty dang successful the way there do things.... So just to repeat - this is a business that makes profit for their shareholders... not for those of us who want to make free money from them... (and I wouldn't mind it, I already have $40K bringing in about 150 bucks a month in interest from other cards) but I applied for a card with them in May, got a credit line of $750, called, asked about in increase, they said no, so I closed it and I will not be working with that back again... that's it... done They don't serve my needs and I don't serve theirs... doesn't mean I need to go and start a movement to change their business practices... I mean, common people, if we are allowed to make a profit and think of ourselves why shouldn't these corporations/CEOs/managers.... opmnxtc said:MikeR397 said:HSBC GM Flex - My CLI was denied b/c I haven't activated this card yet. The supervisor also said my mom is NOT going to get a CLI. I asked why and stated our household info and BELIEVE ME THIS IS WHAT THE HSBC SUPERVISOR SAID:
WE DO NOT CONSIDER HER FICO SCORE WHEN APPROVING FOR CREDIT
WE DO NOT CONSIDER HER HOUSEHOLD INCOME WHEN APPROVING FOR CREDIT
WE DO NOT CONSIDER HER CURRENT BALANCES ON OTHER CARDS WHEN APPROVING FOR CREDIT
"Your mom has too much credit already and we don't care about her household income, therefore, that is why we gave such a small line".
unbelievable. man, they need to be exposed, this needs to change. |
-
-
choe
- Frivolous Member
posted: Jul. 26, 2007 @ 11:11a
If you have any HSBC issues, contact Diana Washington - diana.m.washington@us.hsbc.com She is their BBB contact and threatening to report whatever issues you have to BBB will usually get things done. I just got a paid chargeoff deleted from all three reports with a quick email to her (after trying for almost a year to get it removed by various methods and constantly just getting the run around from them) |
-
-
nkling
- Member
posted: Jul. 26, 2007 @ 11:34a
CPBigAl said:exposed? needs to change??? huh? - okay, why do people think these companies need to please us... the stock for Household Bank (symbol HBC) is up 100% over the last 4 years... I'd think they know what they are doing....
...
So just to repeat - this is a business that makes profit for their shareholders... not for those of us who want to make free money from them... (and I wouldn't mind it, I already have $40K bringing in about 150 bucks a month in interest from other cards) but I applied for a card with them in May, got a credit line of $750, called, asked about in increase, they said no, so I closed it and I will not be working with that back again... that's it... done
They don't serve my needs and I don't serve theirs... doesn't mean I need to go and start a movement to change their business practices... I mean, common people, if we are allowed to make a profit and think of ourselves why shouldn't these corporations/CEOs/managers....
opmnxtc said:MikeR397 said:HSBC GM Flex - My CLI .... .
Totally agree.. as a shareholder I certainly happy with how these monkeys run their business.
The stock performs well and it paid good dividend too, closes to 4-5% when I bought it a few years ago.
You know for some bank, you need to profit from them via AOR, but for other which know how to run their business..you need to take advantage of them via buying their stock. Maybe you can even do a AOR via other bank to buy their stock.
It is just too bad some people only know how to be an one trick pony to make money out of AOR... sad... |
-
-
MikeR397
- Senior Member - 2K
posted: Jul. 26, 2007 @ 11:45a
I agree with the previous posters about HSBC in that yes, they are making money for themselves and this is what a company is supposed to do (congrats to those who are profiting on buying thier stocks). When I insult them as a company, that is b/c they can't serve my personal needs and yes, this is mostly geared toward AOR arbitrage. So, this thread is indeed narrowly focused when I call them a team of space monkeys (but I also do think thier employees are idiots, maybe they have policies set by execs that make the company money, but if you have spoken to a CSR on the phone, you will likely agree that thier employees are idiots. Every CSR tells me something different and there is no consistency whatsoever. Not to mention, have you tried navigating through thier automated answering system to even speak to a CSR in the department you want?) As for:nkling said:It is just too bad some people only know how to be an one track pony to make money out of AOR... sad... I assume you are not calling those who put all thier AOR $ in HYS sad. Yes, investing in stocks with this money can be a good idea if you know what you are doing AND can afford to lose this money. In my case, I'm a student, if I invest in the space monkeys and lose 20k on thier stock, that is 20k I cannot pay back once my 0% offers are expired. If you have a decent income/savings, then sure, put some of the $ into stocks and more risky investments than HYS if you are comfortable with that. This is just another form of leveraging your investments, but using leverage (such as buying on margin) is not for everyone. Just don't tote this out there that all those not taking advantage of these higher risk avenues are "sad" and "one trick ponies". |
-
-
welphd
- Tired Member
posted: Jul. 26, 2007 @ 11:51a
Close
|
|
 |
|
Not Already A Member?
Sign Up Now!
|
|
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
|
|
