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HSBC Red Credit Card: the HSBC card you can actually understand

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  1. #101
    bdw
    bdw is offline

    Join Date
    Feb 2009
    Posts
    5,659

    SCB kept raising my credit card limit every year without me asking, to insane levels (over $1m) and I never used any of it (repay my card every month) and thought it was a complete waste of time. Then I discovered these "credit to cash loans" and SCB lent me this credit limit with no questions asked and very low interest rates (APR 1.8%). So I finally found a use for it. Now I left HK and still paying back this loan over the next few years

    Paxbritannia likes this.

  2. #102

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    13,682
    Quote Originally Posted by jrkob
    What's wrong with you !!!
    I got an insane limit, although I don't remember what it was, and had to lower it down to a more comfortable level.
    My other HSBC cards have a much higher limit, so who knows.

  3. #103

    Join Date
    Sep 2006
    Location
    Sha TIn
    Posts
    273

    Just applied now.

    Does anyone know how long the approval takes?


  4. #104

    Join Date
    Jun 2013
    Posts
    142
    Quote Originally Posted by pin
    Just FYI with HSBC Red, the limit on the card (well for me anyway) was very low (HKD20k). Have asked for an increase, but this has gone to review by a supervisor.
    You may have inadvertently agreed to allow them to ‘share’ the credit limit with an existing credit card for a quicker approval- which would reduce the limit by that much on the other card. I received a call from HSBC with this exact proposal and amount a few days after I applied. I declined so now need/waiting for a more ‘thorough’ review.

  5. #105

    Join Date
    Sep 2018
    Location
    Causeway Bay
    Posts
    145
    Quote Originally Posted by Aritaurus
    Just applied now.

    Does anyone know how long the approval takes?
    Depends whether you did it online or in the branch but usually a couple of working days. It may take longer at the moment since the staff are currently hiking instead of working.
    shri likes this.

  6. #106

    Join Date
    Dec 2018
    Posts
    986

    I don't recall asking for a credit limit when I applied for the Red card. When I checked, it appears that they gave me HK$246K (which is less than my other HSBC cards).

    Any ideas how they calculate the credit limit? I know it's got nothing to do with employment income since I don't have any (apart from small irregular consulting fees).


  7. #107

    Join Date
    Dec 2002
    Location
    ???
    Posts
    29,861

    @traineeinvestor - seems to be assigned to account status. Retail+ and Retail++ clients seem to have limits in the range that you mention.

    I think it should be 264 not 246. Would verify my theory.


  8. #108

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    13,682
    Quote Originally Posted by shri
    @traineeinvestor - seems to be assigned to account status. Retail+ and Retail++ clients seem to have limits in the range that you mention.

    I think it should be 264 not 246. Would verify my theory.
    I'm premier with HSBC and have much higher limits on my other cards with them, but this time limit was quite small (note I don't have payroll with HSBC though, so that might be a contributing factor).

  9. #109

    Join Date
    Dec 2018
    Posts
    986
    Quote Originally Posted by shri
    @traineeinvestor - seems to be assigned to account status. Retail+ and Retail++ clients seem to have limits in the range that you mention.

    I think it should be 264 not 246. Would verify my theory.
    Definitely HK$246K - you had me thinking I might be dyslexic there for a moment so I went and checked again.
    shri likes this.

  10. #110

    Join Date
    Dec 2018
    Posts
    986
    Quote Originally Posted by pin
    I'm premier with HSBC and have much higher limits on my other cards with them, but this time limit was quite small (note I don't have payroll with HSBC though, so that might be a contributing factor).
    I also have higher limits on my other HSBC cards and no regular payroll. Since I have never even come close to the limits on those cards, I'm as puzzled as ever by the size of the unrequested limit.

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