HSBC credit cards at 31.86%

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  1. #31

    Going back to HSBC credit cards, is everyone getting a 2 months interest-free period before they have to pay back?


  2. #32

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    Quote Originally Posted by campas12:
    again, the world isn't as utopian as one may wish.

    let's give you a real world example. going through college full time, with a part time job. parents weren't helping me, gov't gave me partial grant, partial loan...but wait! what's this!? no money for books? not enough money to fix my car to get to my part time job...

    credit card= savior.
    If so, good for you. However, there are almost always cheaper financing options available (e.g., overdrafts, personal loans, etc.). Credit cards offer a lot of flexibility, but at a high price for the credit part.

  3. #33

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    Quote Originally Posted by limepickle:
    Yeah, credit is important. But credit cards encourage people to buy things they don't need - because they are so easy to get and you carry them around in your wallet like it's real money. I speak from experience - my own and that of my friends.

    So many of my friends who I know haven't got especially high incomes go on holiday at really expensive places or buy top-of-the-range leccie goods on plastic because “it’s free money and they can pay it back over time”.
    Totally!! my colleague force me to buy something I like but cant buy because I already spent the budgeted amount, through credit card. Every time they say this, I have to explain to them, that even Credit card bills need to be paid.

  4. #34

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    Quote Originally Posted by beachball:
    If so, good for you. However, there are almost always cheaper financing options available (e.g., overdrafts, personal loans, etc.). Credit cards offer a lot of flexibility, but at a high price for the credit part.

    hmm...because one always has the luxury of time to go in to a bank, and apply for a personal loan (for 900usd?? not even worth the time!!)

    bottom line is anything over 15% apr for normal/good credit ppl on a revolving line of credit in any normal nation would be predatory and loan shark type lending. since hk is the 'financial center' of asia...i find it ridiculous that they can still charge that much (along with my other rants about hsbc's archaic retail banking practices)

  5. #35

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    Quote Originally Posted by campas12:
    bottom line is anything over 15% apr for normal/good credit ppl on a revolving line of credit in any normal nation would be predatory and loan shark type lending. since hk is the 'financial center' of asia...i find it ridiculous that they can still charge that much (along with my other rants about hsbc's archaic retail banking practices)
    Rubbish - normal credit cards in, for example, the UK carry 2% per month interest or thereabouts. It is the US that is out of line here and they have totally fucked up the world's economy as a result - I can't believe that anyone with any intelligence could possibly still be defending it.

    Loan sharking limits in many countries (including HK and The Philippines) are at 5% per month.

  6. #36

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    Quote Originally Posted by PDLM:
    Rubbish - normal credit cards in, for example, the UK carry 2% per month interest or thereabouts. It is the US that is out of line here and they have totally fucked up the world's economy as a result - I can't believe that anyone with any intelligence could possibly still be defending it.

    Loan sharking limits in many countries (including HK and The Philippines) are at 5% per month.
    lol. the resident know it all. i'm glad that you've figured out who/what/where fucked up the global economy...why are you on here posting? shouldn't you be on some gov't agency's economic team or soemthing?


  7. #37

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    Quote Originally Posted by campas12:
    i find it ridiculous that they can still charge that much (along with my other rants about hsbc's archaic retail banking practices)
    Banking with HSBC is a choice, as is paying high credit card interest. Presumably you no longer bank with this conglomerate.

  8. #38

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    Quote Originally Posted by PDLM:
    Rubbish - normal credit cards in, for example, the UK carry 2% per month interest or thereabouts. It is the US that is out of line here and they have totally fucked up the world's economy as a result - I can't believe that anyone with any intelligence could possibly still be defending it.

    Loan sharking limits in many countries (including HK and The Philippines) are at 5% per month.
    now, lets all chant together: "A correlation does not prove a causality".... Charging a client 30% p.a. doesn't make him a better debtor.

    Does any bank in HK have reasonable rates on credit cards? Meaning, half of what HSBC charges?

  9. #39

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    Quote Originally Posted by er2:
    Does any bank in HK have reasonable rates on credit cards? Meaning, half of what HSBC charges?
    Doubt it, I think most are around 2% per month.

  10. #40

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    Re university - I had only a partial grand, no financial support from parents and yet did not default to a credit card. I just spent less (e.g. did not go drinking at the pub with my classmates, or eat out, purchased clothes from second hand shops, did not go on holiday, or go home often etc etc) and got a holiday job.

    It's not essential to spend money you don't have - it's a choice.


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