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Another Credit Card rant

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  1. #31

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    Quote Originally Posted by nucleus888:
    Basically, if you've been rejected in the past ... The chances are you won't get a credit card. And the more time you apply ... It's marked down on your credit report.

    They take that and use it to reject your application.
    Posted via Mobile Device
    This may be true. But it makes no sense.

    I have a friend who had the same problem with immigration. He was refused a visa simply because he had been refused a visa before... with no reference as to whether the original decision was valid.

  2. #32

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    For good measure, and in case it wasn't clear, I'd just like to add that I detest banks and the arbitrary power they wield over us.


  3. #33

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    Quote Originally Posted by chimo:
    Don't take it so personally. They fed your profile into a computer, and it rejected you.
    [ame="http://www.youtube.com/watch?v=0ZAoMv_QnAU"]YouTube- Little britain. Computer says No.[/ame]

  4. #34

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    Just use a time deposit to back a credit card application, as I have suggested in past posts on this topic.

    The time deposit can be in any major currency and rolled over each 12 months.


  5. #35

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    This post is like deja vu!!

    As many have said there are other options apart from HSBC for credit cards. In fact I would say the benefits of HSBC as a credit card are not at all any good. The only one benefit is if you have a platinum credit card, some of the dining discounts are very good.

    I've also ditched HSBC as my main bank and moved over to SCB. I don't think its as good, especially on the online stuff, but the benefits are much better (for me anyway).

    I however have to maintain an HSBC account for stupid reasons, basically because people will only be willing to pay into an HSBC account because of HSBC's stupid rule of online bank transfers being charged.


  6. #36

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    Citibank is giving out credit cards like its going out of style. Just go up to any one of their street vendors and apply. You'll even get a free gift just for applying


  7. #37
    Quote Originally Posted by bdw:
    One feature of SCB is that if you autopay your salary, then the normal $1milllion minimum balance requirement for their top premier service is reduced to $500,000. HSBC dont offer this and $1m is a bit much for me to put all in one place.

    The premier isnt really worth much anyway. The real intelligent investors will diversify and have stocks, property, managed funds, or whatever anyway. Anyone with $1m sitting in the bank probably isnt making the most out of their money.

    So I tend to think the 'Premier' services are a bunch of crap for people who like to show off and think they are cool whipping out a premier card in the LV store.
    Bunch of crap for people who think they are cool? A bit hasty.

    HSBC Premier does have it advantages for some people.

    The feature called Globalview is unique to them e.g. the ability to view all your accounts in many countries at the same time and transfer money free and real in time. This is key. Have not found another bank that does this to the same extent as HSBC.

    Premier also gives you a real edge if you face any problems overseas even in a country where you don't have an account. I had some issues with a HSBC Premier credit card in Vietnam of all places and just walked into a branch and they sorted it out in minutes, and the Premier associate spoke immaculate English. That's rare.

    HSBC Premier gives international customers the ability to set up banking in new countries BEFORE actually moving there. Imagine how much hassle that saves? Arrive into a new country with all your accounts and cards already sorted out. No, it's not 'crap'.

    I've called the Premier helpline from other countries as well and every single time the phone is picked up in seconds and the customer service people are professional and actually know the answers to my questions. This is rare in this day and age. Once they called me back from their UK service centre to Thailand as my phone was acting up, on their dime. This is not 'a bunch of crap' as you say - it's 10/10 perfect service.

    As far as the $1m limit - I don't think it has to be all in cash. If you have mutual funds or bonds with them that should qualify as well. Or let's say you could qualify, this is at the premier managers discretion at the branch you visit.

    Also, $1m HKD in cash is not really that that much for true high net worth individuals. A small percentage in cash is a part of any smart portfolio. But I do agree with you that if $1m is all you've got and you have it in cash only sitting in one account, well, that's not very good money management.

    As far as normal HSBC goes - not a clue. I'm sure they are rubbish and could care less about their customers - like most banks.
    md23 and Donnialda like this.

  8. #38

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    Well, true, there are a few nice things. But honestly, I still think its just a bunch of marketing crap that plays to your ego. You get sucked into thinking they actually care about you and you are so special.

    I've had HSBC premier before and never made much use of it. I got rid of it. Now I have SCB Priority One (same services as Premier) free for 3 years because I just took out a mortgage with them. I think its not worth it either and will cancel that when it runs out.

    I am an international customer. I lived in Japan before HK, Korea before that, Australia before that. I still maintain accounts in all these countries and i have 3 mortgages in 2 countries.

    It's not that hard to open a bank account in any country and I dont see a huge advantage to setup banking services before moving to a country. Seeing everything on one screen sounds OK (but can you really do this with premier or do you need the offshore services as well?)

    Now I have an SCB 'relationship manager'. Great. Now what do I call her for? They send me a birthday email. Great! Honestly, I just dont use them. I can do just about everything I need online.

    I can get a free coffee when I visit the branch. Awesome! I went to set up my Octopus AAVS last week. Now I have to think of some other excuse to visit the bank to get a free coffee. The problem is - I cant think of any reason to go. I can do everything I need online.

    For me, a bank is a bank.

    Where I am from (Australia), these types of premier services are virtually non existent (at least 10 years ago when I last lived there). Over here, there are premier centers on every street corner. I wonder what on earth do people do in there. Are they just cashing cheques, depositing and withdrawing money, or what?

    Back home, people dont even go to branches anymore. They are closing, closing, closing everywhere. I never even visited a bank teller in years.

    Now I have this damn premier service and I am scratching my head what I could use it for.


  9. #39

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    Premier type services (as well as HSBC Premier itself) exists in Australia - I had it - it was MUCH better, relatively.

    Yes, you really can do these money transfers with global view in real time, without the offshore account (obviously you have to have more than one account or what are you transferring to and from!).

    I agree re the relationship managers - they are useless - and most of Premier is crap - but there are features that are offered better than other banks. Otherwise I'd have thrown in the towel when they stuffed me around so much at the start.


  10. #40

    Yes, some relationship managers are useless, and some go out of their way to get stuff done for you. It's luck of the draw. I've had a brilliant one and also one that was right out of university and looked about 20 years old - a complete dimwit I would not trust to run a piggy bank.

    Most premier stuff is silly agreed - free coffee and all that. But there are some perks. When I arrive in a new country last thing I want to do is fill out forms and wait for pin numbers and a credit card and all that fun stuff, I'd rather have that done stuff for me in advance. Why not, if they are offering to do it for you you know? Anyhow, not a huge brand advocate of HSBC or anything, just saying there are some advantages to expats and international types especially compared to their normal 'service' if you can even call it that.

    As far as what people do in branches in HK, no idea. Maybe they are all old people watching stocks?


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