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.
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.
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
Just applied now.
Does anyone know how long the approval takes?
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.
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).
@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.