HSBC Premier credit card - too good to be true?

[BJReplay]

If it's NAB, expect the credit cards to be 'nabbed'. You just have to read the Citibank forum to see what NAB are now doing to those cards.

As an ex-Citi card holder, holding accounts that were transitioned to NAB, I don't need to visit the forums, I'm living them.

The best thing was two years after the transition, about a month ago, some idiot at NAB decided to clean up email addresses, and where the email address at NAB didn't match the email address at CitiBank when they acquired the business, change the email address at NAB back to the email address imported from CitiBank - even if that address was no longer in use.

That's after they closed the accounts they transitioned without warning a year after the transition.

 

[Viridis]

That exact thing could happen soon... AFR reported that HSBC was looking to sell their Australian retail operations in July and had appointed Citi to advise, and in this report from 2 months ago, now NAB is the frontrunner with ING a possibility. Others ruled out because they are too small, too large, or don't operate a credit card portfolio anymore (Macquarie).

HSBC’s retail operations are National Australia Bank’s to lose

As Citi receives bids for HSBC’s retail banking operations, some close to the process say demand would be stronger if the assets were split up.

www.afr.com

If it's NAB, expect the credit cards to be 'nabbed'. You just have to read the Citibank forum to see what NAB are now doing to those cards.

Yes, thanks, I'd actually read that article and that's what I was alluding to. A shame if it happens.

 

[Viridis]

We had similar experiences with the Star Alliance cards - $20k each, with simple approval.

However, when I applied for HSBC Premier about 8 months after closing Star Alliance, I was knocked back.

I recently took the opportunity to re-apply while employed again (albeit under a casual contract) after I'd been earning for a few months and had lodged my tax return, and was offered a $10k limit - compared with CBA who offered me $40k.

I just can't figure banks approval processes out.

BankWest platinum fee free credit for my fallback - I'm holding CBA until our trip next year, but will then close, and keep BankWest as my fallback card.

Yeah, always a risk even for large foreign banks that they decide that their Australian banking operations simply aren't profitable enough to keep operating.

CBA offered me A$8000.

Got a Qantas Titanium card. Got $50k+ without so much much as a blink

Went back to Commbank after 12mths and they upped to $12k. Hardly used it, rewards programme was trashed and I gave it back

Applied to HSBC and they gave me $30k and asked no questions about the QF card etc etc.

Would have been happy to lower the credit limit on the QF Card if that were required to secure the HSBC card but not give it up in case HSBC is sold (I'm getting close to retirement so want to have my ducks in a row for when I do)

But yes, I agree

I just can't figure banks approval processes out.