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.

 

[QF_Flyer]

Sort of related (in that it’s HSBC) but I have the Premier CC the chop when the fee came in, using a US HSBC Premier CC instead.

The other day, I got an email from SQ and, while not quite as generous as the AC offer a year or so back, it is a decent offer for a card free in the first year, (being the Star Alliance card). Approved very quickly and card in my Apple Wallet while I was overseas, which was good. Doesn’t seem to be any mention of it on HSBC’s website, but that’s fine. Usual exclusion criteria apply. Still hold HSBC Premier banking, but the CC is pretty pointless now, may as well just get the standard Platinum card if you want something earning QF or HSBC points.

 

[QF_Flyer]

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

Agree. Although HSBC is a smaller player here, I like their global presence which seems unmatched. I wonder if they’d do what they’ve done in the US, which seems to be to dump everything except Premier/Private . Much smaller operation/market here though.

I use my US, UK and Expat accounts fairly regularly and HK when I’m there, I’ve also got investments with HSBC SG and not being able to global transfer into those accounts would make life trickier, but not the end of the world.

 

[BJReplay]

CC is pretty pointless now

I still rate the travel insurance as worth the fee.

I also saw the SQ Star Alliance offer, but maybe it is just my wife and I out of the whole world - I don't rate SQ J for sleeping except A350 with the flip over seats that everyone else seems to hate.

We have had some great trips on points with SQ, but find the newer seats in "upgraded" cabins incredibly uncomfortable for sleeping or sitting, so the Cathay transfers are well worth it for us - and we got our only ever op-up from Y to J from MEL to HKG on Cathay, so have a soft spot for them.

 

[Viridis]

The other day, I got an email from SQ and, while not quite as generous as the AC offer a year or so back, it is a decent offer for a card free in the first year, (being the Star Alliance card).

Yes, I got that too but binned quite quickly because I’d already applied for the Premier Card

I don’t need the ‘status’ and the points earn is pretty close isn’t it? 0.8 v 0.75 with a bigger max earn on the Premier Card. And I’m happy with CX as a transfer partner

I’ve got the UK Premier Elite which is 4pts/£1 when spending abroad, which is good if you’re prepared to pay the 3% forex fee. Given that I’ve ditched the CBA Ultimate I don’t have a choice outside Aust/UK so I use it then

Having said all of that, I will go and retrieve the email from the ‘Bin’ and have another look

Just curious, but why do you retain the Expat account when you have accounts locally in the jurisdictions that you need? Doesn’t that just unnecessarily tie up £50k (or at least that’s what it was when I had one). As I say just curious how other people manage this stuff

 

[am0985]

I think I can get the Indian version of this. I'm a British with Australian PR but my dad is Indian (with British citizenship) living in the UK.

We both have HSBC Premier bank accounts based in India and my dad has a card which effectively offers the equivalent of 1.7 points per dollar on all purchases. Foreign exchange fees are minimal too. Apparently I just need to apply for a PAN card.

Does anyone here have this? It can transfer out to Accor Live Limitless at 1:1 which seems like better value than anything outside of international business class tickets. Maybe just as good given there's no need to worry about award availability.