Upgrading HSBC debit card

CIMA_LOVER

I have held my account with HSBC since 2000, with a solo debit card, but now I want to upgrade it to a Switch/Maestro card.

I there is regulars moneys going in the account over £1000 a month (not salary).

I have also recently been granted a £400 overdraft and a £1800 HSBC credit card since Oct 2005.

I have a cheque book, and the account has been in good conduct for over a year, and is used daily!

Do I have a chance for a upgrade? Experiences and thoughts welcome. :T

_Andy_

All you need to do is ring telephone banking and ask. (Tip: use the DDI 01226 261010 rather than the 08457 number). It will be a straight yes or no and no need to credit search, etc. Usually you will have a flag on your account which would prompt the rep to offer this. Really depends on your internal credit scoring (bear in mind that frequent use of your cashpoint card would reduce this).

sunflower_2

_Andy_ wrote:

All you need to do is ring telephone banking and ask. (Tip: use the DDI 01226 261010 rather than the 08457 number). It will be a straight yes or no and no need to credit search, etc. Usually you will have a flag on your account which would prompt the rep to offer this. Really depends on your internal credit scoring (bear in mind that frequent use of your cashpoint card would reduce this).

does this go for upgrading basic accounts also?

do u always get a solo card with HSBC or do they just give cashcards for their basic accounts?

CIMA_LOVER

_Andy_ wrote:

Usually you will have a flag on your account which would prompt the rep to offer this. Really depends on your internal credit scoring (bear in mind that frequent use of your cashpoint card would reduce this).

Why would using my SOLO hsbc debit card reduce my internal credit scoring??????????????????????????? :eek:

KTF

Have you called them up and asked yet? That will be a lot quicker than asking on here.

_Andy_

I didn't say using your 'solo debit card', I said using your cashcard (you can use your card at the cashpoint as well as a debit card). Internal credit scores are generally reduced for very frequent cashcard use on any account, regardless of whether it has a Solo or Maestro (formerly Switch) card.
My point was that, if you were a heavy cashpoint user, this may be impacting your internal score.
As pointed out above though, just ring telebanking and you will know instantly,

CIMA_LOVER

_Andy_ wrote:

I didn't say using your 'solo debit card', I said using your cashcard (you can use your card at the cashpoint as well as a debit card). Internal credit scores are generally reduced for very frequent cashcard use on any account, regardless of whether it has a Solo or Maestro (formerly Switch) card.
My point was that, if you were a heavy cashpoint user, this may be impacting your internal score.
As pointed out above though, just ring telebanking and you will know instantly,

I understand that, but why are internal credit scores reduced for very frequent cashcard use??????????????????????????????? :eek: What so special about taking cash out from your current account that is lowers your score??? I think you are mistaken.

MPH80

CIMA_LOVER wrote:

I understand that, but why are internal credit scores reduced for very frequent cashcard use??????????????????????????????? :eek: What so special about taking cash out from your current account that is lowers your score??? I think you are mistaken.

I have to say - I've never heard of it before - but the reason would be fairly obvious.

It's relatively simple if you think about it ...

If you withdraw your cash through a cashpoint - you aren't as profitable as someone who either:

a) leave their cash in place (thus allowing the bank to invest it)

or b) Uses a debit card - which allows the bank to charge the retailer.

M.

_Andy_

I work for HSBC and unfortunately frequent cash withdrawals do affect your internal credit score. Trust me, this is the case. I even experimented by making heavy use of the cashcard to see if it affected my score, and it did. I was merely trying to give you some tips by stating that, I'm not going to get drawn into a discussion of whether the bank's system should be doing that or not.

RichyRich

CIMA_LOVER wrote:

I understand that, but why are internal credit scores reduced for very frequent cashcard use??????????????????????????????? :eek: What so special about taking cash out from your current account that is lowers your score??? I think you are mistaken.

The poster is not mistaken, at least in the case of Abbey.

Your Behavioural Score (akin to the Internal Credit Score) was increased when you used:-

Direct Debits
Cheques
Debit Card Transactions
Standing Orders
Overdraft

And lowered for cashpoint use.

The reason we always got told was because the underwriters get very suspicious when they don't know where the money is going. I think it's more likely because the former transactions are more profitable for the bank!

Also, almost anyone can get a cashpoint card. When you receive additional facilities, you are expected to use them. After all, why should the bank offer you additional facilities if you don't use the ones you already have [their point of view not mine]?

Your Internal Score is also increased the more products you have with the financial instution. At Abbey, there were 2 scores, which were the Customer Relationship Index and the Account Behavioural Score. The CRI was a score of how good a customer you were in terms of the accounts you held, whereas the Account Behavioural Score was a score of how good a customer you were in terms of the operation of that particular account. Both are taken into consideration in lending decisions.

The only way to find out if you're eligible for an upgrade is to ask. Now ring them up and find out, instead of criticising the quality of the information people here are trying to help you with. If you don't believe us about how Behavioural Scores are calculated, ask your bank how to increase your chances of a card upgrade. I would be williing to bet good money that they turn around and say use the facilities you have - pay by debit card where possible, pay bills by DD, use Internet Banking, reduce cashpoint use, etc. They will normally need to see around 3-6 months of this "good" behaviour before considering an upgrade. It is also unlikely that they will divulge your score to you, or tell you the score that needs to be attained before an upgrade is available.

Rich

RichyRich

sunflower wrote:

does this go for upgrading basic accounts also?

do u always get a solo card with HSBC or do they just give cashcards for their basic accounts?

(I believe) they only give ATM Cards for Basic accounts, but saw a poster in the window of the Cambridge branch yesterday saying if you've had your basic account for 6 months or more and have money paid in and haven't been overdrawn you may be eligible to be upgraded to the full bank account. I think you had to ask in-branch, but might be worth giving them a ring?

RIch