HSBC US registered CC issues

Ginsipper007

Hi

In late 2019, in response to advertised deals (inc on MSE), I switched both my bank account and credit card to HSBC.  I was happy with the offer, signed the papers, and two weeks after everything had been switched, HSBC changed all the terms - interest payable for savings, interest free time on the credit card, free overdraft, etc.  I'm aware they're perfectly within their rights to do this, however, it did seem a cynical move on their part, i.e. huge ad campaign, lots of media coverage, loads of customers recruited, as soon as you're in the door, it's slammed and firmly bolted behind you.

I'd like to transfer the balance on my HSBC credit card (the one that says in big letters on the front of it HSBC UK) but have been unable to do this for several months - using an app which simply returned an unknown error.  Eventually, today, I managed to get through by telephone to the credit card company who's offering the 0% transfer deal, only to be told it's not possible as my HSBC card (the one that says HSBC UK on the front) is actually registered in the US.  I guess I'm now locked into paying interest, have no way out, and seem to have been 'sold' a deal that was really quite badly misrepresented on a range of fronts.

And before anyone says 'Just pay the credit card off,' I could actually do that, but that's not what's grinding my gears.  Instead, I resent being prevented from taking advantage of a very nice 0% transfer opportunity, with a company I've been banking with for years, because HSBC UK have deliberately erected a block to this.  I have looked through the initial paperwork associated with this clearly labelled HSBC UK credit card, and nowhere does it mention US registration.

What would you do, especially considering MSE 'marketed' this deal?

[Deleted User]

Money transfer would be the obvious, low stress route.

ratechaser

What would I do? I'd ask a few more questions about how a card, issued by a UK ring fenced bank - that's a bank that has its business ring fenced within the UK for very specific regulatory reasons - could be somehow registered in the US.

More to this story I suspect...

phillw

CLee said:

I'm now locked into paying interest, have no way out, and seem to have been 'sold' a deal that was really quite badly misrepresented on a range of fronts.

What did they misrepresent? Your main complaint appears to be that you can't transfer the balance to another card, did they ever tell you that you could?

Ginsipper007

While money transfer would be possible, it would also be against the T&Cs of the 0% deal on offer - i.e. it states money transfers should not be used to settle the balance on another CC, instead, balance transfer should be used for this purpose.

Thanks, ratechaser, I think I should ask HSBC more about this banking arrangement.  It was a very straightforward click through from the ad (hosted here at MSE) to make the application as a permanent resident of the UK with no residency elsewhere.  I specifically wanted a UK based bank account and credit card for the reasons you mention.

What did they misrepresent?  The nature of the account.  Do you think that a credit card emblazoned with HSBC UK is accurate when it's actually HSBC US?  Similarly, my statements are headed very clearly with HSBC UK.  All materials associated with these accounts tell me that I will be banking with HSBC in the UK and that this should inspire confidence.  Is that a fair representation or a misrepresentation?  Essentially, what would the average, rational person understand by the way this information was presented to them?  But to answer your question, no they didn't tell me that I would be able to transfer the balance to another card, however, as far as I understand it, they're only required to advise me of restrictions.  They didn't do that.  As a reasonable person, if you'd come across the advertising promo on a British site, and received documentation stating the accounts / customer services were based in the UK, and had cards and statements all marked with HSBC UK, would you 'assume' that your accounts were held here?

eskbanker

CLee said:

Eventually, today, I managed to get through by telephone to the credit card company who's offering the 0% transfer deal, only to be told it's not possible as my HSBC card (the one that says HSBC UK on the front) is actually registered in the US.

Was this call before or after midday?!  Personally I'd question the credibility of their assertion....

molerat

What are the first 4 numbers of your HSBC card ?

How is the card you wish to transfer to going to know what you would be spending a MT amount on ?  Which card is this ?

Edi81

Sounds as though there’s an issue with the numbers in the card. Could be mistakenly registered as US but highly unlikely. 

Why can’t you take out a money transfer card with say MBNA and repay it that way?

Ginsipper007

The call was after midday to a call centre in the UK.  The operative was very helpful.  She even put me on hold, twice, to check with managers.  I've since checked myself on binlist and it confirms Unites States of America.  So the information appears to be correct.

Re: how would the card I wish to transfer to know ... they wouldn't, however, I would be signing a declaration saying that I wasn't going to be using the MT to pay a credit card and so that's essentially fraudulent.  I'm not entirely sure how the solution to misrepresentation is to commit fraud.

Edi81

A money transfer card puts the money into your current account. From there you will be able to make a faster payment to your HSBC card. 

Ginsipper007

OK, to reiterate, not only has the 0% transfer credit card said the HSBC card is registered in the US, binlist itself says the card is registered in the US.

And once again, any MT is only available if it WON'T be paid into a credit card, and I would be signing a declaration to say this.  I don't want to give a false assurance, as basically that's fraud.  Not sure why people keep advising fraud.