HSBC/ NatWest/ Santander premier card

comeocome

Anyone who was new to the country and managed to get a credit card from them? I am not sure, but someone says premier credit cards are separate things so they don’t care about a lack of credit history? Would appreciate your experience! Thanks 

WillPS

comeocome said:

Anyone who was new to the country and managed to get a credit card from them? I am not sure, but someone says premier credit cards are separate things so they don’t care about a lack of credit history? Would appreciate your experience! Thanks 

Affordability checking isn't something banks can opt out of, however if you pass the criteria for premier based on income (typically £75k-£100k) this normally won't be a problem.

There are certainly cases of HSBC Premier customers being declined when applied for a (Premier) HSBC credit card. You should be able to talk to a human if this happens, who might be able to help you understand the reason for the decline (i.e. too much credit elsewhere, which might be a fixable problem).

comeocome

WillPS said:

comeocome said:

Anyone who was new to the country and managed to get a credit card from them? I am not sure, but someone says premier credit cards are separate things so they don’t care about a lack of credit history? Would appreciate your experience! Thanks 

Affordability checking isn't something banks can opt out of, however if you pass the criteria for premier based on income (typically £75k-£100k) this normally won't be a problem.

There are certainly cases of HSBC Premier customers being declined when applied for a (Premier) HSBC credit card. You should be able to talk to a human if this happens, who might be able to help you understand the reason for the decline (i.e. too much credit elsewhere, which might be a fixable problem).

My question exactly! How big does the role of income play? I have a decent income, comfortably above what they are asking for a premier account. But not sure if the “computer” system cares? “No 3 year of credit history/ living in the UK? No card!” 

At least when I did the eligibility check of some beginner cards (say NatWest rewards black, Halifax clarity, Barclays rewards etc, yes my goal is a FX free card! I travel often!), then all of them say sorry we can’t give you a card yet. 

For NatWest, i am a new account holder, then the staff says “oh we have to see your income coming in for 3 months first”. Although another staff says “no credit history is not a problem, you have a good salary if you qualify for premier with us.” However, in the process of opening a premier account, they didn’t ask to see proof of income slip?

WillPS

I think you or they might be conflating 'account eligibility' with 'credit card eligibility'. Getting a current account is (rightly) much easier than getting a credit card.

I think you'd be wise to wait 3 months as advised by Natwest. Anything you can do to build up your credit record in the meantime, go for it - see if you can get a contract mobile SIM (make sure you pick a network who reports to credit bureaus - Three, O2, Vodafone, EE all do but the MVNOs vary) or something like that.

If you happen to bank overseas with American Express, HSBC or Santander it might be worth asking those brands over here if they can offer you credit based on previous accounts held with them.

To answer your question income plays a huge role when it comes to credit worthiness but as for 'is it alone enough'... well I'm not sure anybody but the banks themselves can tell you that. Keep doing eligibility checkers. Do all you can to build your credit profile. Book a meeting in a few months time with your Premier account rep and see if there's anything they can do additionally for them (but don't expect them to as ultimately they will have limited wriggle room).

bozo007

I faced a similar challenge when I moved here. But as my employer is a major client for HSBC and because I was in a senior role, they issued a letter requesting HSBC to give me a credit card and I got the Premier credit card after that. Obviously, my salary had to be deposited into a HSBC current account. Separately, because I had an Amex account elsewhere for over 10 years, I went through their Global Transfers team and got the Platinum Cashback card with an excellent limit - just applied online, put in my other card number in the field asking about accounts held elsewhere and the next day, got an email from Global Transfers asking for a copy of my passport as proof of identity. I sent that via email and the card was delivered a few days later.

comeocome

bozo007 said:

I faced a similar challenge when I moved here. But as my employer is a major client for HSBC and because I was in a senior role, they issued a letter requesting HSBC to give me a credit card and I got the Premier credit card after that. Obviously, my salary had to be deposited into a HSBC current account. Separately, because I had an Amex account elsewhere for over 10 years, I went through their Global Transfers team and got the Platinum Cashback card with an excellent limit - just applied online, put in my other card number in the field asking about accounts held elsewhere and the next day, got an email from Global Transfers asking for a copy of my passport as proof of identity. I sent that via email and the card was delivered a few days later.

Thanks a lot! How nice of your employer, and I am surprised that HSBC also has a “human” side and not just “the computer says no. Declined!” To confirm, did you first try to apply for HSBC Premier credit card on your own, before asking the company to do that for you? 

I also got the AMEX via global transfer. Am just looking for a FX free travel card and/ or Visa/ Mastercard! 

comeocome

WillPS said:

I think you or they might be conflating 'account eligibility' with 'credit card eligibility'. Getting a current account is (rightly) much easier than getting a credit card.

I think you'd be wise to wait 3 months as advised by Natwest. Anything you can do to build up your credit record in the meantime, go for it - see if you can get a contract mobile SIM (make sure you pick a network who reports to credit bureaus - Three, O2, Vodafone, EE all do but the MVNOs vary) or something like that.

If you happen to bank overseas with American Express, HSBC or Santander it might be worth asking those brands over here if they can offer you credit based on previous accounts held with them.

To answer your question income plays a huge role when it comes to credit worthiness but as for 'is it alone enough'... well I'm not sure anybody but the banks themselves can tell you that. Keep doing eligibility checkers. Do all you can to build your credit profile. Book a meeting in a few months time with your Premier account rep and see if there's anything they can do additionally for them (but don't expect them to as ultimately they will have limited wriggle room).

Well I did read it from other forums that people new to the country also got HSBC premier credit card right away upon opening an account, and recently. And I do have a friend who was new to the UK, and opened a Santander account, and then immediately got a credit card. She has a good salary, which should be comparable to mine. That’s why I am curious if others have a similar experience, before I officially apply for one at Santander, only to get rejected and be left with a hard credit check… 

artyboy

Banks with 'premier' tier accounts often put in their marketing blurb that on getting that account, you will be eligible to apply for a 'premier' version of their credit card. The important thing to realise is that just because they let you apply, it doesn't mean you'll be accepted. You've simply cleared the first hurdle regarding eligibility...

Personally, while a premier bank account is a nice little earner for me, I have no interest in any card equivalent that my bank offers - I just go with the card that pays me the best cashback!

Marchitiello

I was new to the country, albeit i immigrated permanently to start my university studies, I had come for the previous two summers to works and study and thus opened an account at 17. I have also helped many fellow EU immigrants over time and I can tell you that they did obtain a CC much earlier than three years, some times within 6 months or less. The trick was to register them straight away on the electoral roll and open/register themselves on some household bills and/or take a phone contract. You may only get their basic card initially and potentially with a low credit limit, but could later product swap to the version you aim for.

as an additional point of reference, I have Premier accounts with more then one UK bank, and when I opened my HSBC Premier Account and Card (done at the same time, in branch, with a Premier manager), I got offered a 5 digit overdraft facility (which I declined for a much lower limit) but only a 4 digits CC limit, which I was then able to double within 6 months of usage and since increased again.

comeocome

Marchitiello said:

I was new to the country, albeit i immigrated permanently to start my university studies, I had come for the previous two summers to works and study and thus opened an account at 17. I have also helped many fellow EU immigrants over time and I can tell you that they did obtain a CC much earlier than three years, some times within 6 months or less. The trick was to register them straight away on the electoral roll and open/register themselves on some household bills and/or take a phone contract. You may only get their basic card initially and potentially with a low credit limit, but could later product swap to the version you aim for.

as an additional point of reference, I have Premier accounts with more then one UK bank, and when I opened my HSBC Premier Account and Card (done at the same time, in branch, with a Premier manager), I got offered a 5 digit overdraft facility (which I declined for a much lower limit) but only a 4 digits CC limit, which I was then able to double within 6 months of usage and since increased again.

When you said EU citizens who moved to the UK, did they have a high income? Did the EU passport make it easier vs other nationalities? 

How long did it take them to move from a non usable low limit credit card to a good rewards card/ proepr limit? 

Actually, is it a good thing to get the overdraft? (Not that I would ever use it). 

Perksy5

comeocome said:

Anyone who was new to the country and managed to get a credit card from them? I am not sure, but someone says premier credit cards are separate things so they don’t care about a lack of credit history? Would appreciate your experience! Thanks 

So all banks have their own lending criteria. 

The good thing about having a relationship with premier banking is if you are premier qualifying, you're going to be making the bank money in the long term. You are the exact kind of customer they want.

If you meet their internal category to have a named premier relationship manager, they'll likely be looking to fight your corner.

We used to have several options at our disposal to overturn declined lending applications on the basis that a customer was premier qualifying, and paid that income into their bank account with us every month. If the salary was paid elsewhere, it wouldn't have been the same service.

So if you've found a premier bank account you like the sound of, enquire if they still have premier relationship managers and go down that route to build that relationship. It'll do you wonders.

As for eligibility for lending if new to the country, as I said all banks have their own policy. I'd probably say 3-6 months of residency is the norm, in addition to them seeing your income paid into the bank account too.
In rare cases, if armed with enough evidence, contract that evidences salary on a permanent basis, a payslip or two, you might be ok for any appeals if declined and request a manual review of the application.