HSBC Switch - no bonus - wrong account opened

Nasqueron

beyondthejoke said:

[Deleted User] said:

Their scoring will include an element of profitability i.e. what they can sell and lend to you. 
If they think this is too low then you may be rejected or given a different product (like what happened here).

I would personally chalk this one up to experience and use it for another switching offer as you don't seem enamoured with HSBC.

thanks - you are probably right - I've got a high credit score because I have very few debts/loans and always pay my credit card bill on time, which is probably not the kind of customer HSBC is going to make much out of!

Just to note again, your "high" credit score means nothing

A credit card makes the lender plenty of money even if you pay on time, the merchant fees primarily - obviously not as much as someone paying interest but still revenue. If the bank account is in your name and you pay stuff by debit card they get fees there too

[Deleted User]

Nasqueron said:

beyondthejoke said:

[Deleted User] said:

Their scoring will include an element of profitability i.e. what they can sell and lend to you. 
If they think this is too low then you may be rejected or given a different product (like what happened here).

I would personally chalk this one up to experience and use it for another switching offer as you don't seem enamoured with HSBC.

thanks - you are probably right - I've got a high credit score because I have very few debts/loans and always pay my credit card bill on time, which is probably not the kind of customer HSBC is going to make much out of!

Just to note again, your "high" credit score means nothing

A credit card makes the lender plenty of money even if you pay on time, the merchant fees primarily - obviously not as much as someone paying interest but still revenue. If the bank account is in your name and you pay stuff by debit card they get fees there too

This is no longer true. 

They don't make lots of money with the interchange fees anymore since the UK adopted the EU/EEA interchange caps when it was a member.

They have to absorb onboarding, admin, fraud, chargeback/ S75 costs plus possibly points. 

Nasqueron

[Deleted User] said:

Nasqueron said:

beyondthejoke said:

[Deleted User] said:

Their scoring will include an element of profitability i.e. what they can sell and lend to you. 
If they think this is too low then you may be rejected or given a different product (like what happened here).

I would personally chalk this one up to experience and use it for another switching offer as you don't seem enamoured with HSBC.

thanks - you are probably right - I've got a high credit score because I have very few debts/loans and always pay my credit card bill on time, which is probably not the kind of customer HSBC is going to make much out of!

Just to note again, your "high" credit score means nothing

A credit card makes the lender plenty of money even if you pay on time, the merchant fees primarily - obviously not as much as someone paying interest but still revenue. If the bank account is in your name and you pay stuff by debit card they get fees there too

This is no longer true. 

They don't make lots of money with the interchange fees anymore since the UK adopted the EU/EEA interchange caps when it was a member.

They have to absorb onboarding, admin, fraud, chargeback/ S75 costs plus possibly points. 

I said plenty, not lots

I have previously pointed out to you in a previous post how lenders make money even from good customers, you skipped over most of the points 

I have no interest in debating this, please refer to my previous point debunking this idea. Lenders wouldn't offer CC to good customers, indeed, wouldn't offer premium cards like those with cashback, if they didn't make money from you