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If You Want a Higher Credit Limit on a New HSBC Credit Card - Apply in Branch
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loveandlight
Posts: 1,200 Forumite
in Credit cards
Thought I would post this message for those of you thinking about applying online for a HSBC credit card.
DO NOT APPLY ONLINE if you want a higher credit limit on your card (more than £1500) with HSBC to do a BT. Apply in branch. The online appln doesn't ask you if you want to do a BT, so your appln is considered without this knowledge and you are then given a much lower credit limit (£1500 or less). If it's not enough to do a BT, you then have to wait six months as they won't consider an increase before then, so you're stuck with a card that you can't do your BT on. This is what has just happened to me.
I have A1 credit and have had my account with HSBC for about 15 - 20 years. I have one of their highest internal behavioural scores ( I'm not bragging - just trying to make a point ). I applied online for their 2.9% card and found out today I have been given a limit of £1500. I need a much higher limit to do a BT. I phoned the bank and they said if I had applied in branch they would have automatically asked if I wanted to do a BT and given me the limit needed to do the BT. As the account has already been opened, I have to wait 6 months and then request a limit increase. This is despite not even signing any paperwork yet!
As one final attempt to get the increase without waiting six months, I called HSBC again and they suggested I go into my branch on Monday and tell them the online appln didn't ask about a BT. The branch can apparently give a lot of weight to a credit limit increase request, so you don't have to wait six months. They told me that a credit card appln is treated much more favourably in branch than online.
DO NOT APPLY ONLINE if you want a higher credit limit on your card (more than £1500) with HSBC to do a BT. Apply in branch. The online appln doesn't ask you if you want to do a BT, so your appln is considered without this knowledge and you are then given a much lower credit limit (£1500 or less). If it's not enough to do a BT, you then have to wait six months as they won't consider an increase before then, so you're stuck with a card that you can't do your BT on. This is what has just happened to me.
I have A1 credit and have had my account with HSBC for about 15 - 20 years. I have one of their highest internal behavioural scores ( I'm not bragging - just trying to make a point ). I applied online for their 2.9% card and found out today I have been given a limit of £1500. I need a much higher limit to do a BT. I phoned the bank and they said if I had applied in branch they would have automatically asked if I wanted to do a BT and given me the limit needed to do the BT. As the account has already been opened, I have to wait 6 months and then request a limit increase. This is despite not even signing any paperwork yet!
As one final attempt to get the increase without waiting six months, I called HSBC again and they suggested I go into my branch on Monday and tell them the online appln didn't ask about a BT. The branch can apparently give a lot of weight to a credit limit increase request, so you don't have to wait six months. They told me that a credit card appln is treated much more favourably in branch than online.
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Comments
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Interesting to know. Though I got a 5K limit on the 0% purchase card that I'm using for a slow stooze, wonder if the lower limits are specific to the 2.9% card?"A child of five could understand this. Fetch me a child of five." - Groucho Marx0
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The 2.9% card is the same as the 0% one. 2.9% is for BT's for 24mths and 0% is for 12mths. Did you get your £5000 limit from applying online?0
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loveandlight wrote: »The 2.9% card is the same as the 0% one. 2.9% is for BT's for 24mths and 0% is for 12mths. Did you get your £5000 limit from applying online?
I am looking for a new credit card as my current card with the Ulster Bank 0% for 6 months runs out next month. I would like one card to put both my £800 - £900 balance transfer on and have 0% for purchases too. I have had a current account with the HSBC (for over 20 years) and a mortgage too. I have had alot of other credit cards over the years and unfotunately not closed them and although I have never been turned down as yet I am worried that I am running out of cards to try. I only work part time so my income isn't high but I always pay over the minimum payment. I know MSE's recommend separate cards for balance transfers and purchases and so far I have managed to avoid this by getting cards that have an equal length of time on both so would you recommend the HSBC card at all and would it be better if I went into my local branch to apply?
Sorry for the long post!!!
(I have had and are currently still open but with no balance - Halifax, Capital One, Barclaycard, Bank of Scotland, GE Money, Natwest so far and I think a couple of others which I can't remember!!)0 -
Hi I am thinking of applying for the HSBC credit card. I already bank with them and have a Next store card but this would be my first Credit Card. Im hoping to get £800 to pay my Car Insurance.. Do you think they would give me such a high limit straight away? Thanks!0
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I got a limit of £2500 on HSBC. Others have given me £8500 so it's rather a difference. I wasn't impressed!
I did apply on line, so thank you for the tip. I may make use of it should I need another one in the future.0 -
Posted by esscuzmeh
Do you think they would give me such a high limit straight away?
Well from my experience you get £1500 if you apply online but if you want more, you should apply in branch. The online appln ask you no questions at all about your income or anything else for that matter so you are better off applying in branch if you need more than £1500.
Wyndham -I have also had much higher limits from other cards and that's why I wasn't impressed either.
jemclajess - I would apply in branch if I were you but have a chat with them first to see what they can offer you, but make sure they don't do a credit check until you are ready for one.0 -
Ok thanks for that, I will be making an appointment soon. Fingers crossed it goes through!0
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