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Current consensus on HSBC?

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My searchfu doesn't seem to be working well these days as a search just on HSBC only yielded seven threads here...but I remember much discussion in years past,

 

What is the current consensus on HSBC?  Years ago, I had the Weekender card but it went by the wayside when CrapOne entered the picture (I try to avoid their cards at all costs).  I was looking to add something else on the Mastercard network to try and even out my balance, and the 3% for the first year for the Cash Rewards card doesn't seem too horrid.  It drops to 1.5% after the first year, so it becomes a sock-drawer card at that point.  The no FTF fee is worthwhile from the standpoint of other options whilst traveling just because options are a good thing.  No annual fee.  

 

Anyone with recent experiences care to chime in and potentially talk me off of the ledge? 

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I've had the Cash Rewards MC for a little over two years now. Not a flashy card. It is what it is.

 

As far as dealing with HSBC in general, I've had no negative complaints.

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I've been mulling going premier and getting their "elite" premier card just out of boredom. There is a pre-screened hsbc site for its mainline cards. nothing exciting but boredom may be transcended.

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So if I have it correct, open checking, $5k per month DD, get $700 CB and Premier status so then you can app the Elite card? 

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4 hours ago, shifter said:

So if I have it correct, open checking, $5k per month DD, get $700 CB and Premier status so then you can app the Elite card? 

 

 

 

"To qualify for an HSBC Premier relationship, you need to open an HSBC Premier checking account and maintain balances of $75,000 in combined U.S. Dollar personal deposit accounts and investment balances* OR recurring direct deposits totaling at least $5,000 from a third party to an HSBC Premier checking account(s) per calendar month OR an HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000. Business owners may use their qualifying HSBC U.S. Dollar commercial balances to qualify for a personal Premier relationship. A monthly maintenance fee of $50 will be incurred if one of these requirements is not maintained. "

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It says third party deposit but it's unknown if they really check. 

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1 hour ago, hegemony said:

does direct deposit include ACH? I've always assumed so.

Officially no but in practice many do count. Whatever you do, don't ask this question of anyone at the bank.

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Based on $ and cents it not a good investment for the very high end HSBC cards. I opened a checking account with 10k a couple of years ago and after 60 days got a $350  bonus plus an Advance credit card(kind of meh but not terrible). After I received the bonus closed out the checking account and was told there would be a $45 annual fee for the card but have yet to be charged. It's much better to keep the $75K and even invest at 1.9% or the hassle of DD of 5K per month for the $750 and a few other perks plus the $395 annual fee for the elite.

Edited by StantheMan

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11 hours ago, centex said:

 I was looking to add something else on the Mastercard network to try and even out my balance, and the 3% for the first year for the Cash Rewards card doesn't seem too horrid.  It drops to 1.5% after the first year, so it becomes a sock-drawer card at that point.  The no FTF fee is worthwhile from the standpoint of other options whilst traveling just because options are a good thing.  No annual fee.  

 

Anyone with recent experiences care to chime in and potentially talk me off of the ledge? 

 

No experience with the card, but the $10k cap on spending under the 3% promo cb rate is a tad disappointing.  Discover It does 3% on $20k in the first year.

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14 hours ago, centex said:

Anyone with recent experiences care to chime in and potentially talk me off of the ledge? 

Jump!!!  
 

I have quite a bit of experience with HSBC and all of it, surprisingly, not too bad.  Before I begin, though, their credit cards are nothing except for the SUBs in conjunction with no FTF.

 

I started with HSBC decades ago and ended up getting pimped out to CapOne which, in my view, was a positive.  About a year or so ago I was looking for a high-yield savings account and a friend recommended HSBC.  A no-hassle 2% was not bad, so I opened an account.  At the same time I got a pre-approval for their Rewards MC.  At that time the SUB was something like $300 plus 2% for a year.  At Hege's urging, I applied.  The starting limit wasn't very high -- only $15k.  After a few months I asked for a CLI and got a hard INQ and increase to $25k.  My understanding is that had I waiting until the 6th month it would have been a soft.

 

The card itself is blah, but I like the no FTF and the fact that the points post immediately after the transaction posts.  
 

What I like best about HSBC Premier is that if you are Prime in the US, you are Premier everywhere HSBC has a branch.  I used my status as Premier in the US to open an account in China and get Premier status.  HSBC in China presents very unique options to circumvent all currency restrictions imposed by the Chinese government and there are no fees at all for overseas currency movement.  I can dump money into my HSBC China account and use their Global Transfer platform and have that money sitting in the US within seconds.  No fee!

 

As far as their banking goes, their domestic transfers are slower than hell.  Never push / pull from the HSBC platform.  Do it from your external bank.  
 

If you need customer service and you are not Premier, you are fooked.  All their phone staff are from India and the dumbest turds this side of Jupiter.  After going Premier, things improve and you get great service from good CSRs in the US or a Philippines.  I have a dedicated rep, but only during working hours.  
 

They have a problem with addresses only on the credit card side.  Your address can not contain more than one line and a certain number of characters.  If you use more than one line, it all gets squeezed into the first line.  No matter what is on the first line, they have a character count limit.  If, for example, your address is 1234 Hiawatha Boulevard, it will be truncated to 1234 HwthBlvd.  And that's what they report to the credit bureaus.  
 

I complained about this for months, but this address change department is controlled by Indians.  Finally I CFPB'd them and got $250 and a lame excuse about how their system needs to be updated.  

 

12 hours ago, hegemony said:

There is a pre-screened hsbc site for its mainline cards. nothing exciting but boredom may be transcended.

That only works for those who are not customers of HSBC in any manner.

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8 hours ago, PotO said:

Jump!!!  
 

I have quite a bit of experience with HSBC and all of it, surprisingly, not too bad.  Before I begin, though, their credit cards are nothing except for the SUBs in conjunction with no FTF.

 

I started with HSBC decades ago and ended up getting pimped out to CapOne which, in my view, was a positive.  About a year or so ago I was looking for a high-yield savings account and a friend recommended HSBC.  A no-hassle 2% was not bad, so I opened an account.  At the same time I got a pre-approval for their Rewards MC.  At that time the SUB was something like $300 plus 2% for a year.  At Hege's urging, I applied.  The starting limit wasn't very high -- only $15k.  After a few months I asked for a CLI and got a hard INQ and increase to $25k.  My understanding is that had I waiting until the 6th month it would have been a soft.

 

The card itself is blah, but I like the no FTF and the fact that the points post immediately after the transaction posts.  
 

What I like best about HSBC Premier is that if you are Prime in the US, you are Premier everywhere HSBC has a branch.  I used my status as Premier in the US to open an account in China and get Premier status.  HSBC in China presents very unique options to circumvent all currency restrictions imposed by the Chinese government and there are no fees at all for overseas currency movement.  I can dump money into my HSBC China account and use their Global Transfer platform and have that money sitting in the US within seconds.  No fee!

 

As far as their banking goes, their domestic transfers are slower than hell.  Never push / pull from the HSBC platform.  Do it from your external bank.  
 

If you need customer service and you are not Premier, you are fooked.  All their phone staff are from India and the dumbest turds this side of Jupiter.  After going Premier, things improve and you get great service from good CSRs in the US or a Philippines.  I have a dedicated rep, but only during working hours.  
 

They have a problem with addresses only on the credit card side.  Your address can not contain more than one line and a certain number of characters.  If you use more than one line, it all gets squeezed into the first line.  No matter what is on the first line, they have a character count limit.  If, for example, your address is 1234 Hiawatha Boulevard, it will be truncated to 1234 HwthBlvd.  And that's what they report to the credit bureaus.  
 

I complained about this for months, but this address change department is controlled by Indians.  Finally I CFPB'd them and got $250 and a lame excuse about how their system needs to be updated.  

 

That only works for those who are not customers of HSBC in any manner.

I just have a regular peasant checking account and HSBC credit card. I could never justify tying up US$75,000 to qualify for HSBC Premier (it used to be $100,000). They say that can includes investments. If that includes transferring a mutual fund and some stocks (like my McDonald's) into an HSBC investment/brokerage account, I could swing that, but I still would have to think about it.

 

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if I open premier it will be to make hsbc one of our mainstays since it has a good footprint in the countries we travel to a lot. We're also being courted by UBS, but the local people I met with are pretty snotty. UBS, however, has one of the lowest thresholds for "private" banking compared to Chase and others. Perhaps I should start a thread of a VLOG (LOL) about the pros and cons of the various "private" banks we've talked with.

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3 hours ago, hegemony said:

if I open premier it will be to make hsbc one of our mainstays since it has a good footprint in the countries we travel to a lot. We're also being courted by UBS, but the local people I met with are pretty snotty. UBS, however, has one of the lowest thresholds for "private" banking compared to Chase and others. Perhaps I should start a thread of a VLOG (LOL) about the pros and cons of the various "private" banks we've talked with.

My spouse has  "private" banking with UBS and she has nothing but praise for the service she receives. Call backs within minutes or same day meetings on demand not to mention sound advice for investments etc.s. So apparently YMV when it comes to UBS. You are correct on the point of not having to be a huge investor. 

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10 hours ago, centex said:

I went ahead and pulled the trigger on the Cash Rewards card...so far, there have been two softs on EQ.  One was the pre-qual pull and the other is listed as an ID pull.  We'll see what happens...


Unless you had a pre-qual, it takes them a few days.  

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5 hours ago, StantheMan said:

My spouse has  "private" banking with UBS and she has nothing but praise for the service she receives. Call backs within minutes or same day meetings on demand not to mention sound advice for investments etc.s. So apparently YMV when it comes to UBS. You are correct on the point of not having to be a huge investor. 

I am leaning toward UBS because of its huge global footprint and "only" $2,000,000 minimum (compared to JP Morgan and Goldman SAchs with $10,000,000).

 

HSBC's "private" bank is $5,000,000 but all the people I talked to said in reality they are desperate for a "mere" $500,000 gets you in the door.

 

 

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8 hours ago, hegemony said:

if I open premier it will be to make hsbc one of our mainstays since it has a good footprint in the countries we travel to a lot. We're also being courted by UBS, but the local people I met with are pretty snotty. UBS, however, has one of the lowest thresholds for "private" banking compared to Chase and others. Perhaps I should start a thread of a VLOG (LOL) about the pros and cons of the various "private" banks we've talked with.


It depends on where you travel.  In Asia or South America, the chances of finding a UBS are about the same as finding a solid gold turd floating in your toilet bowl every morning.  
 

... or the chance of CV's neighbors actually getting their UPS deliveries.  

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33 minutes ago, PotO said:


It depends on where you travel.  In Asia or South America, the chances of finding a UBS are about the same as finding a solid gold turd floating in your toilet bowl every morning.  
 

... or the chance of CV's neighbors actually getting their UPS deliveries.  

mostly SEA, Japan, and Korea along with South America. UBS doesn't have the retail of others like chase and hsbc which is its biggest strike against it (other than the LV office snottiness). By huge global footprint of UBS I mean its wealth management offices and its mere size of about > $2,000,000,000,000 in AUM.

Edited by hegemony

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9 hours ago, Burgerwars said:

I just have a regular peasant checking account and HSBC credit card. I could never justify tying up US$75,000 to qualify for HSBC Premier (it used to be $100,000). They say that can includes investments. If that includes transferring a mutual fund and some stocks (like my McDonald's) into an HSBC investment/brokerage account, I could swing that, but I still would have to think about it.

 


IMO, a well diversified portfolio includes cash as well as pretty paper and fancy baubles.  Their 2% isn't very good, but it is a hell of a lot better that the standard 0.001% everybody else pays.  Then there is the extra added bonus that it saves me $1,200 a year in various currency exchange and international wire transfers fees.  Add in the fact that it allows me to skirt stupid Chinese currency restrictions, I think it's a bargain.  

Edited by PotO

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34 minutes ago, hegemony said:

mostly SEA, Japan, and Korea along with South America. UBS doesn't have the retail of others like chase and hsbc which is its biggest strike against it (other than the LV office snottiness). By huge global footprint of UBS I mean its wealth management offices and its mere size of about > $2,000,000,000,000 in AUM.


Never seen any UBS in South America.  They might have a robust presence in Venezuela.  🤣

 

Same with SEA.  
 

HSBC is the bank of choice for international drug -- er, I mean chemical -- dealers. 

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