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HSBC Credit Card (Visa) - No Annual Fee for The Life of The Card + $50 Back after First Spend

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HSBC Credit Card (Visa) - No Annual Fee for The Life of The Card + $50 Back after First Spend
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HueyData on 29/12/2009 - 10:51 hsbc.com.au (2463 clicks)

The HSBC Credit Card (Visa), with no annual fee for the life of the card, was offered with $50 credit previously in October. However, the conditions for obtaining that $50 credit were relatively difficult.

Fortunately, HSBC is now offering $50 back on your card when you make your first spend# as part of its "Hot Summer Sale".

There's no better time to take up a credit card with HSBC. Take advantage of our Hot Summer Sale, featuring the HSBC Credit Card.

  • $0 annual fee for life^
  • $50 back on your card when you make your first spend#
  • Instant discounts both locally and overseas with our home&Away Privilege Program

Sale ends 26 March

(Promotional interest rates for home loans and for the Online Savings Account are the other offers in the sale.)

Disclaimers:

  • Credit provided by HSBC Bank Australia Limited ABN 48 006 434 162.
  • Fees, charges and lending criteria apply.
  • Terms and conditions apply and are available on request.
  • Lending criteria applies
  • ^ Offer available for completed HSBC Credit Card applications received until 26/03/10 and are subject to HSBC's lending criteria.
  • Interest rates can be found at www.hsbc.com.au, are current as at 29/12/09 and are subject to change.
  • Normal Privilege Program terms and conditions apply.
  • This special offer is only available while you remain a customer of HSBC.
  • HSBC cardholders who have previously cancelled the same card type as the new card they are applying for may not be entitled to any promotional offers.
  • #$50 credit is not transferable.
  • Limited to one $50 credit per customer.
  • To receive the $50 credit, you must activate and spend on your new HSBC Credit Card after approval of your card.
  • Any Card fees, Balance Transfers or Cash Advances do not count towards your initial spend.
  • Your card account must not be in arrears to qualify.
  • Please allow up to three statement periods from the end of this promotion for your $50 credit to appear on your statement.
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closed Comments

  • modsec802 on 29/12/2009 - 11:07
    +1

    Constantly applying for credit cards can look bad on your credit file.
    The problem is your credit file doesn't record when you've closed a credit account, only every time you apply for one.

    • proudwanderer on 29/12/2009 - 11:40
      +3

      "The problem is your credit file doesn’t record when you’ve closed a credit account, only every time you apply for one."

      That just sounds illogical.

      Who in the world invented this "credit file" stuff?

      Why should someone who "applies" for 100 credit cards and subsequently cancels them all be worse off than the owner of 10 credit cards?

      Going by that logic … if I know your name, address, license no., tax file no. etc … I can "apply" for a million credit cards online and destroy your credit file?

      Of course, you're not going to activate any of them … but that doesn't matter if they only bother to record what you "apply" for!

      • modsec802 on 29/12/2009 - 12:03

        It's not logical but it is true. Unlike the US system that records current outstanding balances, Australia's only records applications, and overdue accounts.
        An example file is here: http://www.vedaadvantage.com/dotAsset/507289.pdf

        So you are right, someone who opens/closes 100 accounts does look worse than someone with 10 open credit cards, but I don't think someone could open 100 accounts, banks simply wouldn't allow it once they saw a pattern on your file :) But the 100 rejections would still be recorded. :(

        • proudwanderer on 29/12/2009 - 12:26
          +1

          Then the system is flawed and needs to be changed!

          Why hasn't anyone kicked up a fuss … and taken them to court or something?

          A few stories on Today Tonight or ACN should start the ball rolling

          A flawed system such as this should not be allowed to continue to function

        • SomeGuyOnOzB on 29/12/2009 - 15:03

          Warning: I am not familiar with credit file systems. I Googled and found some advice on "Understanding your Credit File" for Australia

          This says

          Your credit file can contain the following information:

          • personal details such as: name, residential address, date of birth, driver's licence number:
            • credit applications and enquiries you have made during the past five years (the file records applications for credit, not actual approvals of credit.)
            • notation that a credit provider with whom you have a credit account is a "current credit provider"
            • overdue accounts (defaults) which may have been listed against your name
            • public record information such as
              o directorships and proprietorships
              o bankruptcy information
              o judgments and court writs

          So … it sounds like, if you made 100 applications withinin 5 years, then that will show up.
          But if you make 4 credit card applications a year … then your file might only show 20 applications

          Note that in the sample PDF mentioned above, they listed applications from the years 2004 - 2009, which may or may not fit the definition of "within 5 years", depending on how that is defined. eg This year + up to 5 years ago could mean this year (1/1/2009 to 31/12/2009) through to 5 years ago (1/1/2004).

          That page also says

          Credit rating/credit scoring

          Veda Advantage does not hold a score or credit rating on your credit file. Nor does Veda Advantage make recommendations about whether an application should be accepted or declined.

          Some credit providers use scores as part of their credit risk assessment process. The score or scores may look at information on your application or your credit file or both. The score is, typically, used in conjunction with the credit providers own lending criteria..

          Each credit provider, whether or not they use scoring, applies their own lending criteria when assessing applications for credit. That's why one credit provider may approve your application while another may decline it.

          I'm wondering though, is there anyone here who really works for a bank's lending department?

          Does having 25 credit applications really hurt one's application for a mortgage (or indeed, for other credit cards)?

          Does it just mean, maybe, the application process takes a little longer while there is follow up with other institutions … or even, almost no difference if the only important thing is how many overdue payments one has?

          Also, it should be noted, that different institutions have different assessment processes. So what one considers important may be looked over by another.

          • SomeGuyOnOzB on 29/12/2009 - 15:20
            +1

            @SomeGuyOnOzB: Also note, you have more chance of getting a loan, with a heap of credit applications and a few overdue payments, than you do without ever having gotten any credit.

            The credit check for a home loan wants to see, if you have experience handling credit (be it good and/or bad).

          • dragonrabit on 30/12/2009 - 01:18
            +1

            @SomeGuyOnOzB: rule of thumb (when i was working in the lending dept before), every $1k on your credit card limit reduce $5k that you can borrow from your mortgage.

            yes, the bank got your credit card history, let says on the credit card history in the last 5 years u got 20 credit card, then u apply mortgage and u just declare u got only 5. what the bank need is a letter from your other 15 credit card that you have closed before.

            and if u hold ur bank account the same as your lender, they can do checking from your transaction everyone, who do u pay in monthly basis.

            so if declare on your credit card application that u don't have cc at all, they know that u are lying.

            what i have done in the past, 1 month before i apply my home loan. i close some of my credit card that i don't use it. and remember keep all the letter that the bank sent to you about closing your credit card.

            the other thing that the bank look at your credit card history is your arrears on your other loan. example, have ever declare bankrupt? or have u been late paying ur bill more than 60 days.
            more you have this bad things on your credit card history, more likely the bank/lender won't give u the loan.
            why? common sense, who want to lend their money to the people has bad habit not paying their loan? would you?

    • Lenneth on 29/12/2009 - 13:03

      Do you know how long it stays on file? Looks like they record a lot of things not just credit applications but phone applications as well. So I would assume mobile, power, internet and gas would be there too. Thats a lot of things that many people would commonly use.

      • batsxs on 31/12/2009 - 11:25

        the example said 5 Y

  • Lawrence on 29/12/2009 - 11:16
    +1

    If you do not already have a no fee credit card. This is an ok deal, just for the $0 fee for the life of the card.

    If you already have a card, a measly $50 should not really be considered a bonus when considering the health of your credit file.

  • corrad on 29/12/2009 - 11:26

    wow, one has to spend >$500 each month for the first 3 months to get the $50 credit.

    • retiredfeline on 29/12/2009 - 12:46
      +1

      Ah I knew there was a catch somewhere. Thanks for the info.

    • newington07 on 29/12/2009 - 15:35

      Hi, where does it say you have to spend $500+ for the first 3 months? I couldnt find it.
      Thanks.

    • HueyData on 29/12/2009 - 18:32
      +2

      That was the old deal. The text of which has not yet been removed from the HSBC Credit Card information page, but note the information at the bottom: "Offer ends 24/12/09."

      The Hot Summer Sale information says only $50 back on your card when you make your first spend#.

      • surat on 29/12/2009 - 19:56

        I just activated last week, do I entitled for the old one or the new one? anyone knows?

        • zzyss on 29/12/2009 - 21:55

          I'm in a similar boat to you. I guess the easiest way to find out is to put a transaction onto the card…

          • HueyData on 29/12/2009 - 21:59

            @zzyss: And then "Please allow up to three statement periods from the end of this promotion for your $50 credit to appear on your statement."

            Tried the phone or sending an enquiry via the internet banking contact centre?

            • newington07 on 30/12/2009 - 00:34
              +1

              @HueyData: I have confirmed by calling the number given on the SALE website. The operator has confirmed there is no minimum amount requirement. To qualify for $50 credit, you need to do a transaction on the credit card. The credit may be applied on 3rd month's bill.

              No reward program on this card. No option of Gold or Platinum.

              This is from HSBC operator.

  • CyberMurning on 29/12/2009 - 11:27

    "…ur credit file doesn’t record when you’ve closed a credit account, only every time you apply for one."
    —> this is sucks and not fair~

    thanks, i was just thinking to apply, get that $50 then close the account, but thx for the info, i might pass on this.
    i have 3 cards already (visa master amex ) all with NO annual fee, ever. i think that should be enuf cards already.

    • modsec802 on 29/12/2009 - 12:04

      It's true. You can see a sample credit file here: http://www.vedaadvantage.com/dotAsset/507289.pdf
      They might reject you because of your existing 3 cards, which is even worse, because even if they reject you, they still put it on your credit file.

    • Trance N Dance on 29/12/2009 - 17:53

      how did u get the amex with no annual fee?

  • nuggnuggs on 29/12/2009 - 11:39
    +2

    one of my friends got this couple of months back and he had to spend $500 each "month" which turned out to be each"billing" cycle and he missed on his $50 because the HSBC billing cycle ended with in 2 days of him receving the card … so keep this in mind :)

    • SomeGuyOnOzB on 29/12/2009 - 14:59
      -1

      Is that $500 a month spend, under the terms and conditions for the current offer? I couldn't find it on the sale page …

      • HueyData on 29/12/2009 - 18:34

        That was the old deal. The text of which has not yet been removed from the HSBC Credit Card information page, but note the information at the bottom: "Offer ends 24/12/09."

        The Hot Summer Sale information says only $50 back on your card when you make your first spend#.

    • HueyData on 29/12/2009 - 18:36

      SirCH posted about a similar experience with the old deal.

  • faisan on 29/12/2009 - 11:55

    I have a Platinum Citibank zero fee visa at the moment. Does anyone know how the HSBC rewards program compares with Citibank? I might switch if the rewards are better or use less points.

    • elcheapoinoz on 29/12/2009 - 12:19

      Hi Faisan.
      How did you get the platinum for $0?
      Been looking for one of those.

      • CyberMurning on 29/12/2009 - 13:10

        i have this too..
        that offer was longgg time ago.. started with just gold card then if u are good customer citibank will offer to upgrade ur gold to platinum, keeping the no annual fee ever. citi card does not give point to any flights point rewards. $1 for 1 point. i heard this promo is actually only for citi employees but dont know why many ppl also can got it. very good if u see that platinum annual fee currently is $250

      • dragonrabit on 30/12/2009 - 01:06

        if u become their citi gold member u can get their citi platinum cc for free.

    • HueyData on 29/12/2009 - 18:40

      Note the home&Away Privilege Program included with this card is not a reward program. See the HSBC Credit Card Comparison.

      I don't think you'll be switching :)

  • elcheapoinoz on 29/12/2009 - 13:33
    +1

    what do you guys think about this?
    just found it googling.

    http://www.bankwest.com.au/Personal/Credit_Cards/No_Annual_F…

    • CyberMurning on 29/12/2009 - 13:40

      if u desperate to have platinum then go ahead - most platinum card give free overseas travel insurance (plus point)

      • elcheapoinoz on 29/12/2009 - 14:35

        yup, thats the reason.
        but, is there any down side for this card in particular? why haven't I seen it here?

        • HueyData on 29/12/2009 - 18:50

          That's an interesting one. I might look into it, though there are differing opinions about free travel insurance provided by credit cards. I'd rather have a rewards program but that isn't likely for a card with no annual fees.

          • surat on 29/12/2009 - 20:02

            @HueyData: Citibank platinum that i have with zero annual fee has the reward program and I don't think the bank west one has the reward program but i could be wrong.

            • dragonrabit on 30/12/2009 - 01:07

              @surat: are u member citigold? or u hold citi gold card before?

              • surat on 30/12/2009 - 10:24

                @dragonrabit: citi gold first and then they offer upgrade to platinum still free for life

                • dragonrabit on 30/12/2009 - 12:17

                  @surat: yes. me too

                  • Davmac40 on 30/12/2009 - 13:47
                    +2

                    @dragonrabit: As somebody with experience of the finance industry I have chuckled at some of the comments on this subject.

                    First; all credit providers understand how the system works and NEVER refuse credit simply because you have made too many applications. What they do is ask you to explain the applications and you simply reply: "I was testing the system to see how far I could go before being rejected." Or. "I don't know how the system works - I was just searching for the best deal."
                    Just be sure that your answer is true because they will make a few discreet enquiries to check out your reply.

                    Second; if a credit provider pays for all this advertising they want new clients - they are never going to refuse a reasonable credit risk or the money spent on advertising is totally wasted.

                    This is the system we have - get used to it because it's legal, it works and it's trusted. Never forget it was this system that stopped Australia going down the gurgler over home loans like the USA did.

                    Davmav40.
                    Sydney

  • neonlight on 29/12/2009 - 13:35

    I cancelled my HSBC Visa card before back beginning of this year. I then asked HSBC if they can honour this deal if I reapply, unfortunately they are can't promise and said I can go ahead and apply but would not know the outcome of my application until its processed.

    • zzyss on 29/12/2009 - 22:11

      I did something similar - from a Moneybackco deal, and I managed to get it again, although not sure whether HSBC will honour the $50 promo though. As I said above, can't hurt to try. Also, note that this card has 0% balance transfer so if you have an existing card debt you could get a short break from paying interest. Note: this is not professional financial advice, and if you do have a credit card debt you should definitely see a professional.

      Also, for the record, the financial record stuff is a load of crap. In the last 6-8 years, I have applied for, received AND cancelled cards from HSBC, Coles Myer Source Mastercard, Virgin Credit Card.

      And in the last 3 years I have successfully applied for and was approved for credit cards with Citibank (Gold), Westpac (Platinum), Wizard Clear Advantage Mastercard, and obviously the HSBC Visa (as above) - all of which I'm still currently holding - PLUS 2 investment loans exceeding $800k.

      It's nothing to be proud of, but I could in theory be over a million in debt. Suffice to say that if my personal experience is anything to go by, the whole credit record thing is rubbish.

      • dragonrabit on 30/12/2009 - 01:10
        -1

        not all the bank do credit check before they give u credit card. go to myer store now. apply their credit card, they can issue you with temporary credit card on the spot. how on earth they can do credit check with that fast?

        or you can apply with ANZ credit card, or any credit card company that promise your application will be assess within 60 seconds. how can they get your credit card history so fast?

        • noise36 on 30/12/2009 - 11:56

          its called the internet lol

          • POWERevolution on 30/12/2009 - 23:48

            @noise36:

            not all the bank do credit check before they give u credit card. go to myer store now. apply their credit card, they can issue you with temporary credit card on the spot. how on earth they can do credit check with that fast?

            dragonrabit, you wrong! If you apply Myer CR card in store they still do credit check over the phone. Once you get the approval then they give you the temporary card.

  • coolsteps on 29/12/2009 - 14:26

    does anyone know if existing customers with the HSBC credit card can get this offer of $50 if they now spend before March 26th or is it only for new applications? i got the card and $20 cash back by applying via artog.com.au when it first came out but i havent spent anything on it only done the interest free balance transfer. But if i can now get $50 ill simply pay off the balance on March 26th and make a $1 purchase to get my bonus $50 if its possible?
    does any know if you apply for an account limit increase if thats recorded on your credit file or if they do another credit check?

  • neil on 29/12/2009 - 17:00
    +2

    Just for reference, the Credit Card Rewards Comparison page on the wiki.

    • timhn on 29/12/2009 - 19:09

      Interesting page. And here I am with my ANZ CC $350-ish/year cashback!

  • cc1234 on 05/01/2010 - 13:07

    I had the HSBC Credit Card previously and it was a total nightmare! I always repay my credit cards (Mastercard & AMEX) online using my HSBC saving account(pre-set a day before the due date) and never had any problem. However, HSBC charged me interests and claimed that it took 3 days to receive payment (even though it was from the same HSBC bank). I think it was ridiculous and after a long "discussion" with HSBC Credit Card, they agreed to waive the fee. However, it took a total 5 months to rectify the situation as I was charged interests every single month since then. Gosh, I just cancel the card once it was settled. The whole experience was so frustrating!

  • jennkei on 22/03/2010 - 15:12

    How have other people who signed up for the card when this promo came into effect found it…? Deadline's nearing and still don't know cos of some of the scary reviews. (Not just the one above, also those on http://mozo.com.au/rate-and-review/HSBC/credit-card-reviews)

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