ah the world of credit cards. you get them sent out to you in the post whether you like them or not and each tries to convince you they are better than the other. when you work for the bank, its hard to be objective. my first rule of thumb is through personal experience. when i was a student i got myself into some serious trouble with credit cards.....easy money to fund all of those late night outs on the town! now i have only just managed to get away from using them and paying them back, almost! dont juggle with balances on multiple cards.
one thing that we hear a lot of in banks is of people making balance transfers. this is a great idea to keep your interest rate low, but what many people do not
realise is that it also can damage your credit rating. every time you switch a balance, or get a new card all banks are made aware of this......and like anyone wants them to know any more about you than they do already!?
im not here to say hsbc is the best for credit cards, if you bank somewhere else it is usually sensible to get a credit card with them too. if you run into any difficulties who wants to try and get a hold of an internet based credit card service to sort it out? banking online is great, but only if things are going well!
the main thing with hsbc credit cards is that, while they are not the cheapest on the market, and yes do not really provide you with money back or anything like that, they also do not charge you over the moon for things. you get supplied with statements for free and the direct debit system helps to make sure you never get charged for late payments. with 56 days interest free, all of you who can afford to pay back the entire balance are laughing! many people in my experience choose hsbc for personal banking for their service, no matter how bad you think of banks, you have to be with one...right?!
many students pick up hsbc credit cards when they apply for their student accounts...that is another story! but the applictaion form includes a credit card app on it, so keeps it simple and the paper work down to a minimum! I managed to refrain from using my credit card for the first two years of uni and was forced to use it when i was away on holiday abroad and had no trouble at all with it. oh and there is no fee for students and additional benifits like travel insurance can be added easily. the other benefit is that when you get to be a graduate the card is usually upgraded to a gold card if you are earning over a certain amount so gives you a lower rate of interest.
The Gold card I have now I find very useful, it comes with a pretty competitive interest rate and on promotions, if your looking, can be reduced. It also comes with 90 days protection on anything that you purchase with the card which almost makes it worth while to buy the product on your card and then pay off the whole balance from your current account so that you pay no interest and get the free insurance!
HSBC credit cards can be applied for in the branch in no time at all. They dont even really use application forms any more. The whole thing is input on the computer and thats about the size of it. Of course being an existing customer always helps, and for whatever purposes you are applying for something with a bank, try and be on the voters roll where you live! it makes such a huge impact on the outcome, trust me!
While other may charge you through the teeth for additional services or late payments, HSBC is quite flexible when problems arise. So what if you can get an interest rate 2% less than with them, you may end up paying more just because you get additional fees in the long run.
As I said before, there are other good cards out there. For interest rates and online facilites Egg is a master but Ill take my HSBC Gold Card anyday as I have never had any problem trying to pay it off, change address or change the limit, as its all tied in with my current account, and believe me Im not the best of customers by a long shot!
Ill leave you with a little thought...the next time some company offers you a card, look at who is actually providing it.....do you want to stay with your current bank? Could they be more supportive if say you lost your job or could not make ends meet? Why choose your bank account with a bank you have good business with and then choose to LEND, which is what it is, with someone else?
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Sorry for the low rating, but most of this is NOT about the HSBC student card....
newbon 22.07.2003 00:42
some say its good to do balance transfers some say otherwise. im never quite sure, although i can see benefits to both sides of the arguement. hsbc has theres at 0% for six months on new cards at the minute and at least you know they are not going to charge you a stupid rate after six months or charge you on other things thru the teeth.
Cici_Ying 21.07.2003 17:38
transfering balances usually bumps up your credit rating, this is what i have been told anyway! my husband does this on a regular basis and has such a good credit report that he gets accepted for whatever he applies for!
Advantages: Good rewards for banking with them,lots of HSBC cashpoints to be found. Good overdraft facility Disadvantages: Some banks,such as Lloyds charge you for making a transaction from their cashpoints
GERI 23.12.2000 ·
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Jul 21st, 2003
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