HSBC's Secured Credit Card Review

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Posted: Thu Jan 13, 2005 5:23 pm
Post subject: HSBC's Secured Credit Card Review

Eugene Skorodinsky
Date: 3/23/2000 3:02 am CDT

Hi.

At the time of opening secured credit card account any HSBC representative in a branch or on the phone will tell you that you might qualify for an unsecured one from them in any time from 6 to 12 months if you maintain your account in good standing. I was never late, never over the limit, my payments never bounced, nothing of that kind...

Applied after 10 months and got declined - "you carry too much balance" and "insufficient time account is open". When in fact, I never came close to my credit line. On the phone they told me "a year is a reasonable time to use secured credit before applying for unsecured", and that they actually recommend at least 18 months. They were not able to tell me why even now before opening an account their reps say 6 to 12 months is enough.

I understand they want me to roll a balance over (I pay in full) and they want another $35 in annual fee, but that is not a reason to lie to their customers.

Personally, I'm dumping HSBC exactly because of this. Honesty would've kept me as their customer.

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