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15% yes 15% !!! Cash back card
November 5, 2022
10:01 am
oltunde
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Look like HSBC Cash Rewards Mastercard offering 15% cash back for 6 months, any catch?

November 5, 2022
10:15 am
Dean
Valhalla Mountains, British Columbia
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.
If there is a 'Catch' (and there probably is), it will most likely be in
the Fine print (Terms & Conditions).

Let us know what you find. sf-smile

    Dean

sf-cool " Live Long And Prosper " sf-cool

November 5, 2022
10:53 am
pooreva
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Isn't that Chinese bank involved in some kind of money laundering a while ago?
I would not get anything from them for any interest % on deposits or 'cash backs'.

November 5, 2022
12:10 pm
mordko
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pooreva said
Isn't that Chinese bank involved in some kind of money laundering a while ago?
I would not get anything from them for any interest % on deposits or 'cash backs'.  

No, its not Chinese. Headquarters are in London. Among the largest in the world. Has Chinese investors. As well as Canadian ones.

It was indeed involved in money laundering. Same can be said about the vast majority of other banks.

November 5, 2022
12:13 pm
mordko
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oltunde said
Look like HSBC Cash Rewards Mastercard offering 15% cash back for 6 months, any catch?  

The catch is the $ limit. If they offer 15% on $1000, its a $150 incentive.

November 5, 2022
12:17 pm
Dean
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pooreva said

Isn't that Chinese bank involved in some kind of money laundering a while ago?

. . .  

Yes, ~ 10 years ago ...

A 'Lot' of water has gone under the bridge, since then. sf-wink

Let's wait and see if the OP (Oltunde) reports back.

    Dean

sf-cool " Live Long And Prosper " sf-cool

November 5, 2022
12:22 pm
AltaRed
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mordko said

No, its not Chinese. Headquarters are in London (there is a history to that). Among the largest in the world. Has Chinese investors. As well as Canadian ones.

It was indeed involved in money laundering. Same can be said about the vast majority of other banks.  

HQ is London but it is very Chinese in every way. The gross money laundering issue was covered in Netflix Dirty Money as discussed here https://www.marketwatch.com/story/netflix-documentary-re-examines-hsbcs-881-million-money-laundering-scandal-2018-02-21

Every one should watch it. The UK government was complicit given the power of HSBC in London.

The Fed order against HSBC was terminated in Sept 2022 https://www.reuters.com/business/finance/us-fed-terminates-enforcement-action-against-hsbc-2022-09-02/

November 5, 2022
12:38 pm
mordko
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AltaRed said

HQ is London but it is very Chinese in every way. The gross money laundering issue was covered in Netflix Dirty Money as discussed here https://www.marketwatch.com/story/netflix-documentary-re-examines-hsbcs-881-million-money-laundering-scandal-2018-02-21

Every one should watch it. The UK government was complicit given the power of HSBC in London.

The Fed order against HSBC was terminated in Sept 2022 https://www.reuters.com/business/finance/us-fed-terminates-enforcement-action-against-hsbc-2022-09-02/  

Not sure what “Chinese in every way” means given that it’s not Chinese, has HQ in London and the CEO isn’t Chinese. Its a multi-national corporation. I have been with Midland Bank (4th largest in the UK, established in the 19th century since early 90s. It became part of HSBC in 1999.

Money laundering…

Barclays: https://www.cps.gov.uk/cps/news/ex-bank-manager-sentenced-ps255000-money-laundering

Canadian big four: https://www.thestar.com/news/investigations/2022/05/30/there-were-telltale-signs-of-money-laundering-why-didnt-canadas-major-banks-flag-millions-of-dollars-in-suspicious-wire-transfers.html

It is quite possible that HSBC did more than the others but having a Netflix movie on the subject tells me little about it.

November 5, 2022
12:50 pm
HermanH
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mordko said

The catch is the $ limit. If they offer 15% on $1000, its a $150 incentive.  

Well done. Typical Mickey-Mouse HSBC promotion.

I would not be surprised if they paid the interest 6 months after the offer period ends or forced you to hold open an account at the bank for an entire year (while paying fees.)

November 5, 2022
1:39 pm
AltaRed
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mordko said

Not sure what “Chinese in every way” means given that it’s not Chinese, has HQ in London and the CEO isn’t Chinese. Its a multi-national corporation. I have been with Midland Bank (4th largest in the UK, established in the 19th century since early 90s. It became part of HSBC in 1999.

Okay I will concede 'Chinese in every way' is over the top but it matters not what nationality the CEO is and London only became HQ after the Midland acquisition. It is a multi-national with it's major business operations in China and SE Asia. You can't say it does not respond to and does not have its strings pulled by China. Selling its Canadian operations seems like a win-win for Canada.

November 5, 2022
2:48 pm
mordko
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Before acquiring Midland it had headquarters in British Hong Kong.

I think your assertions are largely false and baseless. For example, the board does not appear to have one Chinese national on it. The one element of truth is based on Ping Ang holdings which own 8% of HSBC with the rest owned by western multinationals and individual investors.

https://www.marketscreener.com/quote/stock/HSBC-HOLDINGS-4001224/company/

“Win-win” for Canada (aka an average Canadian) is having foreign investments flooding in rather than leaving. And having more rather than less competition in the already semi-monopolized banking sector.

November 5, 2022
2:52 pm
savemoresaveoften
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pooreva said
Isn't that Chinese bank involved in some kind of money laundering a while ago?
I would not get anything from them for any interest % on deposits or 'cash backs'.  

It’s NOT a CHINESE bank assume u meant Chinese govt owned like Bank of China…

November 5, 2022
6:34 pm
oltunde
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mordko said

The catch is the $ limit. If they offer 15% on $1000, its a $150 incentive.  

Yes that is the catch, so 6 month 15% back, but limited to first 1000. Thanks for pointing that out

November 6, 2022
2:52 am
RetirEd
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Whatever the corporate structure, the money-laundering was not the only black mark against HSBC. They have been criminal-friendly and have an iron in the fire of several bank scandals. They also have used selected customer-dumping, in which they kick out clients they don't find profitable from time to time. They were even involved in the Hwawei hostage standoff, though on the surface it looks like they may have been just a victim in the sanctions-dodging scam.

Still, when it comes to banking even a whiff of suspicion may be all the warning someone on the other end of the deal (retail bank clients) gets. I'm staying clear.

I did leave Wealth One after a year, but it wasn't because they catered to the Chinese-Canadian market or suspected of anything irregular - they reneged on the promise of free monthly statements.
RetirEd

November 6, 2022
4:49 am
mordko
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Indeed, Caesar’s wife must be above suspicion. Following through on this principle vis a vis banks will leave one keeping money under the pillow.

The likes of TD and RBC are subjected to regular fines (eg for misinforming consumers). There are strong suspicions that all Canadian banks have been involved in channeling dirty money from China into the Canadian housing market. TD Bank (just to pick one had targeted anti-regime Iranians in Canada by closing their accounts without notice. And violated North Korean sanctions https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20211223_33

While all banks have had issues, the big four have been successful in effectively monopolizing Canadian market and imposing higher costs on consumers than in more competitive jurisdictions. Irrational singling out of No 6 and throwing “Chinese” in there does not help.

November 6, 2022
7:27 am
AltaRed
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mordko said
While all banks have had issues, the big four have been successful in effectively monopolizing Canadian market and imposing higher costs on consumers than in more competitive jurisdictions. Irrational singling out of No 6 and throwing “Chinese” in there does not help.  

I admit to being wrong to call HSBC "Chinese in every way" but you appear to have a particularly strong UK bias in support of a multi-national which has played footloose and fancy free globally. It didn't feel constrained by a regulator (UK) that often looked the other way, by a country desperate to keep London competitive as a financial center with New York, with HSBC as a key player in that effort.

Much has been written over the past 10 years about that, so yes, I have a bias against, and lack of trust and confidence in HSBC as an entity. I have never done, and never will, do business with them as a result of that. Our system clearly has its warts too but I have more faith in the Canadian regulatory system than that in London. Consider that my bias.

P.S. I think the US banking system is worse in some respects. It is incestuous with Washington with a tension that generally favours the banks.

November 6, 2022
8:52 am
Dean
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.
Yet another thread/subject gone Totally Off The Rails

LOL sf-laugh

    Dean

.
P.S.
For those who like to Bicker, this site has
a PM system that's free of charge.

sf-cool " Live Long And Prosper " sf-cool

November 6, 2022
9:51 am
AltaRed
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PM's are rarely fun but I agree this went way off the rails starting with the first "Chinese" comment. Well, maybe starting with post #1 that didn't research the fine print first. That is the nature of every anonymous social media I have encountered.

November 6, 2022
3:39 pm
James
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mordko said

The catch is the $ limit. If they offer 15% on $1000, its a $150 incentive.  

This is correct but it looks like the rate now is 12.5% (so $125 upon spending $1000). There are much better offers out there if you’re looking for a cash back card.

November 6, 2022
5:01 pm
christinad
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Is HSBC leaving the banking market altogether? Then its to canadians detriment. They had some good mortgage specials to promote competition. I found this thread quite racist overall too. Just because someone involved in the company is chinese doesn't make it bad. Sorry off the rails again.

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