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15% yes 15% !!! Cash back card
November 6, 2022
6:07 pm
AltaRed
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Nothing to do with racism. Everything to do about corporate values and how they, in this case, are reflected in corporate behaviour. Think about Goldman Sachs, Barclays and Deutsche Bank and the headlines they have made over the years and potential reasons why. That really is a matter for another thread though. I will now bow out of this thread.

November 6, 2022
6:29 pm
Bill
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HSBC has 3 entities listed on CDIC site, HSBC is allowed to operate as a bank, etc in Canada. Media headlines, Netflix "documentaries", etc, are all just propaganda, someone's (maybe even "sponsored" by competitors) particular agenda, it's fiction to me. HSBC's an entity legally allowed by our regulators to operate in Canada, end of story for me.

November 6, 2022
9:24 pm
christinad
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Sorry to take it off track again, my advice to the op is look at what regular benefits and rewards the card offers. I wouldn't get a card just for the welcome bonus.

November 7, 2022
6:05 am
mordko
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christinad said
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.  

We don’t know if HSBC will leave or not. The Chinese shareholder (with 8% holdings) wants HSBC to cut costs and focus on Asia. HSBC has been less profitable than counterparts. HSBC board has not agreed to it but did indicate potential sale of Canadian operations. Does not mean they would be allowed to sell because it would increase market power for the likes of RBC, which is already obscene.

The concern wrt Chinese government involvement is valid in principle. For example a number of Chinese companies have been traded on western exchanges under western regulatory regimes but the Beijing dictatorship used confiscatory measures and broke all the rules which hurt shareholders. But Xi can’t do it to HSBC because its not a Chinese company. He can try to use market power to make HSBC management do things he wants. But same goes for Tesla, Apple Canadian farmers, etc.

I have been with HSBC and predecessors since the early 90s. Quite happy with the service. Multinational aspect is really helpful; they offer certain features other banks don’t. And for certain purchases, including travel, I use their Prime Mastercard. Good insurance. No quibble compensation when we had an issue.

November 30, 2022
10:24 am
Save2Retire@55
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It is just another CC bonus. I loved my HSBC WE MC but cancelled before the fee kicks in before the first year with no annual fee.

I am going to see if I can reapply after I sort out my mortgage renewal.

Nothing to lose. It is a CC. Apply, there is a min spending probably or max for the 15% cashback. I don't mind. It is ALWAYS fun to make extra $$ from these bonuses JUST make sure you are on top of things. Create a spreadsheet to track things, don't overspend, pay the balance, etc.

November 30, 2022
1:59 pm
COIN
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I think your credit rating takes a hit when you apply for a credit card.

November 30, 2022
5:19 pm
HermanH
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I believe that the maximum benefit is capped at $150.

November 30, 2022
5:37 pm
BlueSky
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Save2Retire@55 said

I am going to see if I can reapply after I sort out my mortgage renewal.

You might be successful. However, some lenders check if a cc applicant was a former cc cardholder. That's the case with AMEX which offers the Simply Cash card that comes with $10 monthly credit applied to the account for 10 months, if my memory serves me well. It does say that this promo is not available to former cc cardholders.

November 30, 2022
8:07 pm
savemoresaveoften
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BlueSky said

Save2Retire@55 said

I am going to see if I can reapply after I sort out my mortgage renewal.

You might be successful. However, some lenders check if a cc applicant was a former cc cardholder. That's the case with AMEX which offers the Simply Cash card that comes with $10 monthly credit applied to the account for 10 months, if my memory serves me well. It does say that this promo is not available to former cc cardholders.  

Yup, most CC issuer now check to make sure only a ‘brand new’ applicant will receive the bonus rebate perks. One will rec the card regardless, but whether bonus rebate applies which can be 6 months down the road is a gamble.

December 1, 2022
7:32 am
COIN
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"One will rec the card regardless, but whether bonus rebate applies which can be 6 months down the road is a gamble."

There's no downside if the card has no fees.

December 3, 2022
6:30 am
RetirEd
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COIN: There's the downside that one could have been earning better rewards elsewhere...
RetirEd

RetirEd

December 3, 2022
6:59 am
savemoresaveoften
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COIN said
"One will rec the card regardless, but whether bonus rebate applies which can be 6 months down the road is a gamble."

There's no downside if the card has no fees.  

Downside is you charge to the card thinking you will earn 15% but u dont.
Also its a hard credit check on ur credit score.

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