"Approved, But Wanted Store Card"

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Written by: brian23 on 2008-06-15

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brian23's review: Callout Comment I really don't think HSBC black lists people that had CO or BK in the past with them. I had 2 HSBC accounts that charged off 6 years ago and I only paid 1 so far in that time.

So, I am in the store and I figure what the heck, I could use another store card. I went and applied and the cashier said 'congratulations your approved for the MasterCard.' I asked for the terms and conditions and she said 300 CL and 79 AF. When I asked why I wasn't approved for the store card, she bought me on the phone with the credit department and they said due to my equifax credit report, I wasn't approved for the store card (sounds like a textbook answer). Meanwhile, I'm wondering how on earth I was approved for the MC and not the store card.

I am just curious from other members who have this card. I have had HSBC cards in the past and from what I always experienced, they are not CLI friendly. Is this still the case with this card? If so, I'm not sure that I want to keep it.


Comment 1 by wildrage2
Common User Icon on 2008-06-15

Remarks Your experience seems to be common with members on this site. The MasterCard is notorious for small initial limits and small CLI's. Do you know wha your EQU score was at time of application?
Comment 2 by yoyo11
Interesting User Icon on 2008-06-15

Remarks If you wanted a HSBC MasterCard... You would have applied for one. HSBC has many cards that have annual fees and low limits. I'm surprised and glad you posted your experience. Call again... Before you use the card say you want to cancel... Trust me they will either increase your CL or waive that annual fee. You would think a Visa/Mastercard (store card) has better APR's, CL or something... Good luck.
Comment 3 by hjm331
New Trend User Icon on 2008-06-15

Remarks This looks like it is a new trend with HSBC. I got approved for my BB store card and Mastercard in November 2007. Both of them were seperate applications. I'd say try calling them, tell the outsourced reps to transfer you to a manager because you are going to cancel the card. Talk to a manager and tel them that you didn't want the Best Buy MC, you wanted the store card because you needed a higher limit around $1.5k because you are going to make a purchase and apparently waiving the annual fee off of the MC wouldn't help.

This seems to be a new trend with HSBC and I don't like it at all. They are most likely doing this because they want to charge AF's because they can't do that on the store card. Basically, they are charging you an AF and trapplying you with a small limit. If you have better cards, then try to get rid of this one.
Comment 4 by meya
Seems To Be Common Now User Icon on 2008-06-15

Remarks I have been reading this for quite some time about members being approved for the mc (MasterCard) instead of the sc (store card). After reading hjm331 comment, I agree that it may be an issue of them making more money on the mc by raising the AF and percentage rate.

I know that HSBC can be very stingy with cli's, but I wonder if they are more generous with the bb mc than they are with the bb sc?
Comment 5 by hjm331
RE: Meya User Icon on 2008-06-15

Remarks No, HSBC is more generous on their BB store card than their BB MC. I have both cards and the limit on the store card is 1.6k and the MC has a 1k limit.
Comment 6 by eric
MC Vs. Store Card User Icon on 2008-06-15

Remarks Yea meya there is no comparison... The store cards get a lot more CLI's then the MC... The reason why deals with what you can buy with each card. The MC, you can buy at any location MC is accepted... Store card can only be used in the store which in turns less of a risk. Hey that's what I learned at GEMB, don't know why its less of a risk but it is I guess.
Comment 7 by hjm331
RE: Eric User Icon on 2008-06-16

Remarks It must have something to do with the consumer because a consumer can easily rack up charges with a co-branded card like Visa, MC, AMEX, or Discover because it is accepted in more places. A good example is a consumer who pays their bills online and uses it for everyday shopping with a co-branded card but you will not find a lot of consumers racking up charges at a store as much as consumers racking up charges on a co-branded card.

It really has to do with usage and a co-branded card is always a higher risk because it can easily rack up more charges than a store card which is only accepted at that specific store.
Comment 8 by brian23
Re Wildrage User Icon on 2008-06-16

Remarks My equifax score is a 602 according to myFICO.

I don't know what there credit decision was based on, but I will wait to get the card and if they don't give me the store card, I will close the account. I don't need any more low limits with high AF.

I will report either way on what happens.

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