"American Dream MasterCard"
American DreamCard™ MasterCard® Review
Written by: catgross49 on 2009-01-03
Overall Satisfaction
Customer Service
Rewards
Account Management
Delivery Time
catgross49's review: 
I just received this card in the mail. I was shocked, when I saw the APR Interest rate of 21.99%. For the past year all my accounts have been paid on time. I also had a credit score of 702 as of December 21, 2008 on Experian. Yes, some of my cards are almost maxed out. But I had no idea that would make such a difference on what the interest APR would be. The original offer was 14.99% and may be as high as 17.49%... So I was shocked. I had know idea that it would be that high. I did not get the introductory rate of 0% for 5 mos. Either. So, be careful applying for this card. I would suggest that your credit cards be paid down, before applying. I did talk with the company to ask them why I had such a high APR and no Introductory rate... They could not give me an answer because they did not have a copy the original application, but they did say my APR was figured from the review they gave me. But they could not tell what my review was based on, because they did not have that information. WOW! So, be careful when you apply for this card. You may end up with a big surprise as I did.
I just received this card in the mail. I was shocked, when I saw the APR Interest rate of 21.99%. For the past year all my accounts have been paid on time. I also had a credit score of 702 as of December 21, 2008 on Experian. Yes, some of my cards are almost maxed out. But I had no idea that would make such a difference on what the interest APR would be. The original offer was 14.99% and may be as high as 17.49%... So I was shocked. I had know idea that it would be that high. I did not get the introductory rate of 0% for 5 mos. Either. So, be careful applying for this card. I would suggest that your credit cards be paid down, before applying. I did talk with the company to ask them why I had such a high APR and no Introductory rate... They could not give me an answer because they did not have a copy the original application, but they did say my APR was figured from the review they gave me. But they could not tell what my review was based on, because they did not have that information. WOW! So, be careful when you apply for this card. You may end up with a big surprise as I did.
6 Comments
Comment 1 by colonative
HSBC 
on 2009-01-03
That is HSBC for you. I would never do business with them because first of all, they really are cheap and secondly they are owned by a foriegn owned bank (I love the UK and its people but I don't want them owning our banks; RBS and Barclays too!).
This card used to be issued by First National Bank of Omaha, not sure when it changed to HSBC.
If it offers rewards then use them, just don't carry a balance and see if they will reduce the APR next year.
on 2009-01-03 That is HSBC for you. I would never do business with them because first of all, they really are cheap and secondly they are owned by a foriegn owned bank (I love the UK and its people but I don't want them owning our banks; RBS and Barclays too!).This card used to be issued by First National Bank of Omaha, not sure when it changed to HSBC.
If it offers rewards then use them, just don't carry a balance and see if they will reduce the APR next year.
Comment 2 by wanderer
HSBC American Dream on 2009-01-03
You obtained the card with your credit lines pushing max in today's world, I wouldn't complain. The ongoing rule of thumb was 30% utilization. Today try 9% utilization. As to HSBC, I have a HSBC MC with $4,000 CL int rate 10.49% and an HSBC AX with $6,500 CL int rate 9.49%. They have treated me very well.
on 2009-01-03 You obtained the card with your credit lines pushing max in today's world, I wouldn't complain. The ongoing rule of thumb was 30% utilization. Today try 9% utilization. As to HSBC, I have a HSBC MC with $4,000 CL int rate 10.49% and an HSBC AX with $6,500 CL int rate 9.49%. They have treated me very well.
Comment 3 by cfmdev49
I Agree With Wanderer... on 2009-01-03
I have several HSBC cards (MC and some store cards) with really good credit limits... Have never had a prob with them... I pay online and keep my utilizations low... But I guess each person's situation is different... Well good luck with the card...
on 2009-01-03 I have several HSBC cards (MC and some store cards) with really good credit limits... Have never had a prob with them... I pay online and keep my utilizations low... But I guess each person's situation is different... Well good luck with the card...
Comment 4 by meya
Congrats On Your Approval But... on 2009-01-03
When taking cards to the max, you are lucky to be approved by this or any other card. That does play a huge factor in your overall credit. It can cause your scores to drop heavily, declined cli's, lower cl, and rejections for new apps. With the score you had, I don't think I would have turned towards this card n the first place. You should have been applying with Chase, BOFA, Discover, etc. Not HSBC, this should have been your last resort. Good luck on your cli's from them, and don't hold your breath waiting for one,
Now that you have it, I want to say congrats on your approval and to keep us updated in the comments with your overall usage of this card. That's if you decide to keep it.
on 2009-01-03 When taking cards to the max, you are lucky to be approved by this or any other card. That does play a huge factor in your overall credit. It can cause your scores to drop heavily, declined cli's, lower cl, and rejections for new apps. With the score you had, I don't think I would have turned towards this card n the first place. You should have been applying with Chase, BOFA, Discover, etc. Not HSBC, this should have been your last resort. Good luck on your cli's from them, and don't hold your breath waiting for one, Now that you have it, I want to say congrats on your approval and to keep us updated in the comments with your overall usage of this card. That's if you decide to keep it.
Comment 5 by hjm331
RE: on 2009-01-04
HSBC is at the bottom of the list for me right next to AmEx. I will never work with them again because their customer service sucks, they won't give you a decent CLI without pulling your credit regardless of your account history, and report way too late every month. Sorry to hear about your experience but if they approved you for a decent limit. You can avoid paying high interest by using the card and paying off your balance in full before the statement cuts.
on 2009-01-04 HSBC is at the bottom of the list for me right next to AmEx. I will never work with them again because their customer service sucks, they won't give you a decent CLI without pulling your credit regardless of your account history, and report way too late every month. Sorry to hear about your experience but if they approved you for a decent limit. You can avoid paying high interest by using the card and paying off your balance in full before the statement cuts.
Comment 6 by cabana7
Avoid on 2009-01-05
I would avoid HSBC as well as Amex... Both are having problems... Try Bank of America (Excellent) and JP Morgan Chase (Very Good)
on 2009-01-05 I would avoid HSBC as well as Amex... Both are having problems... Try Bank of America (Excellent) and JP Morgan Chase (Very Good)
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