Personal Finance

HSBC promo (upto $600 for new clients, requires mimimum $5,000 balance, direct deposit, credit card application/rewards)

  • Last Updated:
  • Dec 11th, 2018 2:20 am
Deal Addict
Sep 3, 2005
1122 posts
48 upvotes
Toronto
headleygrange wrote:
Nov 25th, 2018 8:48 am
I got a different answer that it's only credit check. Either ways, I applied for it. Approved for 15k. Have to book tickets to India - can use the welcome bonus to offset the tickets.
Yeah, the guys who opened my account is very senior with hsbc for more than 5 years, he has a meeting with credit card department and confirmed it will trigger 2 separate credit check when you open account and applied visa.
Andhe is aware a lot rep was misinformed client and tell clietnsit’s only 1 credit check. Considering one credit check, your score will go down approx. 3 points and if another credit check at same day your score will go down another 7 points (multiple effects), that is why I didn’t apply.
Newbie
Sep 4, 2018
14 posts
1 upvote
projector wrote:
Nov 23rd, 2018 9:37 am
because you need to keep the account open 12 months from when you get the $300 welcome bonus, which can take up to 3 months to arrive
Hi,

Where did you find this information? (and I can't find any 2.5% TFSA GIC listed on HSBC website, unless it's only available through a branch)
Jr. Member
Aug 14, 2012
166 posts
93 upvotes
North Vancouver
spy cl wrote:
Nov 25th, 2018 11:47 am
Yeah, the guys who opened my account is very senior with hsbc for more than 5 years, he has a meeting with credit card department and confirmed it will trigger 2 separate credit check when you open account and applied visa.
Andhe is aware a lot rep was misinformed client and tell clietnsit’s only 1 credit check. Considering one credit check, your score will go down approx. 3 points and if another credit check at same day your score will go down another 7 points (multiple effects), that is why I didn’t apply.
Both me and Mrs. 604 signed up for Advance + Mastercard. Both of us only had 1 credit check each.
Deal Addict
Sep 3, 2005
1122 posts
48 upvotes
Toronto
604reefer wrote:
Nov 27th, 2018 9:14 pm
Both me and Mrs. 604 signed up for Advance + Mastercard. Both of us only had 1 credit check each.
how do you find out it's only 1 credit check? from your credit report or the rep just informed you it's 1 credit check ? thanks.
Jr. Member
Aug 14, 2012
166 posts
93 upvotes
North Vancouver
spy cl wrote:
Nov 27th, 2018 9:21 pm
how do you find out it's only 1 credit check? from your credit report or the rep just informed you it's 1 credit check ? thanks.
From credit report. Borrowell has free Equifax reports if you're looking for a free service
Jr. Member
Aug 5, 2018
116 posts
87 upvotes
minimalist wrote:
Nov 24th, 2018 10:11 am
Did anyone here actually get the Mastercard bonus part of the account opening promotion?

I opened HSBC Advance end of Sep. and have received the $300. At the same time I also opened an HSBC World Elite MC (not premier) but have not received the 20,000 bonus points as part of the bank acct opening promo.

T&Cs are attached.

They don't specifically mention any additional bonus for the HSBC World Elite Mastercard but they do give a bonus of 20,000 pts for the HSBC Premier World Elite Mastercard. Seems like an oversight on their part. Why wouldn't they want to give any additional bonus on the World Elite card but bonuses on lesser HSBC cards?

When I signed up there was also 20,000 pts (received) for first use and 10,000 pts for exceeding 1k spend in first 3 months (achieved but not received). So at this point, I'm actually missing 30,000 pts. I've sent HSBC a secure message but they've referred me to their HSBC Rewards 1-800 #.
Are you sure you get an "extra" 20k points if you sign up for credit card along with checking account?

https://www.hsbc.ca/1/content/canada4/p ... nglish.pdf
https://www.hsbc.ca/1/2/personal/bankin ... mastercard

In the terms, it does say 20k welcome bonus on HSBC WE (not premier).
But, on the HSBC credit card page, it also says 20k welcome bonus.

I would think they mean the same thing, as they are both "welcome bonus".
In other words, there are no "extra" bonus for applying for credit card and checking together.
(This is actually what happens in most bank promos I think...)

Yet you seem to be saying you are entitled to 20k points welcome bonus twice.

This is even more confusing to me, as on the 6th page of the terms, it says:

The welcome bonus is earned on the first transaction ...
Limit of one welcome bonus per account ...

Similar things can be found on the credit card page...
Jr. Member
Aug 5, 2018
116 posts
87 upvotes
Data point:

Applied for ADVANCE checking account for $300 + $100 payroll bonus. (Expires Nov 30)
Got $5000 2.3% GIC 90 days.
(Credit check performed.)

One week later, applied to HSBC WE.
(Rep claimed no extra credit check is needed, I'm not completely certain whether this is true.)
App came back not denied, asking me to provide 3 months paystub.
After submitting paystubs, came back approved same day with 8k.


I got denied back in June when the card first came out.
I did not having any product with HSBC, and applied for only credit card.
The app just came back denied without asking for anything.

So it seems they want to give away the card for checking account holders, but are much more stingy with non-checking holders.

Of course YMMV, there are many DP here with people insta-approve online or in branch with no checking accounts and no income verification.


Now, can anyone confirm that the 20k welcome bonus for HSBC WE, is the same 20k welcome bonus for checking account offer?
That is to say, one can only get the 20k welcome bonus once for having HSBC WE, even if you have the checking account.

https://www.hsbc.ca/1/content/canada4/p ... nglish.pdf

It is written here in the checking account offer that you get 20k welcome bonus for getting HSBC WE.
Member
Apr 13, 2017
243 posts
42 upvotes
Yup. It's the same 20k welcome bonus. No separate 20k for checking account holders.
Deal Addict
Sep 3, 2005
1122 posts
48 upvotes
Toronto
xx1what wrote:
Nov 27th, 2018 10:09 pm
Data point:

Applied for ADVANCE checking account for $300 + $100 payroll bonus. (Expires Nov 30)
Got $5000 2.3% GIC 90 days.
(Credit check performed.)

One week later, applied to HSBC WE.
(Rep claimed no extra credit check is needed, I'm not completely certain whether this is true.)
App came back not denied, asking me to provide 3 months paystub.
After submitting paystubs, came back approved same day with 8k.


I got denied back in June when the card first came out.
I did not having any product with HSBC, and applied for only credit card.
The app just came back denied without asking for anything.

So it seems they want to give away the card for checking account holders, but are much more stingy with non-checking holders.

Of course YMMV, there are many DP here with people insta-approve online or in branch with no checking accounts and no income verification.


Now, can anyone confirm that the 20k welcome bonus for HSBC WE, is the same 20k welcome bonus for checking account offer?
That is to say, one can only get the 20k welcome bonus once for having HSBC WE, even if you have the checking account.

https://www.hsbc.ca/1/content/canada4/p ... nglish.pdf

It is written here in the checking account offer that you get 20k welcome bonus for getting HSBC WE.
that is the only reason I didn't get one.. cause my rep insist there would be an additional credit check, I don't think he lie to me as he get more sales if he said it's only one credit check but i am getting mix information from rfder.
Jr. Member
Aug 5, 2018
116 posts
87 upvotes
spy cl wrote:
Nov 27th, 2018 10:35 pm
that is the only reason I didn't get one.. cause my rep insist there would be an additional credit check, I don't think he lie to me as he get more sales if he said it's only one credit check but i am getting mix information from rfder.
Sorry, I can't provide any more info.
I can only access Transunion online.
I don't see their pull on Transunion, (so I guess they pulled Equifax).

I'm not concerned about a small temporary drop in score.
If you apply for some cards to get good bonus, of course your score will go down.
It will go back up more in the future, as you would have had more accounts open, which boosts your score.

I wouldn't recommend you to miss out on a good offer you are interested in, just because you might get a small drop in score.
But, you may value your score differently than me though.
Deal Addict
Sep 3, 2005
1122 posts
48 upvotes
Toronto
xx1what wrote:
Nov 27th, 2018 10:42 pm
Sorry, I can't provide any more info.
I can only access Transunion online.
I don't see their pull on Transunion, (so I guess they pulled Equifax).

I'm not concerned about a small temporary drop in score.
If you apply for some cards to get good bonus, of course your score will go down.
It will go back up more in the future, as you would have had more accounts open, which boosts your score.

I wouldn't recommend you to miss out on a good offer you are interested in, just because you might get a small drop in score.
But, you may value your score differently than me though.
Thanks, i've already sent HSBC a secure msg to ask them about it. Hope to get a response from them soon!
Penalty Box
User avatar
Jul 17, 2008
8472 posts
1848 upvotes
How's the Term Deposit vs GIC?

I can see that the only GIC option is 120 days at 2.3 or 3 years. Obviously I'll take the 120 days since I'm planning to close the accounts in about a year after I get the promo.

But they give no info on Term Deposits. What's the rate, what's the period, etc.

And I don't have to wait for the $300 bonus to hit my account before I can open a GIC and transfer in the $5000 correct?
Deal Addict
User avatar
Feb 1, 2006
2068 posts
450 upvotes
Messerschmitt wrote:
Nov 28th, 2018 3:20 am
How's the Term Deposit vs GIC?

I can see that the only GIC option is 120 days at 2.3 or 3 years. Obviously I'll take the 120 days since I'm planning to close the accounts in about a year after I get the promo.

But they give no info on Term Deposits. What's the rate, what's the period, etc.

And I don't have to wait for the $300 bonus to hit my account before I can open a GIC and transfer in the $5000 correct?
Where do you see a 120 day GIC at 2.3% I see these GIC rates on the public website:

Guaranteed Investment Certificates



Term Length Monthly Interest (min. $5000) Semi-annual Interest (min. $1000) Annual Interest (min. $1000) Annual Compound Interest (min. $1000) Interest at Maturity (min. $5000)
30 Days - - - - 0.20%
60 Days - - - - 0.40%
90 Days 0.95% - - - 0.95%
120 Days 0.95% - - - 0.95%
180 Days 1.00% - - - 1.00%
270 Days 1.10% - - - 1.10%
1 year 1.40% 1.40% 1.40% 1.40% 1.40%
2 years 1.50% 1.50% 1.50% 1.50% -
3 years 2.00% 2.00% 2.00% 2.00% -
4 years 2.10% 2.10% 2.10% 2.10% -
5 years 2.20% 2.20% 2.20% 2.20% -

Last week I did a 1 yr GIC redeemable at no penalty after 90 days at 1.6% which seemed like my best option for 1 year or less with HSBC.
HSBC World Elite Mastercard
3% travel/1.5% everything else, Mastercard acceptance
31 day medical insurance, trip cxl, trip interrupt
Discuss here
Jr. Member
Dec 3, 2003
190 posts
25 upvotes
I opened the Advance + WE Mastercard accounts and received the 20k points the day after I made the first credit card purchase. I called customer service yesterday to set up Apple Pay and it was activated within an hour, and had one good and one OK live chat interaction.

So far so good... they do have a limited number of branches in the GTA, but will assess over the next few months while waiting for the $300 sign-up bonus whether to move my primary chequing over to HSBC and consider upgrading to Premier.

For those on the fence, it's worth it to give the promo a try!

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