There’s no way to proactively check if you pre-qualify for an HSBC credit card. Sure, HSBC mails pre-approved credit card offers to potential applicants whose basic credit profiles indicate they will have a very good chance of getting approved. But you can’t request one. HSBC credit card pre-approval is invite-only, in other words.… read full answer
But even though HSBC won’t let you check whether you pre-qualify, you can still take similar steps to determine whether applying is a good idea. Basically, you can pre-qualify yourself for an HSBC credit card by seeing how well you meet your chosen card’s approval requirements. Just bear in mind that official pre-approval typically gives you a roughly 90% chance of actually getting an account when you apply. So barely meeting a card’s minimum requirements may not cut it.
Here’s how to (pre) qualify for an HSBC credit card:
All HSBC credit cards require good or excellent credit. Generally, good credit starts at a score of 660, and excellent credit begins at 719. However, we recommend considering good and excellent credit to mean 700+ and 750+, respectively. Your approval odds won’t be very good if you barely meet a card’s minimum requirements, after all.
You must demonstrate the ability to pay an HSBC credit card’s monthly bills. Unfortunately, that’s hard to estimate because HSBC doesn’t disclosure its cards’ minimum credit limits.
You need $100,000+ in an HSBC bank account to get the HSBC Premier Mastercard and $10,000+ to get the HSBC Advance Mastercard.
In short, there’s no way to tell if you pre-qualify for an HSBC credit card. But if you have good to excellent credit, applying for an HSBC card might be worth a shot. If your credit is bad, fair, or limited, don’t worry. You may not be eligible for one of HSBC’s credit cards, but there are still plenty of offers from other issuers.
To get a credit card for the first time, you must be at least 18 years old and have enough income to afford monthly credit card payments, in addition to your other expenses. The minimum payments on a starter credit card usually are around $15 per month. The two basic steps involved in getting a credit card for the first time are to: 1) compare credit card offers designed specifically for people with limited or no credit history; and 2) apply for one with no annual fee, if available – rewards and APRs can be the tiebreaker.… read full answer
If you’re at least 21 years old, you can list household income and assets that you have reasonable access to on your credit card application. Younger applicants can only list independent income and assets. But even having a part-time job should provide enough income to get a credit card for the first time. Only people who are at least 18 years old can get their own credit card account. But there is no minimum age for being an authorized user on a credit card, in most cases.
High approval odds are one of the most important things to look for in your first credit card. The sooner you get approved, the sooner you can begin building your credit standing. Getting rejected for a credit card sets you back, both in terms of time and possible damage to your limited credit.
Low fees are another key feature to seek out when getting a credit card for the first time. Starter credit cards generally don’t offer rewards or interest rates worth paying high annual or monthly fees for. So it’s best to make your first credit card one with a $0 annual fee and always pay your monthly bill in full to avoid interest charges.
There are plenty of other things about the process of picking, applying for and getting your first credit that are also important to learn. We’ll walk you through them below, step by step.
How to Get a Credit Card for the First Time:
See if you have a credit report and score. You could have more credit history than you think, perhaps from being an authorized user on a family member’s credit card. This will help you determine how good of a credit card you should shoot for. Check your latest credit score and credit report for free on WalletHub.
Determine whether student credit cards are an option. College students can usually get better first credit cards than other people with no credit. Their youth and above-average expected income make them attractive to banks and credit unions. If you’re enrolled in school, check out the best student credit cards.
Compare secured and unsecured starter cards.Secured credit cards have the highest approval odds, but they require you to place a refundable security deposit. The amount of that deposit becomes your spending limit. Unsecured cards are harder to get but have no deposit.
Limit your search to cards with the lowest fees. Focus on weeding out cards with expensive non-refundable fees. A no annual fee credit card with no security deposit is best. But a low-fee secured card isn’t bad, either. You can get back your deposit when you close your account.
Choose the best remaining offer for your needs. If several credit cards are tied for the lowest fees and highest approval odds, consider the terms that are next most important to you. If you plan to pay your bill in full every month, that will probably be rewards. If not, you may want to focus on interest rates.
Submit your credit card application. Apply online for the fastest decision. You may even be approved instantly if you clearly meet the issuer’s criteria. You should receive your card within 7-10 business days of being approved.
Learning how to get a credit card for the first time is a rite of passage for young adults after turning 18 years old. And it’s a lot easier than you might think. The key is to choose wisely, by focusing on offers for people with limited credit and secured credit cards, which provide nearly guaranteed approval.
It’s also really important to remember that learning how to get a credit card for the first time and getting approved are only the beginning. You also need to use that card responsibly, which means spending within your means, paying your bill on time every month, and keeping your credit utilization below 30%.
If you can avoid racking up costly credit card debt and hurting your credit score with missed payments, your first credit card will be a huge asset. It will add positive information to your major credit reports each month. That will gradually improve your credit standing. And better credit will make it easier to rent an apartment, buy or lease a car, find a job, get approved for good loans and lines of credit and save on car insurance premiums, among other things.
You can track your progress for free on WalletHub, the only site with free credit scores and reports that are updated daily. We’ll even tell you exactly what you need to do to improve your credit score at a given time, plus provide personalized credit card recommendations. You can use them to find your first credit card and then graduate from it when the time is right.
The easiest unsecured card to get approved for is the Fingerhut Credit Account. But it won’t suit everyone’s needs. Fingerhut is an online marketplace, and its card can only be used to make purchases on the site. So, while it will give you an unsecured line of credit, it won’t really help you cover emergency expenses.… read full answer
If you’re looking for a card that can be used for anything, the Credit One Bank® Visa® Credit Card is your best bet. You can get approved for it with bad credit. It offers a $300 starting spending limit. And you can use it wherever Visa is accepted.
Those aren’t your only options, though. WalletHub’s editors compared all of the unsecured credit cards in our database of 1,000+ offers. And we selected our favorite easy-to-get offers.
Easiest Unsecured Credit Cards to Get Approved For
The easiest unsecured credit cards to get generally work best for minor emergencies. You will only receive a small amount of spending power, after all.
Unsecured credit cards for people with bad credit also tend to be very expensive, charging lots of fees and high interest rates. So if you don’t need a small emergency loan, the best course of action is to improve your credit inexpensively with a secured card. Secured cards are cheaper than unsecured cards, build credit just as effectively, and offer the closest thing you’ll find to guaranteed approval.
To learn more, check out WalletHub's complete list of the year’s easiest credit cards to get approved for.
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