Yes, you can upgrade an eligible HSBC credit card to a better offer as long as you’ve had the card for at least 4 months, and you will have the best odds if your credit score and income have gone up since you applied. To see if your HSBC card qualifies for an upgrade, call customer service at 1-800-975-4722.
HSBC Credit Card Upgrade: What You Should Know
The account should be open for at least 4 months before requesting an upgrade.
HSBC only allows upgrades to cards within the same card family. For example, you cannot upgrade from a regular credit card to a business card or co-branded card.
If you upgrade to a HSBC card with an annual fee, the charge will appear on the new card’s first monthly statement.
If you’re eligible for a refund on your existing card’s annual fee, HSBC will pro-rate the amount of your refund, based on how long it’s been since the fee posted to your original account.
You will not be eligible for any initial bonuses or introductory 0% APR offers associated with the new card, unless they’re included as part of the upgrade offer.
HSBC credit card upgrades do not require a hard inquiry on your credit report, so there’s no effect on your credit score.
Approval for a HSBC credit card upgrade typically takes just a few minutes. If you are approved, you should receive your card within 7-10 business days from the approval date. Your card number may change, and your new card will come with an updated expiration date and security code.
You can use your old card until the new one arrives, and it will have all the benefits of the new card as soon as the upgrade is complete. Your current credit limit and APR will carry over to the new card, as will any unredeemed rewards, unless stated differently in the upgrade terms.
There is no HSBC credit card specifically designed for students. The HSBC Cash Rewards Student Credit Card used to be HSBC’s student offering, but it is no longer available to new applicants. Other HSBC credit cards are also available to students, but they require good or excellent credit for approval (a score of 700+ or 750+, respectively). So most students will find it hard to qualify for these.… read full answer
There are excellent student credit card alternatives if you’re not tied to HSBC as an issuer. For example, the Bank of America® Customized Cash Rewards Credit Card for Students offers approved online applicants $200 for spending $1,000 in the first 90 days. Plus, it has extensive ongoing rewards: 3% cash back in a category of your choice, 2% at grocery stores and wholesale clubs (up to $2,500 spent on these categories combined per quarter), and 1% on all other purchases. And it is open to students with limited credit (less than 3 years of credit history).
The easiest way of getting your credit card annual fee waived would be to pick a credit card that waives the annual fee during the first year as a promotion, or one with no annual fee at all. Alternatively, you can call the issuer’s retention line, but it is not guaranteed that it will work. Beyond that, you’re unlikely to get your credit card’s annual fee waived unless you’re an active-duty member of the military. Still, it never hurts to ask, even if success is a long shot.… read full answer
Being well-informed about your rights and alternative credit card options definitely will help your chances. And you can find the most important info below.
Here’s how to get a credit card annual fee waived:
If you’re employed full-time by the U.S. military, call your issuer and tell them you’d like your SCRA benefits. Exactly how the process works differs by company, but they will ask you to prove your active military status. For example, you might provide a copy of your active duty orders. Once you send the issuer proof, they should waive your annual fee as well as reduce your interest rate. When applying for a card, there’s sometimes a box you can check to indicate your military status, too.
Call the retention line and ask your card’s issuer to waive or lower its annual fee. Long-time customers and high-spenders with great credit who always pay in full likely have the best chance.
It’s a common credit card promotion to waive the annual fee for the first year your account is open. This will be noted on the offer when you apply, though. It’s not something you have to ask for.
If you really want to avoid fees, get a no annual fee credit card. Hundreds are available, including cards with rewards and 0% APRs. You might be able to get a better deal overall by paying an annual fee for more rewards.
If you’re having difficulty paying your annual fee due to unforeseen financial difficulty, you might be able to apply for a financial relief/ hardship program with the issuer. This way, you could potentially have your annual fee waived. Or you might receive other assistance such as lower monthly payments or lower interest rates.
Since annual fees help pay for the benefits credit cards provide, issuers aren’t eager to waive them. But there’s no penalty for asking. And if you’re in the military, you should definitely take advantage of the waiver you’ve earned with your service.
Six or more credit card accounts might be too many for some people, given that the average American has a total of five credit cards. Everyone should have at least one credit card for credit-building purposes, even if they don’t use it to make purchases, but the exact number of cards you should have… read full answer differs by person. It depends on how well you can manage one credit card, then two, and so on.
If you’re not sure how many credit cards is too many for you, there are a number of factors you can think about when making your decision. In particular, consider your recent spending and payment history. If you’re having trouble paying the full statement balance by the due date on each account you already have open, think twice about applying for another credit card account.
How to Determine How Many Credit Cards Is Too Many For You
Look at your credit report and score.
If you have a history of financial mistakes, such as missed payments, you probably don’t want to get more than one card until you prove yourself to be a responsible borrower. Besides, it may be hard to get more than one worthwhile cards with damaged credit, anyway.
Review your utilization and payment history.
If you’re maxing out all the cards you have, credit card companies probably won’t want to give you more spending power. Plus, credit card debt can be very expensive, and you don’t want to rack up balances that exceed what you can repay comfortably.
Consider credit card company rules.
Some issuers have unofficial rules regarding how many credit cards is too many for an applicant to have. For example, there are lots of rumors floating around that Chase will deny a credit card application if you’ve already opened five accounts (from any issuers) in the past 24 months. Such restrictions could limit your options for opening a new account, or just serve as a sign that you might want to slow down the pace of your applications.
Determine how well you’re keeping track of your credit cards.
Even if your credit is good and you’ve never forgotten to pay a bill, that doesn’t mean you never will. Having too many open accounts to keep track of can lead to forgotten due dates, interest charges from simply forgetting to pay a credit card in full, and other issues. If you have trouble listing your credit cards from memory, you’re likely to forget to pay one at some point.
There are benefits to having more than one credit card account. Having several credit cards can help you save money by allowing you to get the best collection of rates and rewards for your biggest transactions. For example, you could get a flat-rate cash back credit card for everyday expenses, a bonus rewards card for travel, and a balance transfer card to reduce the cost of existing debt. Having multiple cards can also help your credit score if you keep your credit utilization low and your payments on time.
What you should watch out for is applying for too many credit cards too quickly. It’s best to not apply for more than one or two per year, as each application puts a hard inquiry on your credit report and temporarily hurts your credit score.
The more data that’s at your disposal, the easier it will be to decide how many credit cards you should have. WalletHub can help with free daily credit score updates and personalized credit-improvement advice.
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