HSBC Live + Credit Card Application Rejected - Need Help

[mg71999]

HSBC Cashback, now Live+, has rejected my application. I called via IVR, but they didn't provide a reason. They advised me to reapply after 30 days.
I had applied through CashKaro.
1. Should I reapply directly from HSBC's website?
2. Are there any cards that are as good as or better than the HSBC Cashback card?

 

[helloworld]

I applied for the HSBC Cashback card before it transitioned to the Live+ variant. A week later, HSBC changed the variant from Cashback to Live+. I meet all the criteria for the Cashback card, but HSBC isn't providing a specific reason for not issuing it to me. Could my spending of around 4 to 5 lakh in April, May, and June be a factor?

Could you change the title to one of these or any you prefer for better understanding.

Post in thread 'HSBC Live + Credit Card Application Rejected - Need Help'

Jul 23, 2024

Guys @helloworld @drsel please suggest me title for thread. Discussion and thread title is not on sync.

HSBC Live+ rejected, need help?

or

suggest alternative credit card for restaurant spends.

• helloworld

> Could my spending of around 4 to 5 lakh in April, May, and June be a factor?

using which card/account you spent? its not the factor, might be another reason.

- serviceable location
- not over leverage (HSBC consider this)
- >750 CIBIL score
- 3 or less enquiries in last 3 months
- no payment delays reported in CIBIL
- salaried

 

[mg71999]

-serviceable location: Mumbai
- not over leverage (HSBC consider this): what is this?
- >750 CIBIL score: Complied
- 3 or less enquiries in last 3 months: Complied
- no payment delays reported in CIBIL: Complied
- salaried: Complied

 

[helloworld]

- not over leverage (HSBC consider this): what is this?

HSBC, SBI and few other banks consider this over leverage concept..

Ex:

In CIBIL,

HDFC CC 1 limit: 800000
HDFC CC 2 limit: 800000
HDFC CC 3 limit: 800000 (though in HDFC its shared limit)

AXS CC 1 limit: 700000
AXS CC 2 limit: 700000
AXS CC 3 limit: 700000
AXS CC 4 limit: 700000 (though in AXS its shared limit)

In total, you have 52L limit compared to your salary of assume 1.5L limit. then its 35x more than your income.

Search results for query: over leverage

www.technofino.in

 

[BVCBVC is verified member.]

Name of the thread changed to match the discussion on thread.

 

[Ghost5581]

...
- serviceable location
- not over leverage (HSBC consider this)
- >750 CIBIL score
- 3 or less enquiries in last 3 months
- no payment delays reported in CIBIL
- salaried

Thanks for posting this. All these opaque criteria followed by these banks cause too much confusion amongst noobs like me. I guess I might have fallen under their overleveraged criteria (never thought of this before...only kept the credit utilisation ratio in mind).

Even my HSBC Live+ credit card application was rejected. A HSBC rep then called me up and asked me to send an email to credit.card.application@hsbc.co.in confirming my company name.

I guess the company name I provided in the form and the one shown in the payslip didn't match exactly. Maybe "Ltd" or something was missing.

However, after sending the mail there is radio silence from HSBC. Even called up customer care and they promised a call back from the cc team but that never happened.

I am giving up on the card now (thanks to members here for highlighting this card and it's benefits...I was looking at for spending at Dmart).

I guess I will look for another credit card now.

 

[mg71999]

Thanks for posting this. All these opaque criteria followed by these banks cause too much confusion amongst noobs like me. I guess I might have fallen under their overleveraged criteria (never thought of this before...only kept the credit utilisation ratio in mind).

Even my HSBC Live+ credit card application was rejected. A HSBC rep then called me up and asked me to send an email to credit.card.application@hsbc.co.in confirming my company name.

I guess the company name I provided in the form and the one shown in the payslip didn't match exactly. Maybe "Ltd" or something was missing.

However, after sending the mail there is radio silence from HSBC. Even called up customer care and they promised a call back from the cc team but that never happened.

I am giving up on the card now (thanks to members here for highlighting this card and it's benefits...I was looking at for spending at Dmart).

I guess I will look for another credit card now.

Try reapplying and see wether you see such a page.

 

[Gautham]

HSBC, SBI and few other banks consider this over leverage concept..

Ex:

In CIBIL,

HDFC CC 1 limit: 800000
HDFC CC 2 limit: 800000
HDFC CC 3 limit: 800000 (though in HDFC its shared limit)

AXS CC 1 limit: 700000
AXS CC 2 limit: 700000
AXS CC 3 limit: 700000
AXS CC 4 limit: 700000 (though in AXS its shared limit)

In total, you have 52L limit compared to your salary of assume 1.5L limit. then its 35x more than your income.

Search results for query: over leverage

www.technofino.in

Mine also over leveraged. I had active 25 credit cards when I applied HSBC live+. and salary to limit ratio is 47x. and i have 3 hdfc credit cards and 4 axis cards. Cibil hit was 1 in the last 3 months.

Still HSBC approved my card last month.

 

[Lightron]

Have been eyeing a HSBC card for its design, and dining offers, I do not have alot of easy diner restaurants around my place to effectively use it. I guess that's what the thread is all about, dining offers on local restaurants.

 

[helloworld]

Mine also over leveraged. I had active 25 credit cards when I applied HSBC live+. and salary to limit ratio is 47x. and i have 3 hdfc credit cards and 4 axis cards. Cibil hit was 1 in the last 3 months.

Still HSBC approved my card last month.

nothing really matter as long as it goes. whenever something goes wrong either we assume or bank share these reasons.

for your income and cibil history they may ok with 47x..

but same for 1 or 3 years cibil history having 25+ credit cards applies?

credit history affects largely for any application, it plays and tells how effectively user is managing that over leverage.

minor mistakes may reject the credit applications (like 'ltd' instead of 'limited' etc.) but when we enquiried they say some other reason.

above list is not 100% criteria but for general guidance to improve the chances.

and for fun, what do you think your chances now if you apply sbi now (assume you dont already have one)?

 

[Gautham]

nothing really matter as long as it goes. whenever something goes wrong either we assume or bank share these reasons.

for your income and cibil history they may ok with 47x..

but same for 1 or 3 years cibil history having 25+ credit cards applies?

credit history affects largely for any application, it plays and tells how effectively user is managing that over leverage.

minor mistakes may reject the credit applications (like 'ltd' instead of 'limited' etc.) but when we enquiried they say some other reason.

above list is not 100% criteria but for general guidance to improve the chances.

and for fun, what do you think your chances now if you apply sbi now (assume you dont already have one)?

i already have 2 sbi cards.

 

[helloworld]

i already have 2 sbi cards.

assume you dont already have one..

Search results for query: over leverage

www.technofino.in

anyway, ignore you're good in banks eye, those who impacted may worry about it.

 

[Gautham]

assume you dont already have one..

Search results for query: over leverage

www.technofino.in

anyway, ignore you're good in banks eye, those who impacted may worry about it.

agree. i can consider myself lucky only. just wanted to point out hsbc does overlook overleverage in some cases.

 

[Ghost5581]

Try reapplying and see wether you see such a page.

Yes, I do see this message when reapplying. Sorry, can you clarify what it indicates because I am not an existing customer of HSBC (don't have Savings or Current account with them).

Is that a prerequisite for applying for this card? They seem to call it out on their page.

 

[helloworld]

Yes, I do see this message when reapplying. Sorry, can you clarify what it indicates because I am not an existing customer of HSBC (don't have Savings or Current account with them).

Is that a prerequisite for applying for this card? They seem to call it out on their page.

yes, if self employed then account must

 

[Ghost5581]

yes, self employed account must

I am a salaried employee but don't have an account with HSBC. Do you mean that we need to have a salary count with HSBC to get this card?
Thanks

 

[helloworld]

I am a salaried employee but don't have an account with HSBC. Do you mean that we need to have a salary count with HSBC to get this card?
Thanks

your shared screenshot specifically mentioned 'self employed need hsbc account', and applicable for only self employed. Salary no account needed.

 

[Ghost5581]

your shared screenshot specifically mentioned 'self employed need hsbc account', and applicable for only self employed. Salary no account needed.

Thanks. That is what I thought too. I had actually raised a complaint with HSBC about the whole deal and forgot about it. They called up a few weeks later and mentioned that they can't provide a reason for the rejection but it was done as per their internal policy.

 

[helloworld]

Thanks. That is what I thought too. I had actually raised a complaint with HSBC about the whole deal and forgot about it. They called up a few weeks later and mentioned that they can't provide a reason for the rejection but it was done as per their internal policy.

rejection can be based on any reason..

- high over credit leverage in cibil
- non-serviceable location
- data mismatch between attachments & forms
- low cibil score or cibil with remarks
- more than expected enquiries

etc.

some can be adjusted by dropping a mail and request for reconsider (ex. data mismatch etc.), some can only be manageable after giving a gap of 3 months (ex. enquiries etc.)

find the reason or try after 3 months. Good luck!

 

[cc_dc_explorer]

HSBC Live + Dining 10% upto 1000 on 10000
Eazydiner you can get 25+25% discount, but only on select cheap to expensive restaurants in the main cities in India and Dubai.

HSBC Live + Grocery 10% up to 1000 on 10000
Big basket 20% discount 500 on 2500.
Flipkart 24% via Grabdeals 5x, or 15.5% via Smartbuy 5x
In addition to the above discounts, with online groceries you get much lower prices than local baniyas, plus special offers and free home delivery.

HSBC Live + Swiggy Zomato 10% upto 1000 on 10000
Zomato more than 10% discount using Amazon pay.
Swiggy 14.40% via Giftedge 3x, or 15.5% via Smartbuy 5x

Hey, How does this %ge can be achieved ? Little confused.

for ex... You mentioned Flipkart 15.5% via smartbuy
So using HSBC card on HDFC Smartbuy is allowed ? How does it fetches 15.5%. Please explain a little and the same for 24% calculation. Thank you!

 

[drsel]

Hey, How does this %ge can be achieved ? Little confused.

for ex... You mentioned Flipkart 15.5% via smartbuy
So using HSBC card on HDFC Smartbuy is allowed ? How does it fetches 15.5%. Please explain a little and the same for 24% calculation. Thank you!

I mentioned other options, with other cards which compete with HSBC Live Plus