HSBC Platinum Credit Card Declined After VKYC

[karcool]

Hi,

HSBC is declining Credit Card application after Video KYC.

Prior to VKYC - HSBC is checking CIBIL, Salary Credits through Account Aggregator, Residence Address through Aadhaar Authentication and Office Location in Form. Why do they decline after checking these stuff and calling " Approved in principle" before VKYC.

I have read through various threads in forum where members mentioned that HSBC is strict on CIBIL Checks, Location etc. But aren't these already checked during application process before proceeding to VKYC?

Thanks,

 

[hellowo₹ld]

After CIBIL check, 2 phone verification calls, 1 home verfication, another CIBIL check, 1 VKYC, w/tentative limit message - also, SBICard declining applications.

There are no strict TnCs for this process of any bank.

-----------

your options:

- find and drop a mail for 'exact reason' stating rbi rule.
- negotiate and deal based on that reason.

 

[karcool]

I have escalated the issue to Principal Nodal Office and they did few calls, but still no reason was given for declining card. There were referring to internal Ombudsman but they did a big mess in between by doing another CIBIL Check without my Consent. I now have a strong reason to drag these people to legal street.

 

[RAMESH BABU N]

Most of HSBC's work is done by an outsourced entity - which does all these jobs. After these are submitted to HSBC, they give shortlisted lot to another outsourced VKYC entity. After this stage is completed, it goes - finally - to the actual HSBC decision maker.
He/she may (or may not) do a 2nd CIBIL check n decide.

The above is based on what I gathered - after speaking to both such outsourced teams n to their team leaders - as well as to the actual HSBC guy.

 

[RaMKA]

Hi,

HSBC is declining Credit Card application after Video KYC.

Prior to VKYC - HSBC is checking CIBIL, Salary Credits through Account Aggregator, Residence Address through Aadhaar Authentication and Office Location in Form. Why do they decline after checking these stuff and calling " Approved in principle" before VKYC.

I have read through various threads in forum where members mentioned that HSBC is strict on CIBIL Checks, Location etc. But aren't these already checked during application process before proceeding to VKYC?

Thanks,

I am holding HSBC Platinum & Standard Chartered Manhattan credit cards since more than 15 years. I hold other lifetime free credit cards (mostly Platinum) from HDFC, ICICI, Axis, InduSind & IDFC. I can tell that HSBC and Manhattan do not have great offers and frequent festival offers. I did not see any issue with their customer support and it was always prompt and good. With my goal of having any LTF credit card (lifetime zero annual fees, not a waiver and hence no headache of tracking annual spend to get waiver of annual fees at the end of year) I noticed, ICICI, HDFC and Axis are good credit cards and have decent offers or reward cashbacks. Though I do not hold SBI card (coz it does not offer LTF), I have seen SBI CC has maximum offers on Amazon and hence I end up using my brother’s SBI credit card. To leverage early bird offers of Rupay credit card during 2023, I enjoyed during 2023-2025 using Indian Bank, UBI, Canara Bank, PNB, BoB and Kotak as ICICI and HDFC did not have Rupay CC back then. And had collected good cashback using these Rupay CC. Now I have closed all Rupay CC except BoB as it gives cashback. Many merchants are now instructing their banks not to access Rupay CC payment on UPI. Hope MDR issue will be soon settled, and UPI CC will be great to use. So if you need LTF with decent rewards/cashback, go for ICICI, HDFC, Axis or even BoB or Kotak Rupay. So don't worry.