HSBC Premier Account downgrade query

[pgarg24]

Hi everyone,
So I am planning to open a HSBC Premier account for the sake of getting LTF premier cc which offers 3% rp on everything.(I already have sbi cashback, atlas etc but checking out hsbc too)

Now premier account requires to maintain a trv of 40L which is something I wont be fulfilling. The plan is to open the account with IP of maybe 10L, get premier cc as LTF and move funds back to my indusind account.

Can someone who is part of premier banking shed some light if they downgrade the account and if they send downgrade notices like icici, hdfc? If they downgrade will the premier cc also take renewal fees during aniversary year or since its LTF it wont matter. As per TnC premier cc remains LTF with premier banking so wanted to check if any real life experience regarding downgrades for hsbc bank account

 

[helloworld]

downgrade happens and premier cc is not LTF (read as 'as long as premier relationship annual fee waived on this card'). So, once premier relationship lost, card attracts 20k annual fee.

 

[KumarS]

Also premier cards requires joining fees of 12k but annual fees are waived if you are part of premier relationship else charged 20k per annum, so kindly check in detail with relevant branch before proceeding.

 

[Anupama_Jha]

Hi everyone,
So I am planning to open a HSBC Premier account for the sake of getting LTF premier cc which offers 3% rp on everything.(I already have sbi cashback, atlas etc but checking out hsbc too)

Now premier account requires to maintain a trv of 40L which is something I wont be fulfilling. The plan is to open the account with IP of maybe 10L, get premier cc as LTF and move funds back to my indusind account.

Can someone who is part of premier banking shed some light if they downgrade the account and if they send downgrade notices like icici, hdfc? If they downgrade will the premier cc also take renewal fees during aniversary year or since its LTF it wont matter. As per TnC premier cc remains LTF with premier banking so wanted to check if any real life experience regarding downgrades for hsbc bank account

Instead shift ur salary account with them as there's salary criteria also for Premier banking.

 

[rushin]

Instead shift ur salary account with them as there's salary criteria also for Premier banking.

True. They need a net monthly salary deposit of 3L to keep the premier status.

 

[mgmfino]

I opened one recently and asked about this extensively. HSBC was clear that there will be grace period of 3 months beyond which they will charge a fee for non-maintainence (around Rs 2,200 iirc). After a few more months, it will be downgraded and then the annual fees for premier cc will be chargeable.

 

[yos19]

I applied for a premier account, maintained the NRV, applied for the Premier credit card. It got rejected without a reason. On further enquiry they indicated that there is an issue with CIBIL and it is not in line with their lending practices. I asked my RM to escalate this given my CIBIL is perfect. Decent history, never ever missed a single payment, always kept overall utilization below 3-4%. However, the credit team's response remained the same. What can I do here, any resource? I feel cheated that despite maintaining NRV, having a perfect CIBIL they are rejecting my application. How can I escalate this? PNO..maybe.?

 

[helloworld]

I applied for a premier account, maintained the NRV, applied for the Premier credit card. It got rejected without a reason. On further enquiry they indicated that there is an issue with CIBIL and it is not in line with their lending practices. I asked my RM to escalate this given my CIBIL is perfect. Decent history, never ever missed a single payment, always kept overall utilization below 3-4%. However, the credit team's response remained the same. What can I do here, any resource? I feel cheated that despite maintaining NRV, having a perfect CIBIL they are rejecting my application. How can I escalate this? PNO..maybe.?

enquiries and credit exposure w.r.t your income..

high or low?

hsbc conservative bank, too much credit exposure reduces credit limit or rejection same for enquiries.

maybe threatening with moving account to another bank might help but no guarantee.

 

[subhankar.k.nayak]

I applied for a premier account, maintained the NRV, applied for the Premier credit card. It got rejected without a reason. On further enquiry they indicated that there is an issue with CIBIL and it is not in line with their lending practices. I asked my RM to escalate this given my CIBIL is perfect. Decent history, never ever missed a single payment, always kept overall utilization below 3-4%. However, the credit team's response remained the same. What can I do here, any resource? I feel cheated that despite maintaining NRV, having a perfect CIBIL they are rejecting my application. How can I escalate this? PNO..maybe.?

as Per RBI recent guidelines, you can ask for specific reason behind rejection, they can't get away with generic answer. Escalate if needed, i am 100% sure either they will reconsider your application or will provide a specific reason behind rejection.

 

[papimann]

enquiries and credit exposure w.r.t your income..

high or low?

hsbc conservative bank, too much credit exposure reduces credit limit or rejection same for enquiries.

maybe threatening with moving account to another bank might help but no guarantee.

They even reject me PL just because my credit card overall limit was more than 30L and they don't consider usage but total limits of the cards.

 

[helloworld]

They even reject me PL just because my credit card overall limit was more than 30L and they don't consider usage but total limits of the cards.

.yes .. go with other bank

 

[papimann]

.yes .. go with other bank

Yeah going with ICICI and even they asked me to reduce the HSBC Credit Card limit and i did that by emailing them but still no benefit.

 

[cardio_guy]

I opened one recently and asked about this extensively. HSBC was clear that there will be grace period of 3 months beyond which they will charge a fee for non-maintainence (around Rs 2,200 iirc). After a few more months, it will be downgraded and then the annual fees for premier cc will be chargeable.

What about Premier salary account - Do they have strict checks on salary criteria too? (I believe salary account is 0 balance, so how does that apply?)

 

[helloworld]

What about Premier salary account - Do they have strict checks on salary criteria too? (I believe salary account is 0 balance, so how does that apply?)

yes, very strict. its must and should >3Lpm. same rules of downgrade applies or annual fee.

 

[quino]

yes, very strict. its must and should >3Lpm. same rules of downgrade applies or annual fee.

if the salary is credited only alternate months. they'll not downgrade, right?

 

[cardio_guy]

if the salary is credited only alternate months. they'll not downgrade, right?

You mean keep swapping between 2 salary accounts? I had thought about the same 😂 lol

 

[percolate]

Anyone got their Premier credit card renewed recently? Is the annual fee charged if the TRV < 40L?
My renewal is coming up in November and want to avoid renewal fee.
I have a Global Premier account and not even maintaining TRV > 10L in India.

 

[pgarg24]

Anyone got their Premier credit card renewed recently? Is the annual fee charged if the TRV < 40L?
My renewal is coming up in November and want to avoid renewal fee.
I have a Global Premier account and not even maintaining TRV > 10L in India.

If you are not maintaining a Premier account TRV, are you not getting downgrade mails or deducted AMC charges for non-maintaince of TRV?

Some people above mentioned that they are very strict with criteria so you might be charged with annual fee of 20k.
Since very less people have premier with HSBC, request you to share your experience too wrt to AMC charges and maintenance of trv criteria. Thanks 🙂

 

[percolate]

If you are not maintaining a Premier account TRV, are you not getting downgrade mails or deducted AMC charges for non-maintaince of TRV?

Some people above mentioned that they are very strict with criteria so you might be charged with annual fee of 20k.
Since very less people have premier with HSBC, request you to share your experience too wrt to AMC charges and maintenance of trv criteria. Thanks 🙂

I maintain Premier status in a different country and hence got Premier status in India. It's been over an year and the account was not downgraded and no charges for non-maintenance of TRV.
They are not clear in the T&C's about the charges for people maintaining Premier in other countries.

 

[cardio_guy]

I maintain Premier status in a different country and hence got Premier status in India. It's been over an year and the account was not downgraded and no charges for non-maintenance of TRV.
They are not clear in the T&C's about the charges for people maintaining Premier in other countries.

How does this 'accounts in other countries' work? Please can you tell in brief? For example if I have a primier account in india, can I open another premier account in another country in their currency? Will it have same account number or linked to our base account ?
That means, if I want to give or receive money in USD, I can use that US account and no need to worry about forex charges etc?
Any other catch?