Reason behind HSBC Credit Card Rejection?

[Achal]

I had applied for HSBC credit card offline. My credit score is 779. Their system recommended not to provide the card. The HSBC personnel said that reason code that was given for rejection was that I don't have a cibil score but when I checked my cibil report there was a hard enquiry from HSBC.
I did not have any enquiries in last 30 days and had 3 enquires in last 90 days.
Does HSBC have any limits on enquiries??

 

[Cierdo]

And what's the max. acceptable value for this? Any idea?

Mine was put on hold when I was at a value of 0.8.
Dont know what the max acceptable value is, for me a value of 0.8 did not work.

 

[AsB]

The below mentioned points is not applicable to me although I recently got their Cashback Card with a 1,21.000 limit.

Credit Exposure:

i) Credit Limit: The amount of credit limit provided to you by all other banks. If that credit limit exceeds even at 1.5x from your current CTC, which you're submitting to the bank through income docs, they'll straightaway decline your application.
This point is not valid for me, they have given me a Credit Card where my Credit exposure is almost 400% than my current CTC

ii) Credit Account: If you happen to have more than 4 credit account, the chance of getting the application declined gets higher.
I'm using total 9 Credit Cards at the moment. .

Rest are applicable to me.

I think, they look into the Credit Utilisation Ratio.

 

[Cierdo]

I think, they look into the Credit Utilisation Ratio.

By that virtue, people having a total limit of 50L would be eligible for all credit cards as their utilisation will always be low 🙂

 

[AsB]

By that virtue, people having a total limit of 50L would be eligible for all credit cards as their utilisation will always be low 🙂

Umm, Whether a person is eligible for a credit card depends on the bank or issuing financial instittution . However, if someone has 50L limit, then either that person has high income, or is very lucky. I mean Sumanta Dada has 99L limit in Indian Credit Cards.

 

[Cierdo]

Umm, Whether a person is eligible for a credit card depends on the bank or issuing financial instittution . However, if someone has 50L limit, then either that person has high income, or is very lucky. I mean Sumanta Dada has 99L limit in Indian Credit Cards.

He is a different case altogether. Not sure why are you even citing his example. Just have a look at the limit offered to him by BoB. I rest my case.

 

[AsB]

He is a different case altogether. Not sure why are you even citing his example. Just have a look at the limit offered to him by BoB. I rest my case.

I was just using his example. Again, final decision rests with the bank.

 

[runzone]

Hey, I wanted to know if HSBC does physical verification for online application which has vKYC? I also want to apply for HSBC card and I would give my brother's location in Pune but I won't be physically there. Also, I don't have any physical address proof of the Pune location.

Could you please suggest if I should go ahead and apply?

PS- I am salaried

Cierdo​

prc1990​

souvikdey2002​

 

[prc1990]

Hey, I wanted to know if HSBC does physical verification for online application which has vKYC? I also want to apply for HSBC card and I would give my brother's location in Pune but I won't be physically there. Also, I don't have any physical address proof of the Pune location.

Could you please suggest if I should go ahead and apply?

PS- I am salaried

Cierdo​

prc1990​

souvikdey2002​

Sorry I had to delete my last responses as it was for CITI card.

During my application back in Feb, only VKYC took place and nothing else. After 3 weeks I called up customer care and they confirmed my application has already been approved. Got the card in next 3-4 days.

 

[Cierdo]

Hey, I wanted to know if HSBC does physical verification for online application which has vKYC? I also want to apply for HSBC card and I would give my brother's location in Pune but I won't be physically there. Also, I don't have any physical address proof of the Pune location.

Could you please suggest if I should go ahead and apply?

PS- I am salaried

Cierdo​

prc1990​

souvikdey2002​

I can speak of Delhi, I had no physical verification. If your location while doing vKYC is similar to what you're mentioning in address proof, I dont think there will be any physical verification. Physical verification is generally done when there is not sufficient documentation to convince the bank.
I dont think HSBC has enough on ground staff for physical verification anyway 😛

 

[BigdeBigde is verified member.]

I can speak of Delhi, I had no physical verification. If your location while doing vKYC is similar to what you're mentioning in address proof, I dont think there will be any physical verification. Physical verification is generally done when there is not sufficient documentation to convince the bank.
I dont think HSBC has enough on ground staff for physical verification anyway 😛

I recently got my HSBC card and verification was done both at my residential address as well as my official address. Even the courier guy acted like some 007 Agent and asked for my ID proof before handing over the card. HSBC might have given some relaxation in the past due to Covid protocols but they are taking verifications seriously now.

Also, their agents not only verify your details but you as a customer also get an opportunity to confirm whether the verification was actually done by the agent or not, (after my verification formalities, received a call from HSBC's verification department enquiring whether the agent did visit my premises, where he asked the relevant questions and was he wearing the HSBC badge or not).

 

[Cierdo]

I recently got my HSBC card and verification was done both at my residential address as well as my official address. Even the courier guy acted like some 007 Agent and asked for my ID proof before handing over the card. HSBC might have given some relaxation in the past due to Covid protocols but they are taking verifications seriously now.

Also, their agents not only verify your details but you as a customer also get an opportunity to confirm whether the verification was actually done by the agent or not, (after my verification formalities, received a call from HSBC's verification department enquiring whether the agent did visit my premises, where he asked the relevant questions and was he wearing the HSBC badge or not).

This is some heavy stuff. My residential address was same as official address and documents had the same address as well, vKYC was done from same address too.
Bluedart is instructed to always ask for IDs before handing over bank docs, so that is common for all (unless the BD guy knows you, could be because you're a frequent customer)

 

[AsB]

How strict is HSBC in terms of Annual Income ?

 

[souvikdey2002]

Hey, I wanted to know if HSBC does physical verification for online application which has vKYC? I also want to apply for HSBC card and I would give my brother's location in Pune but I won't be physically there. Also, I don't have any physical address proof of the Pune location.

Could you please suggest if I should go ahead and apply?

PS- I am salaried

Cierdo​

prc1990​

souvikdey2002​

HSBC is very tricky, they have multiple check points which are actually very unpredictable.
For me the vKYC was done from my place(AADHAR Address) so didn't had any more Physical.

Since your case is complicated, so can't be actually predicted.

 

[Achal]

Update:
I applied again after 2 months and I got the card this time. No physical verification was done.

 

[AsB]

Update:
I applied again after 2 months and I got the card this time. No physical verification was done.

How strict are they based on income criteria?

 

[Achal]

How strict are they based on income criteria?

I really don't have much idea actually. The details I gave this time was the exact same as last time. The only difference was that for the previous application there were 4 cibil enquiry by other banks in the previous 2 months. This time I made sure no enquiry was there in the previous 2 months. Also, I did not add any other cc between the 1st and 2nd application.
I had applied offline both the time

 

[souvikdey2002]

How strict are they based on income criteria?

I think they will not allow to put any random numbers when it comes to declare your income. They follow 2 process:-

1. You have to upload the Form-26A which is the detailed income diving it in smallest part possible.
2. If you have a Net Banking login ID/Password then their system will ask you to login from inside the WebAPI, then based on the last 6 month transaction records they will actually decide how much do you actually income.

In both the cases your intervention is 0 so I guess it is very difficult to predict that how much they are strict about it.

 

[Harry1]

I received the HSBC VISA Platinum Credit Card (LTF) back in Feb'22 and have received all the welcome benefits listed below.

1. Amazon Voucher worth 250 for completing VKYC successfully

2. Two Amazon Vouchers worth 250 each (i.e. total 500) as welcome benefits.

3. Received 3 meal vouchers (unable to recollect the details)

4. 50% upto 100 real cash (credited to the card directly) for using it on GPay

5. 10% upto 2000 real cash (credited to the card directly) for spending an amount of 20K or more within 60 days from the card issuance.

Total Profit (excluding meal voucher): 250+500+100+2000 = 2850.

Looks like they have now replaced 100 gpay offer with 250 swiggy vouchers.

Does wallet load counts towards these spends? Also, do they give reward points on wallet loads?

Any info on airport dine vouchers? Can it be used at airports which don't have usual visa/master/diners/rupay based lounges?

 

[Harry1]

I think they will not allow to put any random numbers when it comes to declare your income. They follow 2 process:-

1. You have to upload the Form-26A which is the detailed income diving it in smallest part possible.
2. If you have a Net Banking login ID/Password then their system will ask you to login from inside the WebAPI, then based on the last 6 month transaction records they will actually decide how much do you actually income.

In both the cases your intervention is 0 so I guess it is very difficult to predict that how much they are strict about it.

Lol their automated system is weird. I gave them access to my login and they determined my income to be 12 times last month income, which was a bit lower due to some deductions towards other items. Overall it is about half of my actual annual salary 😅.

 

[Harry1]

Is there some issue with their website? Not able to get any option in their drop down menu for country of birth and name of bank. Can't proceed without selecting them.

Tried mobile and desktop sites on Android chrome app.
Chrome, Edge and Firefox on laptop. Disabled all ad blockers. Nothing worked.