hsbc if it looks to good to be true

  1. 4,287 Posts.
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    I recently accepted an invitation from HSBC to apply for a Visa card being offered with an interest rate of 5.99% for 6 months on any amount transferred from my existing card plus other smaller bait. Finally they contacted me to tell me my application had been successful however as I hadn't met their lending criteria I would have to deposit an amount equivalent to the card credit limit in a term deposit with them. When I pursued the matter with them as to why I hadn't met their lending criteria they maintained that it was confidential and they couldn't tell me. They did however advise that my credit rating is good and that it was other criteria I failed to meet. Given that my income and assets including investment properties are well above average whilst my liabilities are below average, I am perplexed as to what they are on about. Are they only offering the low interest rates to those who are prepared to make the term deposit with them? If so then I feel that they should have advised this in the conditions on the application. The only statement on the application form regarding the issuing of the card says "Visa card approval is subject to good credit rating" Given that they didn't even offer to issue a card with a lower credit limit makes me suspicious as to their motives, though I didn't consider the $20,000 limit requested to be large or excessive. Anyone else had similiar experiences?
 
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