HSBC Credit Card Promotion

SirCH on 11/11/2009 - 12:57

So I signed up for the HSBC credit card with $50 cash back as seen here: http://www.ozbargain.com.au/node/17356

My first ID check was declined (even though they sent me a card once I'd done it) because I the Everyday Money credit card to do the check (issued by HSBC - go figure). I then had to wait 13 days days for my account to be activated (they blocked it).

So anyway…I'm checking online and my first statement ran from 15/10/2009 to 07/11/2009. It was for just over $300. However…I did actually spend $500 before the statement ended, they just didn't include any transactions after the 5th. I called them to enquire and it turns out that "they can't change the eligibility of this promotion and I am no longer eligible"

Also…the promotion stated that "To receive the $50 credit, minimum spending must be $500 or more for each month of the first three consecutive months of your new HSBC Credit Card after approval of your card." The key word being "month" and not "statement period".

What is everybody else's take on this? I did spend $500 before the end of the statement period, just the transactions got included on the next statement, and I definitely spent $500 within a month of opening my account.

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Comments

  • neil on 11/11/2009 - 17:43

    Briefly looking at the deal is says month, which one could imply either way but it should be per statement. For example if I got approved on the 31st, then I would have to spend $500 in one day.

    So then, you would have to see if they list statement periods in the terms and conditions. If they do well then, don't see much you can do other than raise hell with them, perhaps contact the banking ombudsman.

  • SirCH on 11/11/2009 - 23:26

    True, but I still think it's very vague.

    1) My month runs until the 7th with HSBC.
    2) The word isn't 'calendar month' but 'month'. I could quite reasonably claim that a month is a period of at least 28 days.

    I think I might write a formal compaint to HSBC stating that the T&Cs are vague and see where that goes.

  • sparkles on 12/11/2009 - 00:32

    This sounds like a perfectly easy way for them to avoid paying the $50.00 ie. delay approvals (for whatever reason) or issuing new cards until late in the month making it virtually impossible for anyone apart from high spenders who spend quickly to get the bonus.

    Personally I'd close the account out of principle and phone the banking ombudsman unless the T&C's were clear this was always going to be the case.

    • [Deactivated] on 13/11/2009 - 22:39

      Watch closing it so soon - could lead to your credit report being interpreted incorrectly by another provider in future. If you have another card, just let this one sit, and dont use it, then cancel at least 6 months later

      • SirCH on 20/11/2009 - 23:45

        Useful. Thanks.

        I wasn't going to cancel it anyway - it costs them to send me a statement every month :)

        If I just keep the card at home, then I can still use it if I happen to lose my wallet, so it's just for emergencies.

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