[freeier]

my citibank card in singapore takes generally 4~5 days to reach me (again, maybe because i have a banking account in citibank). if i need it urgently for trips or such, i can call them up and they hand deliver it within a day or two.

here my application for the first card took 2mths, 2nd card took 3mths before i receive it in the mail.
i think if they buck up their services they probably do not need to pay so much for premium to entice applicants.
i always thought credit card is the money spinner in banking, that's why the efficiency in the credit card dept is the best among all depts. yet the efficiency in hk surprises me. in singapore even the local banks are performing much better on the front to credit card customers than the big banks here in hk.

[jaykay]

I have both BEA and HSBC. Never asked for them just got letters inviting me to complete a guaranteed application. Not a PR yet and never had to show work contracts.

Mind you they probably invited me cos they want to make money and hate me now cos I always pay the outstanding amount in full each month!

[discobay]

They also make from each of your transactions.

[coolgirl]

jaykay, good for you! I applied for BEA months ago, then I received a letter they have too much applications and have to wait for 6 months. whatever. can't be bothered since I have a lot of cards now...

[connecta]

my hang seng CC was pre-approved with my bank account. citibank initially told me for the cathay co-branded card that it will take around 3-4 weeks, but they sent it to me after 2 weeks already. but maybe that was related to a frequent flyer membership as well, which could have been beneficiary for their risk assessment.

yes, usually more than 2% merchant fees on all transactions are very interesting for CC companies. furthermore the interest rates for not paying back the CC debts in time are with 22-24% much higher than for credit cards in other countries (sometimes even only half of HKG). so it should be pretty profitable for them.

but their profit might melt away depending on the welcome/spending rewards every individual bank is promising. if you are furthermore applying for a gold or a platinum card, then you can even not really count on profits out of the high interest rate any more, as those customers are likely to pay in time. then it's just about the merchant fee weighed up against the granted rewards. so beside of the usually longer credit screening process with the first application (except if you are already customer with the bank), it might indeed make sense to them to slow down the rate of successful applications, e.g. if their special deals with suppliers providing them the welcome gifts etc. have already reached their monthly or some other kind of quota, and it would be not feasible to change all the printed promotion papers etc. with the promised rewards. no idea whether it is that way, but it's one possible explanation coming into my mind.

just out of interest coolgirl, do you claim to have several other CCs in HKG when applying for new ones? if you admit that, then it could generate a 'red flag' in their screening process once i had an IT project for electronic risk assessment of mortgages and it's incredible what kind of information they use. it starts with the crime rate of your place of living, goes over to a profile of living style (female and in the perfect age of getting a baby or over it already and focussed on career?) and ends up with that tall people usually earn more than short ones.

[coolgirl]

Originally Posted by connecta

just out of interest coolgirl, do you claim to have several other CCs in HKG when applying for new ones? if you admit that, then it could generate a 'red flag' in their screening process

connecta, no, I don't say I have lots of cards yeah, you're right, perhaps BEA has given too many welcome gifts! Seesh, I like the mini hi-fi they had

[jaykay]

Originally Posted by discobay

They also make from each of your transactions.

Agreed DB! I had forgotten about that very simple but true point.

[LostArt]

Much to my surprise, I just got mine from HSBC in less than 7 business days. It helps or might be because that I

1) already have a HSBC bank account
2) am a permanent resident
3) signed up online
4) faxed them my proof of employment and bank statement the next day

given that I

a) have only worked here for a month
b) have pretty low salary, in fact.
c) never had a credit card outside of US

PS altho i completely forgot about the free gift.. i wonder if it's too late now...

[ICEBreaker]

Originally Posted by coolgirl

jaykay, good for you! I applied for BEA months ago, then I received a letter they have too much applications and have to wait for 6 months. whatever. can't be bothered since I have a lot of cards now...

Yes, I was just about to say... Since 2005, all credit applications including applications for credit cards will have your entire HK cross-bank credit data pulled from the Consumer Reference Agency. Any self-respecting bank would not issue another card to someone who already has 12+. They are either piling on debt, or are in it for the free gifts. Having said that, with the quotas they have to fulfill every month, and the short sightness of management, perhaps they are willing to just offer cards like crazy. In some places, a mark of performance is not the turnover or profitability, but the number of cards issued!

[freeier]

one shld know that in banks there are different departments doing diff things. marketing dept marketing cards, credit dept checking credits.
the front office always have a louder say.. many of them believe that if they can get you to carry their card, there will be other means to get you to use them.