New Card FAQs
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 About HSBC
Application
Approval
Qualifying
- What are the qualifications for getting a credit card?
In order to apply for a credit card, you must be at least the legal age in the state of your residence, your annual salary must be at least $12,000 (for an unsecured card), you must have a telephone in your residence and you must reside in the United States and have a valid social security number. Credit approval will be determined upon review of a current credit bureau report and other information bearing on your creditworthiness. You may be notified of our credit decision by mail.
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Rate Information
- What is the Prime Rate?
The Prime Rate is the Index used to calculate the interest rates on variable rate accounts. For each billing cycle, the Index is determined in the month prior to the month in which the billing cycle ends. In that prior month, the highest Prime Rate published in The Wall Street Journal is selected (the "Index"). If the Index has changed, the new variable rates will take effect with the billing cycle that ends on or after the first day of the month following the Index change.
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- What is a Variable Rate?
A variable rate is a rate that can change because it is based on an Index. For each billing cycle the Index is determined in the month prior to the month in which the billing cycle ends. In that prior month, the highest Prime Rate published in The Wall Street Journal is selected (the "Index"). If the Index has changed, the new variable rate will take effect with the billing cycle that ends on or after the first day of the month following the Index change. For example, if the Prime Rate used to determine the Annual Percentage Rate was 9%, which if added to a Spread of 9.99%, would result in a variable Annual Percentage Rate of 18.99%. (Sum of the Prime Rate and the Spread.)
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- Can the Prime Rate go up or down?
- If the Prime Rate goes up or down, when does it affect my statement?
If the Prime Rate (Index) goes up or down, the new variable rate will take effect with the billing cycle that ends on or after the first day of the month following the Index change.
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- What is a Default APR?
The Default APR is the rate charged on your entire account balance if at any time your Minimum Payment is received after the Payment Due Date or you exceed the credit limit on this Account.
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Card Security
Secured Card
- What is a Secured Card?
Secured Cards are credit cards that require a savings account to be established as collateral for the credit card. They are an excellent way to establish a positive credit history and are designed especially for people with no credit history, or who have experienced past credit problems. Household Bank secured Credit Cards look and work just like any other credit card. Only you and HSBC will know that the card is secured.
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- How do I get a Secured Card?
We'll recommend a specific MasterCard that best fits your needs and credit profile based on the information you provide us from the inquiry form and your credit history, in addition to a Secured Card.
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- How can I qualify for a Secured Card?
Even if you have no credit history, or your credit history is less than perfect, you have an excellent opportunity to be approved for a Household Bank secured card. These are our general guidelines:
- Legal age in the state of your residence,
- A telephone in your home,
- Reside in the United States
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- What will my Credit Limit be for a Secured Card?
With a Household Bank secured card, you set your own credit limit! The minimum deposit required is $200, with a maximum deposit of $15,000, and your credit limit will be equal to 100% of your deposit.
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- Can I add to my Savings Account to increase my Credit Limit?
Yes. At any time after your account is opened, you may send in deposits of $100 or more in increments of $100 to add to your secured savings account. Each addition to your savings account will increase your credit limit dollar for dollar.
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- Can I withdraw money from my Savings Account?
The savings account acts as collateral for your Secured Card, so you may not withdraw money from the account while your credit card is secured
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