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First a brief history of HSBC Banks' entry into the credit card space in the US. Their credit card portfolio is what it is today because they bought Household Bank and acquired their credit cards. Prior to that, Household Bank took over Orchard Bank and acquired Orhcard Banks' sub-prime cards. Hence, unlike many major issuers, you will find HSBC credit cards geared towards those with both good and bad credit. Below are their credit card line up.
The HSBC Platinum MasterCard® is HSBC's basic platinum credit card. With this card, you get a 0% introductory apr for between 6 to 12 months and a potentially low apr as well thereafter depending on your credit. This card comes with typical platinum benefits and online account management. We recommend this card to those looking for a basic platinum card. Read our review of the HSBC Platinum Mastercard
The HSBC MasterCard® with Cash Back Rewards is HSBC's cash back credit card. It is a basic rebate card that allows you to earn 1% rebate for every dollar they spend. You can earn unlimited rebates with this card. Read our review here.
The HSBC MasterCard® with Cash or Fly Rewards is one of the more unique hybrid cash back reward credit cards. You have a choice of choosing either to convert your reward points into cash or to redeem for an airline ticket. You earn one point for every dollar you spend on the card and the cash rebate payout is 1%. You can earn unlimited points. Read our review of the HSBC Mastercard with Cash or Fly Rewards.
Orchard Bank Credit Cards
These credit cards used to be in Orchard Banks portfolio, but are now obviously part of HSBC Bank NV's credit cards.
The Orchard Bank Mastercard is perhaps one of the best card to get if you have no credit or poor credit. When you apply for the card, you will be approved of either one of the following cards. If you have very poor or no credit, chances are you will be approved of the Orchard Bank secured credit card. This card has a very reasonable annual fee of $35 and none of the exorbidant application fees that are common in other sub-prime cards. You can deposit anywhere from $200 to $15,000. Your credit limits will be set by your deposit, which acts as a collateral.
If your credit is slightly better and you are approved for the Orchard Bank Gold MasterCard, you will have to pay an application fee of $19. The annual fee is $79.00.
If your credit is better than you thought is was, you may be approved for the Orchard Bank Platinum Mastercard. The annual fee for this card ranges from $39.00 to $69.00. If your credit is actually good, you may even be approved for the regular HSBC Platinum Mastercard (with no annual fee). Read our review of the Orchard Bank Mastercard.
GM Credit Cards
The GM Flex Card is the latest GM card which offers more flexibility than the original card. With this card, you earn 1% rebate for every dollar you spend on the card. If you choose to redeem the rebates when you purchase a NEW GM vehicle, then the 1% becomes 3%. However, if you decide to buy a non-GM vehicle instead, you can still use the 1% rebates you have earned. Alternatively, you can redeem the rebates for cash instead. This card will appeal to those who want to buy a new GM vehicle in the future, but is afraid of they may change their minds. If you are very sure you are going to buy a GM, then the original GM Card is the better deal. Read our review of the GM Flex Card.
Union Plus Mastercard
The Union Plus Credit Card is made for the union member in mind with benefits that cannot be found other cards. For example, this is the only credit card that allows you to skip 2 payments within 12 months. Furthermore, you are also allowed to skip up to 4 payments within 12 months if you go on a union approved strike or are involved in a lockout for more than 30 days. There is no annual fee and you get other union perks as well. Read our review of the Union Plus Credit Card.
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