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I’m updating my accounts on Yodlee, can you tell? I just added my newly activated HSBC Direct Rewards mastercard. It took me a bit of searching to figure out how to add it to Yodlee, since it didn’t work for HSBC Credit Cards, and the only credit cards listed are for HSBC Bank USA or HSBC Bank (UK), and my card is sponsored by HSBC Bank, Nevada, N.A. I finally got it to work with Direct Merchants, thanks to a post on Fat Wallet. Anyhow, while I’m getting my accounts in line, I figure I’d give an update on this card.

So I FINALLY received the card about a week ago. After being approved online 10/11/06, it took several weeks for them to send me some paperwork which said “You have been approved but to verify your identity we need you to send us a copy of your social security card and a recent copy of a bill with your address.” I thought that was strange, I mean how often do you mail out copies of your social security card? I bet this keeps alot of people from finishing the application process. I did a bit more research online, found out others had done the same thing, so I sent out the required documentation. About 3-4 weeks later I received another letter that said “Congratulations, you will be receiving your card soon.” Another 2-3 weeks went by and I finally got the card in the mail.

I was given a $1900 CL, with 13.24% APR. Not a very high CL, especially compared to the CL of my other cards (my MBNA/BofA card was just bumped up to $11,400). The APR puts me in the “best credit” tier, according to the web application: Best Credit (13.24%V APR), Better Credit (17.24%V APR), and Good Credit (21.24%V APR). This doesn’t matter, since I pay off my balance in full each month.

I just called the 1-800 number to activate it and added it to my wallet — consequently my Capital One Card was banished to my sock drawer (Not really, but like I’m going to tell the whole world where I keep my stash of credit cards, heh). As I haven’t used it yet, I am curious about a few things. Like whether it gives 5% cash-back rewards on Wal-Mart purchases. I guess Chase rewards cards do but Citi cards didn’t. Technically, if you’re buying groceries at a Super Wal-Mart, then it should be 5%. BUT, the fine print on the card says “Supermarkets are defined as stand-alone merchants that primarily sell a complete line of food merchandise for home consumption.” I’ll test it out by making one purchase this next month at Wally-World. I suppose it doesn’t matter in the long run — I shop so infrequently there anymore, because I can get much better deals with coupons elsewhere.

Besides supermarkets, it also gives 5% cashback on drugstores and gas stations. I’m excited about the gas stations! I just hope I remember to use the new card, since I’m so programmed to reach for my bright yellow one.

And it seems as though you can’t apply for this card anymore. It’s listed as *DEAD* on the FatWallet site, and the application link only lists a Direct Rewards Discover card, which allows you to redeem points for rewards instead of giving cashback. I guess I took the plunge at the right time. It looks like Chase Rewards Plus Visa Card is still around, so there’s always that option too.

One Response to “HSBC Direct Rewards MasterCard Update”

  1. Anonymous says:

    Hi hstanfi,

    Glad to know you’re using Yodlee to centralize your financial data. If you ever have problems with adding new accounts to Yodlee or data quality issues, please come to Yodlee forum @ http://forum.yodlee.com to post your requests and concerns. I’m sure someone there will take good care of it.

    Cheers,

    A Yodleegian

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