percysmith

Half is disappointing, they gave me double with my Pui Ching.

But what they give is assessed on all cards you hold with them. If you don't have enough limit on any card then you can redistribute it from the others.

dannyhk

Just resurrecting this piece of advice by Percy Smith from an old thread.

Is this still good advice? I've got ridiculously high credit limits on some of my existing cards that I hardly ever use (e.g. $150,000 on a BEA card that is only good for Octopus AAVS top-ups).

Is it worth getting them reduced before I put in a bunch of applications for new cards from Fubon, Bankcomm, CCB, etc? And any idea how long it would take these lower credit limits to feed through into my Transunion report?

And how do you go about finding out your Transunion score anyway? The only way I can see of doing so is by paying them a couple of hundreds bucks for a copy of your report? (In UK, I know there are Web sites where you can check for free)

percysmith

Good as a housekeeping measure if you have the time. Of those banks, Bankcomm's a bit more conservative, but their offers have high caps ($35,715/month) so a larger limit may be handy.

But - with BEA - do you get $150 rebate offers and fee waivers for bill paying other cards with your BEA? You can only get $150 offer if you have a limit of $80,000 or more. I cut my BEA limits at first but on realising I get better other card bill payment offers with larger limits, I applied for new limit to $90,000.

I find banks update TU at end of month on changes to limits during the month.

Officially: $99 online from http://www.transunion.hk/personal/cr...orders_en.html

Cheaper, obligation-based less expensive method: get a rejection letter from any bank. At this point the bank is obliged to supply you with a TU report "free of charge"

http://www.hongkongcard.com/forum/fo...hp?id=5329&p=3 (quote from TU's reply to Cin Dy Wong's query email)

The $20 is handling fee for mailing the report back to you. Alternatively you can go up to their offices at Suite 1006 Tower 6 The Gateway to obtain the report for free http://www.hongkongcard.com/forum/fo...hp?id=4777&p=2 #20

The banks really don't want people to get their "free" credit reports. They include the mandatory verbage about referencing your credit report in rejection letters but never point out how to get one (any of the above).

And in one case - Wing Lung Bank sent me a standard form rejection letter which I immediately dispatched to TU for my $20 "free" TU report. The next day I communicated with the bank's CS who agreed to review my case if I submitted asset proof, and subsequently got approved a week or two later. To my surprise TU rejected my TU report request shortly after - I dunno if TU double checks whether the rejection still stands before they send out the "free" TU report or WLB actively went to TU and made sure I was denied my "free" TU report.

dannyhk

Thanks. I didn't know about this, and haven't got any of these $150 rebate offers from BEA so far. But then I only started paying bills through BEA about a month ago (was stupidly using DBS before that). Will cut the credit limit, but keep it above $80,000.

How about DBS and Hang Seng? Any special reason for keeping my higher credit limits with them?

percysmith

DBS no

Hang Seng's credit limits can be used to pay out other banks' credit cards, fee and finance charge free - any payee in http://bank.hangseng.com/1/PA_1_2_S5.../pdfs/pb19.pdf. So again, it's getting another 28-56 days on your card balances.

go_around

Geez Percy, thanks a lot for your help here. Following your advice I managed to get CCB online banking set up in a couple of minutes, and then pay IRD through it. You saved me busting a gut over this!

dannyhk

Just realised I ticked all the direct mail opt out boxes to stop BEA sending me junk mail--which may explain why I never got any of these $150 rebate offers (even when I was using my BEA cards more actively a few years ago).

I always try to avoid junk mail on principle. Maybe credit cards is the one exception when it makes sense to opt in? Otherwise the banks can't send you their special offers?

Also, how wide is the definition of "other retail spending" at "uncategorised local merchants" for the purposes of the HSBC Red Hot Winter Shopping Special?

How about doctors? Or garages? (Got a $3,000 car repair bill to pay tomorrow)

percysmith

Yes.
Banks always mail (or in BEA's case this year, email) good offers.
They call you to push product.

I've cracked down on banks promotion calls - can opt out.
Ideally I want the banks to mail me, email me, SMS me but not call me.
I've kept a list of banks who've agreed and not agreed to do so http://www.hongkongcard.com/forum/fo...ow.php?id=3630

Unfortunately BEA requires an all or nothing approach to promotions, so I allowed BEA to call me as well as mail and email me. Other banks with an all or nothing approach include SCB and DBS.


All really. You're just capped at 60RC/week. So with a $3,000 car repair bill you're in luck (or at least getting some consolation).

dannyhk

Thanks again, that's a very useful list--your expertise in this area really is fantastic and we all benefit from it! Actually I'm less concerned about junk calls than I used to be--as long as you answer your phone in English they'll normally hang up within a couple of seconds! Also hasn't the HK Government just introduced some kind of "do not call" list for opting out of direct marketing calls?

percysmith

True but I rather less people ring my phone, I don't have to track who they are.

Yes but companies with existing busienss relationship with individuals are opted-in.

Timothy Lin

Dear PercySmith,

I hold more than 20 credit cards in Hong Kong and some banks give me incredibly high limits such as AMEX Platinum and DBS Black that I hardly ever use. Do you think this is why BCOMM gave me a much lower credit limit since I have been applying for too many cards within the past two months? I just submitted my applications for AIA Plat CUP and Pui Ching Plat CUP plus BCOMM's Diamond CUP and Yan Chai CUP Diamond Dual Currency Credit Card this afternoon. It seems like PRC banks are quite stingy as far as giving credit limits are concerned.

I know. Half is ridiculous! I got a 6 figure credit limit on my CCB Core Platinum CUP. I am starting to wonder whether CCB will force me to share my existing credit limit with AIA Plat CUP and Pui Ching Plat CUP when they get approved.

Thanks,

Tim

percysmith

Well I went the other way round - from five digits from my AIG days to six digits for my CCB CUP.

host2087

Hello PercySmith,

If I redeem AsiaMiles to waitlist a round trip ticket (CX), and when they finally release the seats, can I still request to cancel the ticket without paying anything?

percysmith

Sure. No commitment until they've taken your card number.

Timothy Lin

Dear PercySmith,

Now that I received my CCB eye Card, I would like to know the best strategy to maximize my Asia Miles earnings while the 939 Bonus Points promotion lasts. I spoke with a CCB CS this afternoon, he told me that I can earn an extra 3X on top of the 5X bonus points for HKD online spending. Is that true? If that is the case, it means that I can earn 1 mile for less than 1 HKD? I will be more than happy to pay my part of my rental expense with my eye card.

The CS also told me that I should be able to receive my AIA Plat CUP and Pui Ching Plat CUP within the next 2 weeks, just in time to play the 939 promotion. Since I don't have anything in mind to spend HKD 12,000 for each card except for my monthly rental expense of HKD 25,800, will cash advance be eligible for the bonus points?

Thanks for your prompt response.

Best,

Tim