HSBC Premier joint account query for Premier credit card.

[avijith7]

I have recently opened an HSBC joint Premier account with my mother (who is a senior citizen), in order to get the senior citizen FD rate. My mother is the primary holder, and I am the second holder. Now since Premier account holders are eligible for the Premier Credit card, since the account is joint, will both my mother and me be eligible for the Premier credit card? Because according to the relationship manager, only the first holder, i.e., my mother, is eligible for the Premier Credit card even though it is a joint account. But on the other hand, I am getting Premier Credit Card shown as pre-approved in my HSBC India app, and so I am not sure whether both my mother and me will get the credit card, or only one person. Please help in this regard.

 

[quino]

cording to the relationship manager, only the first holder, i.e., my mother, is eligible for the Premier Credit card even though it is a joint account

why dont u open new account & add urself to the family banking. that way you're also Premier & first holder.

btw, i think RM is saying bs. talk to customer care/BM.

 

[avijith7]

why dont u open new account & add urself to the family banking. that way you're also Premier & first holder.

btw, i think RM is saying bs. talk to customer care/BM.

If I open a new Premier account, then I will have to separately maintain Premier status. Too much money to keep in HSBC bank, I feel. So I want to know whether for a joint account, both the holders are eligible separately for the Premier credit card (not add-on card for the second holder), because I am already getting the Premier Credit Card shown as pre-approved despite being the second holder, while my mother, being the primary holder, is still not getting that offer in her mobile's HSBC India app.

 

[quino]

If I open a new Premier account, then I will have to separately maintain Premier status.

the family banking

- https://www.hsbc.co.in/premier/family-banking/ -

 

[avijith7]

- https://www.hsbc.co.in/premier/family-banking/ -

I am over 30 years of age. So according to HSBC's criteria, I can't maintain Premier status with family banking with Premier status in one account. I am specifically asking that for joint account holders, shouldn't both the holders be equally eligible for all products?

 

[quino]

I am over 30 years of age. So according to HSBC's criteria, I can't maintain Premier status with family banking with Premier status in one account. I am specifically asking that for joint account holders, shouldn't both the holders be equally eligible for all products?

u should've done either of 2 things:

1. made your mom secondary holder & still get the senior citizen FD under your mom's cust. id.
2. open separate account for mom where yours is the primary account in family banking.

 

[quino]

I am specifically asking that for joint account holders, shouldn't both the holders be equally eligible for all products?

btw, i think RM is saying bs. talk to customer care/BM.

. . .

 

[avijith7]

Okay. I will talk to customer care.

 

[megabull]

u should've done either of 2 things:

1. made your mom secondary holder & still get the senior citizen FD under your mom's cust. id.
2. open separate account for mom where yours is the primary account in family banking.

Why would a bank ever discriminate between primary and secondary, while favoring the secondary.

I am over 30 years of age. So according to HSBC's criteria, I can't maintain Premier status with family banking with Premier status in one account. I am specifically asking that for joint account holders, shouldn't both the holders be equally eligible for all products?

Who told you all this age criteria rubbish. Where is this discrimination mentioned. If i'm 28 and a millionare, i can't be a premier on my own.

Eligibility runs based on risk parameters set by the institution. HSBC is a rulebook organization so i'm sure some parameter would not be fulfilled by her.

You have a case of a hostile RM. Not worth wasting time.

 

[sanarora]

I have had a similar case where I was Premier with Family Banking but now as above 30 yrs age, they asking for individual 40L TRV, now my doubt is can I & wife maintain 20L Each in our own 2 seperate accounts & group them as family or does one person need 40L alone..?
Also can porting Mutual funds from say Zerodha to HSBC will count against the TRV,
Any other suggested way to achieve TRV..??

 

[quino]

Also can porting Mutual funds from say Zerodha to HSBC will count against the TRV,

yes, it will.

I have had a similar case where I was Premier with Family Banking but now as above 30 yrs age, they asking for individual 40L TRV

the primary person in the family group is your parent? then yes, you need to maintain separate. otherwise not required.

my suggestion is to dismantle the existing group & create a new group with you as the primary & ur wife, parents as family.

 

[sourpai]

I have had a similar case where I was Premier with Family Banking but now as above 30 yrs age, they asking for individual 40L TRV, now my doubt is can I & wife maintain 20L Each in our own 2 seperate accounts & group them as family or does one person need 40L alone..?
Also can porting Mutual funds from say Zerodha to HSBC will count against the TRV,
Any other suggested way to achieve TRV..??

I highly doubt that transfer of Mutual funds from Zerodha to HSBC is possible with direct funds.

Don’t think any banking platform offers direct MFs. If you have any non direct MFs with other brokers such as ICICI direct then transfer may be possible

 

[sanarora]

I highly doubt that transfer of Mutual funds from Zerodha to HSBC is possible with direct funds.

Don’t think any banking platform offers direct MFs. If you have any non direct MFs with other brokers such as ICICI direct then transfer may be possible

that is exactly what my doubt is..

 

[sourpai]

In my experience it definitely does not work (I tried for IDFC Private and they said direct MFs not possible to shift). Not going to work for HSBC also. However you can check once with your RM

 

[sanarora]

In my experience it definitely does not work (I tried for IDFC Private and they said direct MFs not possible to shift). Not going to work for HSBC also. However you can check once with your RM

then what is the sensible way to achieve TRV..?? no point of regular plans anyways.

 

[sanarora]

what about direct stock holdings , no controversy only of direct or regular, direct stock holdings will that count..?

 

[sourpai]

what about direct stock holdings , no controversy only of direct or regular, direct stock holdings will that count..?

Direct stocks should be possible. Only thing is that you will have ~1% brokerage charges whenever you sell the stocks. If this math works for you, then go ahead. It might work if you are aiming for HSBC premier credit card and plan to extract max value out of it. Otherwise there is no real benefit of HSBC premier

 

[avijith7]

Why would a bank ever discriminate between primary and secondary, while favoring the secondary.


Who told you all this age criteria rubbish. Where is this discrimination mentioned. If i'm 28 and a millionare, i can't be a premier on my own.

Eligibility runs based on risk parameters set by the institution. HSBC is a rulebook organization so i'm sure some parameter would not be fulfilled by her.

You have a case of a hostile RM. Not worth wasting time

Why would a bank ever discriminate between primary and secondary, while favoring the secondary.


Who told you all this age criteria rubbish. Where is this discrimination mentioned. If i'm 28 and a millionare, i can't be a premier on my own.

Eligibility runs based on risk parameters set by the institution. HSBC is a rulebook organization so i'm sure some parameter would not be fulfilled by her.

You have a case of a hostile RM. Not worth wasting time.

I confirmed from email, customer care as well as the RM. After 30 years of age, you have to maintain separate Rs 40 Lakh TRB to be eligible for Premier status.

But for credit cards, the criteria is slightly different. Even joint accounts don't qualify for two separate, standalone Premier credit cards to both joint account holders. Only the primary holder gets the Premier credit card.

But they do give Premier account status to both the holders if the account is a single joint account maintaining the TRB criteria of 40 Lakh in the joint account.

If you want two Premier Credit Cards based on a single joint Premier account, then you will get one main Premier credit card and another has to be an add-on card.

 

[avijith7]

I think I will now apply for the HSBC TravelOne Credit card, given that I will not qualify for the Premier credit card as a secondary joint Premier account holder. The TravelOne Card is now the only card in India at Rs 5000 + GST joining and annual fees level that gives accelerated rewards on some categories (flights, hotels and car rentals) and the difference in the accelerated reward rate for flights between the TravelOne Card and the Premier Card is minuscule, as the Premier gives 18 Reward Points per Rs 100 (6x multiplier) and the TravelOne gives 16 Reward Points per Rs 100 (4x multiplier) for flights specifically. So the difference is only 2 Reward Points for flights.