New Card FAQs

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About HSBC

Approval

Qualifying

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 positive credit and are designed especially for people with no credit history, or who have experienced past credit problems. HSBC secured credit cards look and work just like any other credit card. Only you and HSBC will know that the card is secured.

• How can I qualify for a Secured Card?

  Even if you have no credit history in the United States, or your credit history is less than perfect, you have an excellent opportunity to be approved for an HSBC Secured MasterCard® if you meet the following general guidelines:

  • Legal age in the state of your residence,
  • A telephone in your home,
  • Reside in the United States
  • Have a valid Social Security Number

• What will my Credit Limit be for a Secured Card?
  The minimum deposit required is $300, with a maximum deposit of $15,000 and the credit limit is equal to 100% of the deposit.

• 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. Maximum deposit is $15,000.

• 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