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UK Current Accounts/Credit Cards - Behavioral scoring.

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    UK Current Accounts/Credit Cards - Behavioral scoring.

    My recent 50/50 move to the UK & DK has put me in the position of hunting for a UK bank account & credit card. With no UK Electoral Role or Utility Bills for the past decade this puts me in the no man's land of banking.

    Amex ported my charge & credit cards to UK no problem, but FX on anything other than EUR goes via USD first.

    HSBC Premier are happy to port my IOM account to the UK with Premier privileges - which as far as I can tell amounts to a different coloured card and the dubious privilege of sitting in a goldfish bowl. And ugg, HSBC.

    Santander offered me a Basic account despite being a Private Banking Customer in ES.

    Yorkshire bank also offered a basic account.

    Nationwide have provided me with a FlexPlus account which when paired with their "Select" Visa card offers a nice combo of no charges on foreign ATM withdrawals on debit, and no charges on foreign Credit card purchases, albeit the Visa exchange rate is not as nice as Mastercard. - My preferred option. I don't want to trust Revolut with too much money just yet.

    In all other countries that I have worked in I have either been given debit and credit cards no problem, with the occasional need to block a few grand to secure the credit card. This apparently is a no go in the UK.

    My Nationwide branch manager is assuring me that with the volume I will be putting through my current account, their behaviourial scoring will soon indicate that I am eligible for an overdraft, which is their internal clue that I should then apply for a credit card. As to how soon, they are not clear.

    Does anyone have any experience with this and is it worth waiting out a few months for Nationwide or shall I bite the bullet and opt for the HSBC porting? Are there other banks that I should consider?

    Need for credit card is based on purchase protection, car rental & hotels, not to carry a balance.

    I have asked my accountant and was not much help. HSBC or wait and see.

    Oops, meant to post in Acc/Leg
    Last edited by clearedforlanding; 24 February 2017, 00:19.

    #2
    Moved.
    Down with racism. Long live miscegenation!

    Comment


      #3
      I really don't see your question here.

      You have 2 options use the bank that already knows you and can therefore ignore your lack of external credit references or try to survive with credit cards while building back up a credit history.

      I also really don't see why you say ugg HSBC and then think nationwide is better. I've never had a problem with my HSBC business banking and first direct bank account.

      Just ask HSBC to port you details over, anything else is just going to give you months of grief
      merely at clientco for the entertainment

      Comment


        #4
        Originally posted by eek View Post
        I really don't see your question here.

        You have 2 options use the bank that already knows you and can therefore ignore your lack of external credit references or try to survive with credit cards while building back up a credit history.

        I also really don't see why you say ugg HSBC and then think nationwide is better. I've never had a problem with my HSBC business banking and first direct bank account.

        Just ask HSBC to port you details over, anything else is just going to give you months of grief
        WES

        Port over to HSBC then once you have a credit rating open different accounts and credit cards with who ever you like.
        "You’re just a bad memory who doesn’t know when to go away" JR

        Comment


          #5
          I would be very surprised if your accountant could help - accountants, in the uk at least, aren't banking experts!

          That said, my advice to anyone is to start with a bank that knows you, so if HSBC are willing to port you over, start there, and maybe move on when you have a record established. At least you have the benefit of then being able to do so in your own time.

          Comment


            #6
            Thanks for the answers, It's pretty much what I imagined.

            The issue with HSBC is the 2.75% mark up on foreign card payments. I suppose my next question, perhaps this time to my accountant, is can I offset the the GBP 27.50 I pay for every GBP1000 I spend.

            Comment


              #7
              Originally posted by clearedforlanding View Post
              Thanks for the answers, It's pretty much what I imagined.

              The issue with HSBC is the 2.75% mark up on foreign card payments. I suppose my next question, perhaps this time to my accountant, is can I offset the the GBP 27.50 I pay for every GBP1000 I spend.
              If the fee is incurred for a transaction that is wholly and necessary for the purposes of your business then, yes, you will be able to put the cost through your LtdCo. If you're talking about personal SA, unlikely.

              Comment


                #8
                Originally posted by clearedforlanding View Post
                Thanks for the answers, It's pretty much what I imagined.

                The issue with HSBC is the 2.75% mark up on foreign card payments. I suppose my next question, perhaps this time to my accountant, is can I offset the the GBP 27.50 I pay for every GBP1000 I spend.
                Now that's an entirely different question for which the solution is a travelex supercard. Download the app, order one and then attach your sterling HSBC debit / credit card to it and you will get near enough the current mastercard exchange rate without a fee.
                merely at clientco for the entertainment

                Comment


                  #9
                  Originally posted by eek View Post
                  Now that's an entirely different question for which the solution is a travelex supercard. Download the app, order one and then attach your sterling HSBC debit / credit card to it and you will get near enough the current mastercard exchange rate without a fee.
                  Oh, I agree. I prefer revolut however for cards, and transferwise for SEPA which gives me the mid-market rate, however I don't get paper statements from either, which I assume is required to claim. Does Travalex offer paper statements? There FX rate is a bit predatorial though.

                  Comment


                    #10
                    Originally posted by clearedforlanding View Post
                    Oh, I agree. I prefer revolut however for cards, and transferwise for SEPA which gives me the mid-market rate, however I don't get paper statements from either, which I assume is required to claim. Does Travalex offer paper statements? There FX rate is a bit predatorial though.
                    The items appear on your credit card bill as supercard: Hilton Munich so that is what you use.
                    merely at clientco for the entertainment

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