Every year HSBC charges me 550 dollars (that’s Hongkong dollars) as an “annual fee” for the privilege of having their credit card in my wallet. Every year, I called them and politely ask them to cancel my card if they really feel the need to charge me to use their credit card. Every year, they say they can give me a fee waiver and refund the 550 dollars.
I’m just wondering how many people just accept the fee or can’t be bothered to make the call. It might not seem like much, but I’m going to enjoy a nice dinner and a glass of wine tonight with the money HSBC has just given back to me.
To be honest, I’ve almost completely stopped using the card as I now have a few Chinese credit cards, so I half expected them to call my bluff and cancel my card, but no, they were very quick to “help apply for the fee waiver”.
January 26th, 2010 at 1:22 pm
It sounds like one of those ridiculous haggles you have from time to time when someone tries their luck just in case you’re completely gullible:
“How much is that?”
“200 kuai”
“I’ll give you 10″
“OK”
“Damn, I went in too high”
January 26th, 2010 at 1:25 pm
Yeah, the credit card is basically free for everyone except those who don’t bother to ask for the “fee waiver”. Quite a nice revenue stream for them I imagine. Anyway the purpose of posting was so that readers can give it a try if they’re being charged. I’ll take 10% of any refunded fees, thank you! Oh alright, 5%!
January 26th, 2010 at 1:48 pm
I believe some cards (American Express Black) the fee is non-negotiable.
January 26th, 2010 at 1:50 pm
Yes, of course T, I also have an Amex (not black) and never bother trying to get the fee waived. But for a basic HSBC card with no real benefits, I’d happily give it back to them.
January 27th, 2010 at 3:15 am
I hear its around £3k for the Black Amex! And yes, thats not negotiable. Expensive, even for titanium.
January 27th, 2010 at 6:38 am
right, as i have worked in a bank i know this. i know that the annual fee of those cards is totally unnecessary. they only have it IF they need to do administration work(example if u lost it,etc.) but they earn much more when you are using the card at stores.
January 27th, 2010 at 11:09 am
I don’t understand why anyone would pay for annual fees! (especially the black card) I’d cut up all my gold/annual fee cards LONG time ago. I now only use my Norstrom visa so I can get nordstrom bucks to spend at the store hee hee hee. So at the end of the day, they pay me to use their card. Now that makes more sense to me.
January 27th, 2010 at 1:50 pm
@Rich – Kurt has one, we should ask him about it.
@Shopgirl – Thanks for the inside information, very helpful.
@Sue – Yes, exactly. They should pay us and many banks DO. From ICBC bank I get a free Priority Pass membership which allows me access to first class lounges at most major airports around the world. That in itself is worth a few hundred dollars. I also get points which I can exchange for gifts.
January 27th, 2010 at 10:21 pm
The black card has a host of benefits which, if used, make the cost of the card a little more justifiable. I pay an annual fee on one of my cards which I can justify by the extensive travel insurance it offers, not just for the primary card holder but also for all the supplementary card holders.
January 30th, 2010 at 5:15 pm
Woai – I assume you had some issues with your credit background in the past, otherwise never ever a need for a fee on a non airline miles program card. You should ask them to permanetly waive.
January 30th, 2010 at 7:13 pm
EQ – Had the card for over 10 years. Every year it’s the same ritual. I did ask for permanent waiver they said they cannot do that it’s on a case by case basis. I’d give it back but sometimes the Chinese credit cards don’t work so I need a backup, although I do have a UK Visa card and a Hong Kong Amex, so I could do without the HSBC card if they one day refuse to waive the fee.