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Regular Contributor
MsRN2000
Posts: 236
Registered: ‎07-21-2007
0

Re: Questions Re: asking a CC company to lower interest rate / remove annual fee

No, there is no balance on the card.
Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
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Re: Questions Re: asking a CC company to lower interest rate / remove annual fee

OK, call and ask for a conversion. Give them the specific CC you want.
HSBC Platinum MasterCard® with Cash Back
HSBC Platinum MasterCard® with Cash or Fly Rewards
HSBC Platinum MasterCard®

If they still won't do it, tell them your other CCs don't have annual fees (assuming you've got a couple other CCs), and you've been happy with the service. Tell 'em, "I'm really hoping you can help me out with this."

If they offer to open a new Platinum for you, tell them not at this time and you'll have to consider other credit card offers. Tell them that you'd prefer to stay with HSBC, but if they cannot work something with the annual fee or convert to a Platinum and keep the CC open, then you'll need to do what's in your best interest. Tell 'em you hope they understand that it's not personal, but that you've been happy with HSBC service so their denial feels kinda personal.

Might put you on hold. Don't hang up. "After talking with a manager", they might give you what you want.
Established Contributor
Irvin
Posts: 510
Registered: ‎04-17-2007
0

Re: Questions Re: asking a CC company to lower interest rate / remove annual fee



Noah_Bodie wrote:
OK, call and ask for a conversion. Give them the specific CC you want.
HSBC Platinum MasterCard® with Cash Back
HSBC Platinum MasterCard® with Cash or Fly Rewards
HSBC Platinum MasterCard®

If they still won't do it, tell them your other CCs don't have annual fees (assuming you've got a couple other CCs), and you've been happy with the service. Tell 'em, "I'm really hoping you can help me out with this."

If they offer to open a new Platinum for you, tell them not at this time and you'll have to consider other credit card offers. Tell them that you'd prefer to stay with HSBC, but if they cannot work something with the annual fee or convert to a Platinum and keep the CC open, then you'll need to do what's in your best interest. Tell 'em you hope they understand that it's not personal, but that you've been happy with HSBC service so their denial feels kinda personal.

Might put you on hold. Don't hang up. "After talking with a manager", they might give you what you want.



perfect way to get at them! Do it and let us know what they say..
Frequent Contributor
Posts: 353
Registered: ‎07-18-2007
0

Re: Questions Re: asking a CC company to lower interest rate / remove annual fee



Noah_Bodie wrote:
OK, call and ask for a conversion. Give them the specific CC you want.
HSBC Platinum MasterCard® with Cash Back
HSBC Platinum MasterCard® with Cash or Fly Rewards
HSBC Platinum MasterCard®

If they still won't do it, tell them your other CCs don't have annual fees (assuming you've got a couple other CCs), and you've been happy with the service. Tell 'em, "I'm really hoping you can help me out with this."

If they offer to open a new Platinum for you, tell them not at this time and you'll have to consider other credit card offers. Tell them that you'd prefer to stay with HSBC, but if they cannot work something with the annual fee or convert to a Platinum and keep the CC open, then you'll need to do what's in your best interest. Tell 'em you hope they understand that it's not personal, but that you've been happy with HSBC service so their denial feels kinda personal.

Might put you on hold. Don't hang up. "After talking with a manager", they might give you what you want.



This method worked for me a couple of weeks ago. I had the regular HSBC Mastercard w/ no cash back. When I tried to cancel, they offered me the cash back rewards and I was like... since I use this card all the time, it might be good for me to get some cash back. hehe. That was the best they could do for me since I'm "new" with them. :-/
Regular Contributor
MsRN2000
Posts: 236
Registered: ‎07-21-2007
0

Re: Questions Re: asking a CC company to lower interest rate / remove annual fee

Okay...  So, I followed your advice and was told that there was no "upgrade" (I asked for a conversion) to any other HSBC card from the card that I have.  The representative (placed me on hold for a while) told me that the portfolio for the HSBC Gold MC (my card) does not have any upgrades and I would have to apply for any other card that I wanted. I went on with the script and told her everything else and she apologized and stated that the card that I hold does not allow "upgrades" and ensured me that I am a valued customer.  She then offered me a CLI!  I told her that I was not interested in a CLI - I wanted a conversion to another card without high interest rates and annual fees.  Again, she encouraged me to "apply" for the card I wanted. 
 
She stated that HSBC does periodic reviews of accounts (twice a year) and my account had not been reviewed since February of this year.  So, she could not promise me that they would not do a hard pull on my CR today.
 
I think when they contact me (after their system review of my CR), I will either cancel the card altogether or do the app. for the new card and see if they can keep the original date from the first card. unless you have any other ideas. I just can't have the inq right now.
Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
0

Re: Questions Re: asking a CC company to lower interest rate / remove annual fee

I would keep the Gold CC for now. Try calling back. Different rep and different manager you might get a different answer.
 
If they stand firm and say no, accept any APR reduction or CLI they offer. "If you'll raise my credit limit or reduce the interest rate or both, OK, I accept. But again, my reason for calling was to have this CC converted to a Platinum." Keep the focus on conversion to Platinum, but if they offer you anything take it.
 
If they still won't convert, tell 'em you'll take the CLI on the Gold, and you'd like to go ahead and apply over the phone there and then for the no annual fee Platinum CC if you can. They might be able to give you instant approval and maybe even give you a CLI bump or maybe waive the annual fee on the Gold for a year "for all your trouble".
 
Then, once you have your Platinum in hand, call 'em up and go at 'em again. Tell 'em your Platinum doesn't have an annual fee, and your other CCs don't have annual fees. You've had the Gold for 11 months, so you're about due for the annual fee to hit.
 
If they stand firm at that time, see whether they'll waive the annual fee. A lot of folks have reported success in calling Cap 1 when the annual fee gets charged each year, and complaining and getting the annual fee waived for a year. Annual ritual, but it keeps you in practice gaming the CCC reps and it accomplishes your goal--no annual fee.
 
If they won't waive the annual fee on the Gold, ask whether you can move the CL on the Gold over to the Platinum and close the Gold. I'd do it before the annual fee on the Gold shows up.
 
Regular Contributor
MsRN2000
Posts: 236
Registered: ‎07-21-2007
0

Re: Questions Re: asking a CC company to lower interest rate / remove annual fee

Thanks Noah_Bodie this is good advice too. I will give this a try next.

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