Anyone have any luck with HSBC removing annual fees?

[Anonymous]

I have an HSBC Gold MasterCard with an annual fee attached.  I've had the card for 11 months now and each month I have either paid the balance out completely or down to 10%.  They have given me 2 credit limit increases since I've had the card.  I have called twice trying to get them to work with me with the annual fee.  (I asked for the manager today & still no luck - she asked me to apply for another card). She stated that they cannot lower, waive (for 1 year) or remove the annual fee because of the type of card. 

I just wanted to know if anyone has had any luck with them in similar situations. 

I can't cancel the card now (I am about to close on property). She stated that I can cancel the card up to 30 days after the annual fee has been billed and receive a credit for the fee.  My plan is to obtain a new card in its place and cancel this card because they won't budge.

Thanks in advance for reading & for any suggestions or comments.

[Anonymous]

So, how much is the annual fee?

[Anonymous]

It's $79.00 with 20% APR.

[Anonymous]

There's no "magic bullet" to get a CC to improve its terms...but you can make sure you enter negotiations from a position of strength.

First and foremost, don't shoot yourself in the foot. Don't have any late pays or fresh baddies on your CR.

Second, make sure your balance is low. Under 10% of your credit limit is best, under $10 is better. Preferably, you have maintained that low balance for at least the past three months. This way, any threat you have to make to cancel is credible. If your credit limit is $5000 and you've been revolving an average of $4200 and a minimum of $3000 for the past six months, you have no leverage. You're a captive audience, and they know it.

Third, make sure your goals are realistic. This ties back into #1, above...if you got your $79 annual fee card back in October of last year with a FICO of 544, you had a 30-day late in March and today your FICO is 553, you're probably not in a position to get a better deal. But if you've kept on the straight and narrow and your FICO is now 591, you've got a shot. Most cards only allow you to ask for CLIs a certain number of times, so don't waste an attempt if your credit fundamentals are close to where they were when you first got the card.

Fourth, escalate to a supervisor if you're declined.

[Anonymous]

NWM thanks alot for that advice.  I have kept the balance low and/ or paid it out each month. I think I have leverage to do what you've said b/c my scores are in the low 700s now (& in the high 500s when I started).  There are no late payments on any of my accounts.  "MyFico" says my problem is too many new accounts in 12 months (but all accounts are good).  I have 6 new accounts showing up b/c I consolidated student loans and the loans show up individually with a zero balance then the total is on another. Another is a WAMU Credit Card that I handle the same as the HSBC card.  And, the other account is a secured loan that is now closed & paid as agreed - I did the loan to help with credit scores and to show good payment history.

[Anonymous]

If you are not going to need a homeloan or car loan anytime soon, I think I would tell them to stick it. You have surpassed the need for a rebuilder card, it seems to me...

[Anonymous]

That's the thing... I am closing on a lot in 4 weeks (with intent to build in 6 -8 months).  So, I'm contemplating keeping the card at least until the lot closes (4-6 weeks).  I'm thinking about applying for another CC right after closing on the lot & then close the HSBC.  I'm just not sure how all of that will affect my credit scores. But, I also thought that I will already have an established relationship with the bank when it comes time for the construction loan.

I might have to suck up that $79.00 fee this year and cancel the first chance I get after all of this dies down.

[Anonymous]

Good morning,

I didnt read all the posts, so if i type something someone else already said, my bad

Call HSBC and ask if you can apply for a new card with no AF and then combine both of your cards into one.  This way you get rid of the AF of your old card and you should get the combination of both cards for your new CL.  Sometimes, if you are lucky,  they may even give you your first cards age for card history.  As always,  YMMV.

[Anonymous]

Yeah, I heard about that.  The only thing is I was trying to avoid having another credit inquiry right now.  This is another option for me though. 

Thanks.

[Anonymous]

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@Anonymous wrote:

I have an HSBC Gold MasterCard with an annual fee attached. I've had the card for 11 months now and each month I have either paid the balance out completely or down to 10%. They have given me 2 credit limit increases since I've had the card. I have called twice trying to get them to work with me with the annual fee. (I asked for the manager today & still no luck - she asked me to apply for another card). She stated that they cannot lower, waive (for 1 year) or remove the annual fee because of the type of card.

I just wanted to know if anyone has had any luck with them in similar situations.

I can't cancel the card now (I am about to close on property). She stated that I can cancel the card up to 30 days after the annual fee has been billed and receive a credit for the fee. My plan is to obtain a new card in its place and cancel this card because they won't budge.

Thanks in advance for reading & for any suggestions or comments.

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Did you ask them if you could convert to a Platinum card? This is do-able. HSBC is desperate for customers.