I am hoping to get some advice from the community here. I have an open CFPB complaint against HSBC.
To give a gist, I have one of their credit cards with a hefty annual fee. After nearly a year of using the card, I did not enjoy its rewards and continuing with the card does not make any sense. I requested the bank for a product change and downgrade my card, but HSBC told me that this particular card is not eligible for a product change, and that I must close the card itself and simply apply for a new one. Since closing my card would affect my credit history, I requested HSBC to reconsider my request, but the bank still refused to downgrade the card saying that it was part of the TnC. When I disputed that such a condition for no-product-change was never mentioned in the TnC that I signed, the bank refused to entertain me any further.
Following the above situation, I filed a complaint to CFPB. Interestingly, the next day I received a mail in my 'Promotions' folder from HSBC stating that an Arbitration clause is being added to my Terms & Conditions. I promptly went ahead and mailed them a rejection notice. Following this, HSBC has now responded to my CFPB complaint saying that, it needs another 60 days to look into my complaint.
At this point, it looks to me that HSBC is simply trying to stall me, so that next month, I get charged the annual fee again (that's when the card completes 1 year). This essentially means that they are free to give whatever resolution they want. And if I close the card before that, the whole point of the CFPB complaint is defeated.
Is it checkmate for me, or are there still any options left?