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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?
I have been thinking about this since learning about Amex backdating and how it helps AAofA.
I have really two thoughts. One is I'm surprised that AMEX isn't pressured not to backdate new accounts since the rules say if you report (you don't have to report), you have to report accurately. I'm glad they do it, but they are kind of fudging there.
But what I really don't get is why some of their competitors don't do the same thing. That would be a huge benefit to members and would draw lots of new business and wouldn't cost a dime.
I am just surprised that AMEX seems to have a lock on this perk and is able to gain a competitive advantage over their peers.
AMEX Platinum Charge Card 100k MR points after $3k spend in 3 months
AMEX Premier Rewards Gold 50k MR points after $1k spend in 3 months
Apply through Cardmatch tool without initial hard pull to pre-qualify - must be opted in - may be targeted
More about the deal: http://thepointsguy.com/2015/01/amex-platinum-100000-point-offer-back-targeted/
Happy New Year's to all my fellow CBers:
Hope everyone had a safe and happy holiday season. I had a quick question, I have read threads on D* and in everything I got a little confused. With regards to an AU card, IF the AU had their OWN AMEX in say 1993 would they be able to use that as a D* date if added on as an AU? I know that it is said AU D* is dead, however, I kinda got turned around in my readings, I think that it is dead with regards to the MAIN CC Acct Holder having D* and the AU trying to get the SAME D* that really wasn't theirs. I am assuming that if the AU had a potential D* of 1993, that AMEX would honor it regardless of the date on the new acct, am I completely off here?
Also, if AMEX did allow it, what might the impact be on the AU's AAOA. would it truly effect it? Or since it's only an AU card does it factor differently?
As always, thanks for all your help and guidance, I have some success stories to share as soon as I get caught up with school.
We can use a thread for retention offers. Basically, if you have an annual fee card, you can call the card provider to see if they can offer something so that you won't close the card.
FT has several such threads. Usually one per bank. Sometime one for a single card like the Starwood Amex. CB is more in the all banks, but for one year style, so here it is. For a limited time only, there is a bonus year for this thread! Post 2014 too!
It seems that the best offers are received after the annual fee has posted. 60 days after the annual fee posts is reported to be how long you have to cancel the card and get the annual fee back. YMMV.
Some examples of retention offers:
Amex PRG - 15,000 points, plus 5,000 more points after spending $3K
Amex Starwood - 3,000 points with no spend requirement
Barclay's Arrival Plus - Usually nothing but an option to downgrade
Barclay's U.S. Air - Annual fee waived
Chase British Airways - 9,000 Avios for spending $1,500 in three months
Chase Sapphire Preferred - Usually nothing but an option to downgrade
Citi AA Platinum - $95 credit after spending $95 within two billing cycles
Please note that even though the above have been reported, there is no guarantee that they'll be offered.
Please post the following info:
3) Phone number used
4) Annual Fee
5) How long you've had the card
6) Your spend on that card for the previous year