Yes, HSBC does refund annual fees, as long as cardholders cancel their account within 90 days of when the fee is assessed. It’s sometimes possible to get a HSBC annual fee refunded or waived due to financial hardship or active military status, too. Otherwise, if you try to get a refund on your annual fee after 90 days, HSBC will not offer you any full or prorated refund, unless you have an HSBC Advance or Premier checking account, in which case you will receive a prorated refund. Otherwise, you might as well keep the card open to take advantage of the benefits until it’s time to pay another annual fee.
How to Get a HSBC Annual Fee Refund
Call credit card customer service at 1 (800) 975-4722 within 90 days of the fee being charged.
Ask the representative to cancel your account.
Request a refund for the annual fee.
Receive the refunded fee as a credit or check.
If you decide to cancel your HSBC card in order to get an annual fee refund, just make sure you’ve redeemed any credit card rewards and paid your balance in full before you cancel. And if you want to see how this move might affect your credit score, try WalletHub’s free credit score simulator.
You can't cancel an activated credit card before the annual fee is charged.
Once you get a card and activate it, the first annual fee is automatically subtracted from your limit, so you have to pay it to get your whole credit limit.
As far as subsequent annual fees go, if your balance is 0, then yeah nothing can hold you back from it. Just be prepared for your score to go down a bit once the card is reported as closed.… read full answer
The easiest way of getting your credit card annual fee waived would be to pick a credit card that waives the annual fee during the first year as a promotion, or one with no annual fee at all. Alternatively, you can call the issuer’s retention line, but it is not guaranteed that it will work. Beyond that, you’re unlikely to get your credit card’s annual fee waived unless you’re an active-duty member of the military. Still, it never hurts to ask, even if success is a long shot.… read full answer
Being well-informed about your rights and alternative credit card options definitely will help your chances. And you can find the most important info below.
Here’s how to get a credit card annual fee waived:
If you’re employed full-time by the U.S. military, call your issuer and tell them you’d like your SCRA benefits. Exactly how the process works differs by company, but they will ask you to prove your active military status. For example, you might provide a copy of your active duty orders. Once you send the issuer proof, they should waive your annual fee as well as reduce your interest rate. When applying for a card, there’s sometimes a box you can check to indicate your military status, too.
Call the retention line and ask your card’s issuer to waive or lower its annual fee. Long-time customers and high-spenders with great credit who always pay in full likely have the best chance.
It’s a common credit card promotion to waive the annual fee for the first year your account is open. This will be noted on the offer when you apply, though. It’s not something you have to ask for.
If you really want to avoid fees, get a no annual fee credit card. Hundreds are available, including cards with rewards and 0% APRs. You might be able to get a better deal overall by paying an annual fee for more rewards.
If you’re having difficulty paying your annual fee due to unforeseen financial difficulty, you might be able to apply for a financial relief/ hardship program with the issuer. This way, you could potentially have your annual fee waived. Or you might receive other assistance such as lower monthly payments or lower interest rates.
Since annual fees help pay for the benefits credit cards provide, issuers aren’t eager to waive them. But there’s no penalty for asking. And if you’re in the military, you should definitely take advantage of the waiver you’ve earned with your service.
Credit cards have annual fees to help cover the cost of rewards programs, benefits like travel insurance, and account services such as billing and customer support. Annual fees also help credit card companies profit more, especially on cards that people don’t use much. And in the case of credit cards for people with limited or bad credit, annual fees help credit card companies reduce the risk of lending to unproven borrowers.… read full answer
The most common types of credit cards with annual fees are high-end rewards cards (especially the travel variety), business credit cards, credit cards for bad credit, and rewards cards for people with fair or limited credit. The more perks offered or the more risk there is for the issuer, the more likely there is to be an annual fee.
Do all credit cards have annual fees?
Not all credit cards have annual fees. There are hundreds of no annual fee credit cards available. And some annual fees are a lot bigger than others. They can range from $25 to $550 and up, depending on the card. Some will also waive the fee for the first year. When a card does have an annual fee, that fee is automatically charged to your account once a year. The first fee will be charged to your first month’s credit card statement.
Whether or not a credit card has an annual fee shouldn’t be the only factor you consider when shopping for a card. That’s because whether an annual fee is worth paying depends on what you get in return and what other options are available. You can learn more below.
Here is more on why credit cards have annual fees:
Credit cards assess annual fees mainly to offset the cost of their benefits, rewards and account services. But they’re also a way for credit card companies to make greater profits.
The Credit CARD Act helps explain why credit cards charge annual fees. It limits penalty fees, over-limit fees and APR increases but not annual fees.
Rewards cards, including airline and hotel cards, tend to have the highest annual fees. But their benefits are often worth it if you use the card frequently.
Some major credit card issuers don’t charge annual fees on any of their cards. Others charge fees on about half of their cards.
Business credit cards are more likely to charge annual fees than personal credit cards.
Whether or not you should have a credit card with an annual fee depends on your spending habits and credit standing. If you’ll save more with a card that charges a fee, even with that fee considered, it makes sense. But if you don’t plan to make a lot of purchases, a no annual fee card probably is the way to go.
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