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Coming to the end of 2 years with this card and just checking on the process and how to ensure I get the second and final lot of 40,000 points for spending £10k without having to wait and pay for a third year. I’ve seen some posts on here about completing a physical form to downgrade. Is that the way to do it? Thanks
The second 40,000 points is awarded on the first anniversary of the card if you spend over £12k in the first 12 months of holding the card.
I have also just downgraded (2nd anniversary coming up) and it has been fairly smooth.
Called up and asked to downgrade, so they sent me the form.
The form was very basic, I had to fill out my address and card number then sign the form, quite odd!
Sent it back in the prepaid envelope and about 7 days later I have received the new physical card.
Strangely the new card isn’t working yet but the old card still is, so I’ve carried on using that for the time being, but I can see online that my account has been changed to premier.In case this helps other people in the same situation where HSBC did not pay the 40,000 bonus points due to the IT issue.
Initially they refunded me the annual fee and told me they’d issue the points in due course. When I phoned up a few months later they said this was no longer the case as I’d been refunded the annual fee. Their argument is that the £195 fee is higher than the value of 40k HSBC points which they value at £133. They gave me a final response letter and said nothing else could be done.
I made a complaint to the ombudsman and 2 weeks later the case was investigated and HSBC offered me £495 as compensation. I initially asked for £459 for the equivalent cost of 20k plus 25% transfer bonus. So if you are in the same situation may worth the hassle to complain.
In case this helps other people in the same situation where HSBC did not pay the 40,000 bonus points due to the IT issue.
Initially they refunded me the annual fee and told me they’d issue the points in due course. When I phoned up a few months later they said this was no longer the case as I’d been refunded the annual fee. Their argument is that the £195 fee is higher than the value of 40k HSBC points which they value at £133. They gave me a final response letter and said nothing else could be done.
I made a complaint to the ombudsman and 2 weeks later the case was investigated and HSBC offered me £495 as compensation. I initially asked for £459 for the equivalent cost of 20k plus 25% transfer bonus. So if you are in the same situation may worth the hassle to complain.
I never got it paid out either! I also made a complaint, they offered me similar amount but scaled up by 20% cause I missed the transfer bonus. They also gave me some money for my efforts. I got about 1/3 less than you but I did not go to FOS. I was content with my resolution.
My renewal is coming up…
Am I entitled to 40k points? I have definitely spent over 12k on the card.
Thanks
Hello,
Can anyone tell me if i cancel before the end of the year. Is my annual fee pro-rata refunded?
Thanks
Amelia
Hello,
Can anyone tell me if i cancel before the end of the year. Is my annual fee pro-rata refunded?
Thanks
Amelia
No – I believe that it is only Amex that gives pro-rata refunds. With all other paid card providers, including HSBC, you need to cancel before the annual renewal fee is taken…
No there is no pro rata refund
FYI 10% discount on Hotels.com if booking using an HSBC card via the link on the HSBC site. Ends 31st May for bookings up to the end of 2023.
FYI 10% discount on Hotels.com if booking using an HSBC card via the link on the HSBC site. Ends 31st May for bookings up to the end of 2023.
I think I’ve seen that offer several times. If there is a hotel you particularly like, see if you can take out the middle man (hotels.com) and go direct. I googled the details, found the hotel’s own website and saved something like 20%.
I’ve called and done chat and both times I’ve been told to downgrade I need to cancel my card first and then reapply. Which seems like a hassle ! So I’ve had a go at applying for the premier card in the app, will see what happens….
Are HSBC still credit checking current account customers that apply for a card with them?
Are HSBC still credit checking current account customers that apply for a card with them?
Two years ago now but I had a credit check and an underwriter had a good trawl through my current account activity and asked more questions than Natwest asked for my mortgage!
I’ve called and done chat and both times I’ve been told to downgrade I need to cancel my card first and then reapply. Which seems like a hassle ! So I’ve had a go at applying for the premier card in the app, will see what happens….
You are allowed to have both cards at once….
Also yes credit checks still completed for existing current account customers
I’ve called and done chat and both times I’ve been told to downgrade I need to cancel my card first and then reapply. Which seems like a hassle ! So I’ve had a go at applying for the premier card in the app, will see what happens….
I rang two weeks ago and they said they’d downgrade me and not charge the fee. Nothing seemed to happen and fee went on statement 2 days ago. Rang again today and they’ve supposedly credited the fee… we will see.
@Tariq. That’s usually the way it works. But you must phone in at least 1 month before end of year/statement date can be different. I was almost caught out by that. Ask them the downgrade you, even if happens after the 1st year anniversary, to save your points. They usually agree to refund the fee. But you must stress you want any bonus points applied, and that you are not continuing with the fee WE card. It does need the phone call though.
@SamG, think it’s best to get the agreement over the phone to downgrade, esp if you are preserving a large points balance. We have had this conversation through last summer, it’s an ongoing issue.Hmm I have more than I thought so ideally I’d keep them in there until the secret Avios bonus appears again.
I’ll try calling again tomorrow
Called back, rather than going through to credit cards I just told the IVR I wanted to complain and got through to someone who sorted it out and has sent me the form
@SamG
That’s more like it. Seriously you would be passed from Billy to Jack, most important that points are transferred.Just to update, after speaking to “complaints” requested via the IVR I bizarrely received an entire HSBC premier application pack with all the literature in a nice box. But within that was a form to “upgrade” my credit card. So I filled that in and posted it back and much to my surprise a few days later my card did get downgraded and a new card turned up. My points are intact. So it was worth persevering !
That’s a good result. But look at the hassle you went through. Should not have been so hard. HSBC def need to streamline their product transfer process asap.
Hmm I have more than I thought so ideally I’d keep them in there until the secret Avios bonus appears again.
I’ll try calling again tomorrow
@SamG the secret bonus is currently running until 03 August according to this recent article!@Tariq. That’s usually the way it works. But you must phone in at least 1 month before end of year/statement date can be different. I was almost caught out by that. Ask them the downgrade you, even if happens after the 1st year anniversary, to save your points. They usually agree to refund the fee. But you must stress you want any bonus points applied, and that you are not continuing with the fee WE card. It does need the phone call though.
@SamG, think it’s best to get the agreement over the phone to downgrade, esp if you are preserving a large points balance. We have had this conversation through last summer, it’s an ongoing issue.Can I ask where the minimum month notice comes from? I was intending cancelling just before the 2 yr anniversary
@yorkieflyer – it isn’t exactly that there is a month’s notice, but if you don’t give at least a month’s notice (as with Virgin) to cancel or downgrade (if you have the WE) you may get charged the fee and then go round in circles trying to get it reversed and, as you may have observed, HSBC are very good at circles.
@yorkieflyer – it isn’t exactly that there is a month’s notice, but if you don’t give at least a month’s notice (as with Virgin) to cancel or downgrade (if you have the WE) you may get charged the fee and then go round in circles trying to get it reversed and, as you may have observed, HSBC are very good at circles.
Cheers JDB ah well will not have used the card other than for lounge access for a month before so will be a zero balance and will tough it out with them. Can’t be as much trouble as Barclays have been?…..
N.B. been terribly spoilt in my 20+years with First Direct,would never change my main account!
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