Opening a bank account

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  1. #21

    Join Date
    May 2008
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    DB
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    Quote Originally Posted by Liebling:
    I have been offered various incentives such as waived credit card fees for 5 years, or total waiving of fees if i purchase certain financial instruments if i agree to upgrade my account.

    If anyone is considering getting the power vantage or premier accounts, you can try to negotiate for some perks.
    Every year, the annual fee appears on my HSBC Visa card and every year I call them up and tell them I'm not paying it.....and they always credit it back to me. Only one year did they get sticky about it and I just said fine, please cancel my card then. They came to their senses.

    I think the only card issuer who WON'T play is Amex.

  2. #22

    Join Date
    Jun 2005
    Location
    Hong Kong
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    23,205

    So how does that work then? I pay far fewer fees as a Premier than I would on a standard account...
    Free global transfers between my accounts
    Preferential exchange rates
    Waiving of various fees like foreign cheque deposits
    Free credit card (no-one's ever mentioned the possibility of a fee to waive)
    and so on.


  3. #23

    Join Date
    Jun 2005
    Location
    Hong Kong
    Posts
    23,205
    Quote Originally Posted by Fiona in HKG:
    I think the only card issuer who WON'T play is Amex.
    And even then, if you have the CX co-brand Amex the fee is waived automatically provided you are CX Silver or above.

  4. #24

    Join Date
    Jan 2009
    Posts
    74

    The way it works is the money generated from fees from those whose relational balance is below the minimum far exceeds whatever value add you get from the higher level accounts.

    My only point is that HSBC does not treat the higher level accounts as value add, they treat it as a revenue generating fee model. Im sure there are those who benefit from the higher level accounts, but it seems clear they are in the minority.