<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by Psychiatrist:
HSBC have been very good with this, they sent me a letter during my second year saying that I'll receive a lifetime annual fee waiving - on my current card (mind you, it's just a "normal" card - not gold/platinum - I didn't want to appear too flashy ...)
Citibank was very firm with their policy - apparently they blamed it on CX - and they said no waiving whatsoever regardless of the amount spent !!</font>
I used to work for Citibank and understand that their CX co-brand card is a money-loser for them. In fact, they were talking about discontinuing it at one point.
I, too, have canceled my Citi/CX card due to the fee.
HSBC can afford to waive the fee because 1) their conversion ratio is a not-as-good HK$12 to 1 mile and 2) you have to pay a supplemental fee for the miles-conversion feature. (Citi's CX card has automatic monthly miles conversion included in the annual fee.)
I agree that overall, Citi's card is inferior in terms of customer service and card features. HSBC card offers more merchant & restaurant discounts.