HSBC retired there Credit card product but not ready to refund the annual fee

Location/place: Pune

Name of company/service: HSBC

I currently hold HSBC classic credit card. Last week I got mail from HSBC, that they have retired classic credit card product, so my credit card will be cancelled and I need to apply for new CC. In May month credit card statement they have charged 700rs as Annual fee. since you have decided to retire there classic credit card product, so they should refund annual fee
Dear Mr.Gupta,

Credit Card 4476 xxxx xxxx 9158
Reference Number 110720122662

We refer to your email dated 08 July 2012 received through
[email protected] regarding your The Hongkong and Shanghai Banking
Corporation Limited India (HSBC) Credit Card account.

With reference to your query, annual fee is a part of the regular tariff
structure on your HSBC credit card. Hence, it is charged to your card
account. Reversal of annual fee is offered if such a promotional scheme
is applicable. We regret as we are unable to reverse the same.

We request you to note that basis periodic reviews of the products held
by our customers. Pursuant to a recent review, the credit limit was
decreased accordingly

Further, the credit card will be cancelled after 30 days from the date
of the letter.

The banks decision is based on several factors and the cancellation of
the card does not in any way reflect on the card holder credit standing
or financial status as per bank norms, we regret that your credit card
cannot be re-activated once it is cancelled

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