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How To Get Your Credit Card's Annual Fee Waived In 1 Phone CallApril 28, 2020
Credit cards are extremely popular because they offer a myriad of benefits – not only do they allow you to spend now and pay at a later date, but credit cards also offer rewards in terms of cashback or points.
However, at times there may be a cost attached to these facilities in the form of an annual fee.
What does an annual fee waiver depend upon?
Most credit cards don’t charge an annual fee; however, there are some that do.
In fact, depending on the benefits offered by the card, annual fees can range from anywhere between $95 - $550.
Though everyone enjoys the advantages a credit card has to offer, not many like paying the annual fee.
The good news is that in certain cases you can get this fee waived.
All you have to do, is call the number on the back of your credit card and request the customer representative to consider waiving your annual fee.
It is very important that you speak to the person in a polite manner – even if they do not have the mandate to cancel your annual fee, it pays to be in their good books.
Chances are that your request might be heeded – especially if the annual fee charges are towards the lower end (say about $100 - $150).
Of course, a lot depends on your history with the credit card issuer as well.
If you are someone who’s always paid his credit card bills on time and usually maintains a low credit utilization ratio, the issuer may honour your request.
At the same time, the company will also look at how frequently you use your card – if they feel that transaction charges will help them overcome the loss due to annual fee cancellation, then they might go ahead and relieve you of that annual charge.
How to go about the process of getting an annual fee waiver?
At the first instance, you can simply tell the representative that you find the card useful, but don’t like paying the annual fee.
However, if that point-blank approach doesn’t work, don’t get disheartened.
Next, tell the representative why you deserve to have the fee waived – perhaps you’ve been a long-time customer who always pays his bills on time, and thus deserve a break on the annual fee charges.
You could even talk about similar cards available in the market – how they offer the same benefits at no annual charge.
Sometimes, the representative may not agree to waive the fee, but he could offer something in return, for example, bonus points equal to the annual fee amount, provided you spend a certain amount within a stated number of days.
Finally, if you feel that the annual fee is simply not worth it, you can tell the customer representative that you would like to cancel the card.
It has been seen that when faced with the scenario of losing a customer, a card issuer may withdraw the annual charge – however, its not something you can count upon.
Remember that if you request the issuer to cancel your account, he might just go ahead and do it – so don’t put forth this proposal unless you don’t mind losing your card.
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