Yes, Bank of America does refund annual fees for some customers when they cancel a card, though your ability to get a Bank of America annual fee refund depends on your relationship with the bank. Reportedly, long-time customers who have consistently paid on time are more likely to get a refund on a BofA credit card fee.
To find out whether or not you’ll be able to get the annual fee refunded, call Bank of America credit card customer service at (800) 732-9194. You’re more likely to be successful in your request if you ask for a refund soon after the fee appears on your statement. The longer you wait, the less likely it is that Bank of America will refund your annual fee when you cancel the card.
The easiest way of getting your credit card annual fee waived would be to pick a credit card that waives the annual fee during the first year as a promotion, or one with no annual fee at all. Alternatively, you can call the issuer’s retention line, but it is not guaranteed that it will work. Beyond that, you’re unlikely to get your credit card’s annual fee waived unless you’re an active-duty member of the military. Still, it never hurts to ask, even if success is a long shot.… read full answer
Being well-informed about your rights and alternative credit card options definitely will help your chances. And you can find the most important info below.
Here’s how to get a credit card annual fee waived:
If you’re employed full-time by the U.S. military, call your issuer and tell them you’d like your SCRA benefits. Exactly how the process works differs by company, but they will ask you to prove your active military status. For example, you might provide a copy of your active duty orders. Once you send the issuer proof, they should waive your annual fee as well as reduce your interest rate. When applying for a card, there’s sometimes a box you can check to indicate your military status, too.
Call the retention line and ask your card’s issuer to waive or lower its annual fee. Long-time customers and high-spenders with great credit who always pay in full likely have the best chance.
It’s a common credit card promotion to waive the annual fee for the first year your account is open. This will be noted on the offer when you apply, though. It’s not something you have to ask for.
If you really want to avoid fees, get a no annual fee credit card. Hundreds are available, including cards with rewards and 0% APRs. You might be able to get a better deal overall by paying an annual fee for more rewards.
If you’re having difficulty paying your annual fee due to unforeseen financial difficulty, you might be able to apply for a financial relief/ hardship program with the issuer. This way, you could potentially have your annual fee waived. Or you might receive other assistance such as lower monthly payments or lower interest rates.
Since annual fees help pay for the benefits credit cards provide, issuers aren’t eager to waive them. But there’s no penalty for asking. And if you’re in the military, you should definitely take advantage of the waiver you’ve earned with your service.
Sometimes an annual fee is necessary to get the card you want. If you pay an annual fee, make sure any benefits the card provides outweigh the cost of that fee. Find a card that earns the highest bonuses on your largest expenses, and the annual fee will likely pay for itself.
For example, Bank of America Premium Rewards credit card offers 50,000 points for spending $3,000 in the first 90 days. On top of that, it also earns 2 points per $1 spent on travel and dining, and 1.5 points per $1 on all other purchases. The initial bonus alone covers the card's $95 annual fee for several years.
You can't cancel an activated credit card before the annual fee is charged.
Once you get a card and activate it, the first annual fee is automatically subtracted from your limit, so you have to pay it to get your whole credit limit.
As far as subsequent annual fees go, if your balance is 0, then yeah nothing can hold you back from it. Just be prepared for your score to go down a bit once the card is reported as closed.… read full answer
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