Chase Sapphire Preferred has a $95 annual fee. That is higher than average, but paying Sapphire Preferred’s fee may be worth it for many travelers because of the card’s 60,000-point signup bonus, ongoing rewards value, and extra perks.
Keep in mind that with this annual fee, you'd need to earn nearly 8,000 Ultimate Rewards points on a yearly basis to balance out the cost. So, the card is aimed at big-spending travelers. If that doesn’t describe you, Sapphire Preferred may not be for you. Applicants need at least good credit to get approved for this card, too.
The only surefire way to get the $550 Chase Sapphire Reserve annual fee waived is if you’re an active servicemember and you check that box on the application. As long as Chase can confirm your active duty status, they won’t charge you any fees. Otherwise, your odds of getting a Chase Sapphire Reserve annual fee waiver are next to none. … read full answerChase Sapphire Preferred Card also has a $95 annual fee. But it’s not like Chase will penalize you for asking for a fee waiver, so why not give it a shot?
There are a few details you should be aware of before calling and asking for a fee waiver, though. And in the likely event that you don’t get one, you’ll need to know what perks are available to determine whether Sapphire Reserve is worth it.
Here’s what you should know about Chase Sapphire Reserve annual fee waivers:
If you’re in the armed forces full-time, you’re eligible to have all Sapphire Reserve fees waived, except for the returned check fee. You can get this benefit by indicating your service on the application (there’s a box to check off) or by calling Chase customer service at 1-800-432-3117. Chase will have to verify your status.
If you want to try for a fee waiver or reduction, you can call the number on the back of your card or the general Chase customer service line: 1-800-432-3117.
According to people who’ve had luck with fee waivers on other credit cards, having a high income and spending a lot can help. Since the issuer is already making a lot of money from the fees it charges merchants when you make purchases, the thinking goes, they might be more willing to give you a break.
The Chase Sapphire Reserve initial bonus is worth $750, which covers more than a year and a half of annual fees. And if you’re a frequent traveler, you should always get more than $450 in value per year, between the $300 annual travel credit, free airport lounge access, 3 points per $1 spent on travel and more benefits.
While it’s unlikely that you’ll get the Chase Sapphire Reserve annual fee waived, you might as well try. The worst that can happen is Chase will say “no.” But if you do have to pay $550 every year, just make sure you take advantage of the card’s huge list of benefits in order to get your money’s worth. That or get one of the many credit cards with no annual fee.
It’s easy to get a credit card annual fee waived. You just have to pick the right card. Lots of credit cards waive the annual fee during the first year as a promotion, and many have no annual fee at all. But 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.
• If you’re not in in the military, you can still 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.
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.
A credit card annual fee is the minimum cost of keeping the account open for a year. It helps the issuer afford any rewards or promotional financing the card may offer as well as general account services, such as billing and customer support. The average credit card annual fee is about … read full answer$19, but many cards have no annual fee. A credit card’s annual fee typically is charged on the account anniversary or the month after it. It will show up on the credit card statement like a normal purchase.
An annual fee on a credit card isn’t necessarily a bad thing. Lots of credit cards with annual fees more than make up the extra cost with better rewards and supplemental perks such as travel insurance. Others, however, try to seem prestigious by charging a big fee without offering nearly enough in return. That’s why it’s important to do your research before applying.
Here’s what you should know about credit card annual fees:
Annual fees typically range from $0 to $500.
The annual fee gets added to your balance as a purchase, reducing your available credit (and possibly leading to interest charges) until you pay it off.
As a special promotion, many credit cards waive their annual fee during the first year an account is open.
If you ask your credit card company to lower or waive your annual fee, they may consider it. But don’t count on your request being approved.
You should only get a credit card with an annual fee if it will save you more money overall than the best no annual fee card you can qualify for.
Getting a starter credit card with no annual fee is a great idea if you are new to credit. Closing your oldest credit card account can hurt your credit score, and you probably don’t want to continue paying for a card that you eventually stop using as your credit improves.
All in all, annual fees may or may not be worth your while, depending on what your card gives you in return. But it’s best to avoid fees while building credit, if possible, since you’re unlikely to get benefits that are worth the cost until you're more established. Once you’re able to qualify for more lucrative rewards cards, you can weigh the fees against the benefits and decide which card is right for you.
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