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.
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.
It's the same as for Time Warner or other cable television providers, who are also known to trot out deals when customers call to cancel. Call them and find out, but remember that banks will give the best retention offers to their best customers, so your odds of having the annual fee waived increase if you use the card frequently in the months before you seek an offer.
Credit cards have annual fees to help cover the cost of rewards programs, benefits like travel insurance, and account services such as billing and customer support. Annual fees also help credit card companies profit more, especially on cards that people don’t use much. And in the case of credit cards for people with limited or bad credit, annual fees help credit card companies reduce the risk of lending to unproven borrowers.… read full answer
The most common types of credit cards with annual fees are high-end rewards cards (especially the travel variety), business credit cards, credit cards for bad credit, and rewards cards for people with fair or limited credit. The more perks offered or the more risk there is for the issuer, the more likely there is to be an annual fee.
Do all credit cards have annual fees?
Not all credit cards have annual fees. There are hundreds of no annual fee credit cards available. And some annual fees are a lot bigger than others. They can range from $25 to $550 and up, depending on the card. Some will also waive the fee for the first year. When a card does have an annual fee, that fee is automatically charged to your account once a year. The first fee will be charged to your first month’s credit card statement.
Whether or not a credit card has an annual fee shouldn’t be the only factor you consider when shopping for a card. That’s because whether an annual fee is worth paying depends on what you get in return and what other options are available. You can learn more below.
Here is more on why credit cards have annual fees:
Credit cards assess annual fees mainly to offset the cost of their benefits, rewards and account services. But they’re also a way for credit card companies to make greater profits.
The Credit CARD Act helps explain why credit cards charge annual fees. It limits penalty fees, over-limit fees and APR increases but not annual fees.
Rewards cards, including airline and hotel cards, tend to have the highest annual fees. But their benefits are often worth it if you use the card frequently.
Some major credit card issuers don’t charge annual fees on any of their cards. Others charge fees on about half of their cards.
Business credit cards are more likely to charge annual fees than personal credit cards.
Whether or not you should have a credit card with an annual fee depends on your spending habits and credit standing. If you’ll save more with a card that charges a fee, even with that fee considered, it makes sense. But if you don’t plan to make a lot of purchases, a no annual fee card probably is the way to go.
Credit card companies will waive interest on a case-by-case basis, depending on both the credit card company’s policies and the cardholder’s relationship with the company. Cardholders with a long and positive account history have a better chance of getting interest charges waived, especially if the person doesn’t have a history of carrying a balance or asking for fee waivers. But even the best account history doesn’t guarantee that a card issuer will agree to take back an interest charge.… read full answer
The best way to go about asking your credit card company to waive interest charges is to call customer service and explain the situation that caused the interest. Being late on a payment or only paying the minimum amount due will trigger an interest charge, for example. And if you usually pay on-time and in full, the card issuer is likely to grant an interest waiver, as long as their policy allows it.
Credit card companies are in heavy competition for your business, and many will do what it takes to keep you on as a customer - including occasionally waiving interest and fees. For example, over 40% of people who have asked their card issuer to waive a fee have been successful, according to a WalletHub credit card survey, but 1 out of 3 people have never attempted it.
It’s also worth noting that some card issuers are temporarily more lenient about interest charges after major natural disasters or during global events, such as the COVID-19 pandemic. So if you’d rather not pay an interest charge on your credit card bill – especially if you’re in a period of economic hardship that’s out of your control – there’s no harm in asking your card issuer to remove it.
The Chase credit card annual fees depend on the card. Several Chase credit cards come with a $0 annual fee, while others charge up to $550, annually.
Chase applies an annual fee to some of its credit cards to help cover the cost of the card’s benefits and rewards. For example, the Chase Sapphire Preferred® Card and the Chase Sapphire Reserve® card are among the best travel rewards cards on the market. These cards annually charge $95 and $550, respectively. There’s also a host of co-branded airline and hotel rewards cards that offer an array of perks and rewards, so you should plan to pay an annual fee if you should decide to use any of these cards.… read full answer
Whether a Chase credit card with an annual fee is worth it depends on your lifestyle, your spending habits, and rewards and travel preferences. If you’re a frequent traveler and loyal to a particular airline or hotel chain, the annual fee will more than pay for itself. If you don’t travel much, or don’t anticipate making any big purchases over the course of a year, stick with a Chase credit card with no annual fee.
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