WalletHub, Financial Company
@WalletHub
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.
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.
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Joey Triggs, Member
@triggs_joey
Why pick a card with an annual fee then? If your score's good enough, just pick a card without an annual fee.
The rewards cards that do have annual fees usually have a giant list of benefits, and those soften the blow.
tinker_bell, Member
@tinker_bell
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.
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