How do I get a credit card annual fee waived?

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.
• The average credit card’s annual fee is about $20, according to WalletHub’s Credit Card Landscape Report.

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

Here are the Chase credit card annual fees:

• Chase Freedom Flex℠: $0 annual fee.
• Chase Freedom Unlimited®: $0 annual fee.
• Chase Slate Edge℠: $0 annual fee.
• Chase Freedom® Student credit card: $0 annual fee.
• Ink Business Unlimited® Credit Card: $0 annual fee.
• Ink Business Cash® Credit Card: $0 annual fee.
• Chase Sapphire Preferred: $95 annual fee.
• Ink Business Preferred® Credit Card: $95 annual fee.
• Chase Sapphire Reserve: $550 annual fee.

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.