Many credit cards waive the annual fee for military members, including certain cards from American Express, Chase, and Capital One. The most notable credit cards that waive annual fees for military personnel are Chase Sapphire Reserve® and the Capital One Venture X Rewards Credit Card. Both cards normally have a high annual fee, but active military personnel do not have to pay it. The Chase Sapphire Reserve and Capital One Venture X cards are therefore great offers for military members, since the luxury perks on these cards can be enjoyed at no cost.
However, it is worth noting that Capital One will only waive the annual fee for Capital One Venture X if the account was open before active-duty service started.
Credit Cards that Waive Annual Fees for Military Members
Card issuers are required to give some benefits to military members with SCRA-eligible accounts. Yet many credit card companies go above and beyond these requirements by waiving annual fees. In particular, American Express, Capital One, and Chase are among the best credit card issuers for active military members because they offer some high-end cards that military personnel can take advantage of without the price tag.
Yes, The Platinum Card® from American Express is free for military servicemembers to own. The American Express Platinum card credit card will waive fees for active-duty military personnel who qualify for military benefits under the Servicemembers Civil Relief Act (SCRA) and the Military Lending Act (MLA). Keep in mind that reservists and National Guard personnel do not qualify for annual fee waivers unless they’re actively deployed.… read full answer
The American Express Platinum card fee waiver covers the card’s annual fee and most other fees, including late fees and returned payment fees. That’s a savings of $695 on the annual fee alone. But the card itself isn’t completely free if you carry a balance, because the interest rates – although reduced – will still apply.
The Capital One Quicksilver annual fee is $0 per year. Capital One Quicksilver’s $0 annual fee is lower than the average annual fee among new credit card offers right now. It’s not the only fee you need to worry about with the Capital One Quicksilver Cash Rewards Credit Card Card, though.
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.
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