How to Get Your Annual Credit Card Fee Waived?
Credit Card Annual Fee Refund Tricks: Credit cards are much convenient and secure to use. Most of the credit cards offer rewards one or the other way such as cash back, travel miles, bonus points etc. But one thing that bothers credit card users is annual fee. Although many credit cards are available at no annual fee, several other competitive credit card issuers do charge annual fee. The annual fee can be from $50 to $500.
To many, it is lesser known fact that credit card annual fees are often refundable. Practically, there are several ways to get a ton of value out of the credit card than just offset the annual fee. Annual fee refunds may vary by issuer or it may even vary from card to card.
Different ways to get the annual credit card fee refunded
Cancel the card before the year is up
Annual fee on your credit card is posted towards end of the year. You can cancel your credit card before the annual fee is due and you don’t have to worry about getting it refunded.
Cancel credit card during grace period
You cancel the card during the grace period and your annual fee posted will be reimbursed. Most credit card issuers offers 30 days grace period, whereas some others may offer 60 days grace period meaning you will receive full refund if you receive full annual fee refund within the grace period from the date on which the annual fee is posted.
Downgrade your credit card
You can downgrade your credit card to a no annual fee version of the card before annual fee is to be posted. Many credit card issuers offer two different versions of a particular credit card. One is a premium version which carries high rewards for an annual fee; whereas the other version carries low rewards and charges no annual fee. If you have a premium version of the card and if you feel that high rewards don’t justify for annual fee, you can switch to the downgraded version of the credit card.
Ask for waiving of annual fee
There is an intense competition among credit users and in order to attract customers, sometimes they may waive annual fees. You can call the card issuer and ask to waive annual fee. Sometimes they may not directly waive annual fees, but offers you some additional rewards that can offset for annual fee.
If simply asking for fee waiving doesn’t work, you can go bit extra and ask the customer representative that you are considering to cancel the card and it is likely that you are transferred to a retention department. In order to retain customers, they may offer you waiving of annual fee or some other rewards.
Pay the Annual Fee using Rewards
You earn more rewards than the annual fee and pay the fees with it. For example, you get $250 credit when you purchase a travel ticket with the credit card. You have to pay $200 annual fee. So after paying the annual fee, you still get $50 extra.
You have a smart choice and you can get your credit card annual fee refunded!
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