Reward Credit Card Annual Fee Refund

Reward Credit Card Annual Fee Refund

Reward Credit Card Annual Fee Refund

Reward Credit Card Annual Fee Refund: Credit cards are much more convenient and secure to use. Most 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 the annual fee. Although many credit cards are available at no annual fee, several other competitive credit card issuers do charge an 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 the issuer or they 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

The annual fee on your credit card is posted towards the 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 the grace period

You cancel the card during the grace period and your annual fee posted will be reimbursed. Most credit card issuers offer 30 days grace period, whereas some others may offer 60 days grace period meaning you will receive a full refund if you receive a 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 card before the annual fee is to be posted. Many credit card issuers offer two different versions of a particular credit card. One is a premium version that 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 an annual fee, you can switch to the downgraded version of the credit card.

Ask for Waiving of the Annual Fee

There is 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 the annual fee. Sometimes they may not directly waive annual fees, but offers you some additional rewards that can offset an annual fee.

If simply asking for fee waiving doesn’t work, you can go a bit extra and ask the customer representative that you are considering canceling the card and it is likely that you are transferred to a retention department. In order to retain customers, they may offer you waiving the 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 a $250 credit when you purchase a travel ticket with a credit card. You have to pay a $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! Read more articles on lookup.

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