One significant way that banks make money off of you, the consumer, is to charge you an annual fee for a particular service such as a credit card. Annual fees are common, but they are not universal. In fact, many credit card companies waive annual fees to compete against the large number of cards that do not charge a fee. If you are paying $25, $50, or more per year to use a credit card you can get the annual fee waived or cancelled altogether. Keep reading and we’ll take a look at one simple way you can go through life with one less fee.
If you have a credit card with a $1000 credit line and are being charged $49 annually for the card, then you already are paying 4.9% annually for the card without having made one purchase. This can be a big amount to swallow, especially if you don’t use your card all that much. So, must you continue to pay an exorbitant fee for a card that features a small credit line? No!
There is an easy way to get rid of your annual fee: ask. Yes, contact your credit card provider and ask if their annual fee could be waived. You may not know this, but few fees are set in stone: they are imparted or down away with at the credit card provider’s discretion. If you are perceived as a good customer, the card company may be willing to drop their fee. This is especially important to note if you have other options available to you such as a competing no-fee card offer. Moreover, if you have a checking account with the bank and they are already socking you with fees via this account, they should be even more receptive to dropping your annual fee.
You can also question other assessed fees including late payment fees, even penalty APR rates. Most bankcard providers will do what they can to keep your business. If you believe that you have been unfairly charged a certain fee, contacting the bank and asking for the fees to be waived or penalty rates rescinded can be immensely helpful.
Oh, before I forget, asking “nicely” goes a lot further than a surly attitude on your part. You may be justified in your response but if you are attempting to elicit the proper response from the card company, make certain that your attitude toward their representative shows the utmost restraint and cordiality.
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