Its easy to get approved with credit card application these days. There are even several credit card with the benefit of waived annual fee for the first year. If you dont want to pay the annual fee then remember to cancel credit cards before they charge you an annual fee!
Credit card annual fee ranges from 1500 pesos (HSBC RED Mastercard) and higher. Credit card fees differ from one credit card provider to another. In some cases, the annual fee is worth it. Credit card fees usually depends on the benefit, perks or how exclusive the card is. Some banks will waive the fees based on your relationship with the bank or base on how much you use the credit card.
But do you know that your credit card annual fee can be waived?
Here are some ways on how to get your annual credit card fee waived.
1. Use your reward points to waive the annual fee. If you use your credit card frequently, check if the points you earned can cover the annual fee. You can use your credit card points to pay for the annual fee.
2. Call the credit card issuer and request to waive the annual fee. It will be either good or bad.
GOOD : your request will be granted and annual fee will be waived.
BAD: your request will be denied. END OF DISCUSSION.
3. If your request got denied, do not be sad because you can still ask the agent POLITELY on alternatives or options that you can do so that your annual fee will be waived. Ask the agent nicely like: Is there anything else you can offer to retain me as a customer?
Here are some possible scenarios that can happen to your request:
– possibility 1: the agent will waive your annual fee but you need to use your card and swipe certain amount before the annual fee will be waived.
– possibility 2: the agent will waive your annual fee but you need to enroll a bill (utility bills like electricity, water, phone bills) to automatic payment to your card. This means, that your bill will be automatically charged to your credit card.
– possibility 4: the agent will waive your annual fee but instead of paying 100% of annual fee they will ask you to pay only pay 50% of it.
4. If your request got denied. You can try to call again so you can get to talk to another agent. Hopefully the new agent will be nicer and approve of your request.
5. If your request still got denied then decide if you still need that credit card and inform the bank that you are cancelling your card – NICELY! Just be ready if they decided to really cut your card and make sure that you have at least one other card to fall back on.