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Credit Card Issuers Will Waive Annual And Late Fees. Just Ask!
What are the chances that you’ll receive a retention offer when you credit card annual fee is due? A new survey from CreditCards.com asked that same question and the answer is, “a pretty good chance”.
A CreditCards.com report released Monday that surveyed around 950 card users says that there’s an 80% chance of success. Most people will have the fee waived entirely, while a smaller portion receive a fee reduction. Several large credit-card lenders also revealed to The Wall Street Journal that they often give in to such requests. But companies try not to publicize it too much, because if it becomes public knowledge, then more people will take advantage of it.
Threatening to stop using the card or to close it if the fee isn’t waived, apparently does work. You also have a better chance if you’re good customer; pay on time and use your card often. Banks are fighting for more market share in the credit-card market, and they spend large sums to get customers. So they’re willing to waive fees to keep your business.
In some instances, a card holder can get their annual fee waived if they agree to spend a certain amount of money on the card within a set period of time, according to one card-issuing bank that didn’t want to be identified. This is known a retention bonus, and they usually vary from one customer to another, or one customer service rep to another. Most likely you won’t be successful in waiving a $550 fee on the Amex Platinum card, but lots of cards with annual fees less than $100 will have a good chance.
But, that’s not the only fees that card issuers will waive. 87% of card users who asked their lender to waive their late fee were successful, according to the CreditCards.com survey. The same survey shows that nearly 70% who asked for a lower interest rate got it. You can also waive cash advance fees or bank monthly fees just by asking
You should always do retention calls on credit card that you wish to keep past the annual fee. You should usually have an idea in mind for how much you willing to pay for the annual fee, so you can easily decide whether a retention offer is worth it.
For fees such as late fees, cash advance fees, bank monthly fees etc, you can also use secure messages and I’ve personally found that banks will accommodate you as long as you don’t overdo it.
Let us know you experience when asking for these refunds.
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