How to Get Refund on Your Credit Card Annual Fee

By | March 27, 2019

Easy Tips to Get Credit Card Annual Fee Refund

Are you tired of paying huge money on credit card annual fees? While millions of people lose a considerable amount of money on credit card annual fee, very few know that it is actually possible to avoid paying any money for this reason. If you want to know how to get a credit card annual fee refund, read on this article to find useful information.

Easy Tips to Get Credit Card Annual Fee Refund

1. Get a Refund by Closing Your Credit Card Account Early

Many credit card companies start charging the annual fee from the second year. Hence, you have a lot of time to build a good rapport by paying the bills on time. At the end of the year, you can proceed forth to close the credit card account stating the reason-“I am not happy with the annual fee condition”. Even if you close the account, you still get a savior from paying the annual fee.

Sometimes, the credit card issuers do not want to lose good customers. They may contact you for a negotiation by either giving you 100% waiver or reduce the burden to a large extent. In all cases, you will be able to save money.

2. Downgrade to a No Annual Fee Credit Card

You can research a bit about the other credit cards available with the company. Sometimes, it is possible to negotiate with the company to get a conversion or downgrade to another credit card product, which does not has annual fee charges. If your credit score is decent, the company will easily help you through the process.

3. Negotiate to Get a Waiver Off on the Annual Fee

This is one of the best strategies people assort to avoid the annual fee charges on their existing credit card. You can simply contact the customer assistance through phone call or email facilities stating your request for the annual fee waiver.

In many cases, the company authorities will get in touch with you to establish new terms possibly 100% waiver or at least a partial deduction. Think wisely before accepting the new terms. If you use the card frequently and pay the outstanding bills on time, there are greater chances to get the waiver off.

If they do not give the waiver offer, you can still proceed to close the credit card account. When closing the account, you must do so within 30 to 60 days period as per the applicable conditions. The bank will then issue a prorated refund of the money,

Who Stand the Chance to Get the Annual Fee Refund?

When the customer support authorities get the request for annual fee waiver, they will take some time for decision-making on certain issues. In the process, they will check your annual income, family income; the amount spent annually through the card, payment records etc.

Most often, it has been found, that the banks grant annual fee refund to the clients with annual income over $75,000. If you earn more, there are greater possibilities that you will be using the card often for higher amount transactions. If you already have a great record with the card, the authorities will approach you with the new terms.

The Bottom Line,

There is no harm in negotiating with the customer service agent (CSA) of the credit card issuing organization about the annual fee issue. If you maintain a good credit score, pay the bills on time, and have a decent repute in the eyes of the issuer, it is very likely that you stand a good chance to avail the annual fee waiver. Even if you do not get the $0 annual fee offer, often the authorities reduce the fee to a considerable extent. Any amount you save on the fee is good. So, now you know very well, how to get credit card annual fee waived.

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