How to get credit card company to waive annual fee?

Mr. Furley · #1 (**permalink**) 12-07-2006, 04:24 PM

Been lurking around here awhile. Lots of good stuff here. I'll jump right in with my first question.

What's the best way to ask a cc issuer to waive their annual fee? It is my oldest card and I got it back when my FICO scores were in the tank. Now, my scores are improved and this Orchard Bank card has a tiny limit on it. I have better cards now.

I would like to keep the card because it is my oldest, but I hate paying a $59 annual fee.

Anyone here have experience in trying to get a cc annual fee waived?

disneysteve · #2 (**permalink**) 12-07-2006, 05:11 PM

I think the best way is to call customer service and say that you've been a good customer for many years but really don't want to continue paying the fee and ask what they can do about it. They may offer to waive it just by asking. If not, tell them that you have other cards that don't have a fee and if they won't waive it, you would be forced to cancel. If they want your business, they'll waive it. If not, you are better off without them. Yes, your credit score might take a little hit, but that is only temporary. Keeping the card hits you for $59 year after year.

Unless the card gives you some good benefit that is worth that $59, I wouldn't hold on to it just because it might affect your score.

kv968 · #3 (**permalink**) 12-07-2006, 05:13 PM

Call and ask them if they'll wave it. It's as simple as that. I've called and tried to get my fee waived from Capital One. Although I wasn't able to get them to do so at this time (still don't have the greatest credit), I got them to drop the interest rate 4 points. Call them up and see what they can do, it can't hurt.

Ima saver · #4 (**permalink**) 12-07-2006, 05:16 PM

If they won't , I would cancel the card. No way should anyone have to pay a membership fee.

disneysteve · #5 (**permalink**) 12-07-2006, 06:38 PM

Quote:

Originally Posted by Ima saver

No way should anyone have to pay a membership fee.

There are exceptions to this, as I suggested earlier. If that card gives you something worthwhile in return for the annual fee. My Marriott Visa Premier card is $65/year. For that, I get a free nite at a category 1-5 Marriott each year. A category 5 goes for about $300/nite. So that $65 buys me a cheap luxury overnite getaway with my wife. And we happen to have a very nice cat. 5 resort about an hour from home, so it's very convenient for us. I'd never go there and pay the regular prices, but for $65, it's a steal.

poundwise · #6 (**permalink**) 12-07-2006, 08:21 PM

I doubt very seriously that Orchard Bank will waive the fee. Orchard Bank cards are offered primarily to people with credit history problems in order to "re-establish your credit today." These cards typically come with built-in fees that are more-or-less permanent fixtures of the account. Of course, there is no harm in trying.

If you do call, I would be persistent. Do not accept a negative answer from the first person you speak to. Ask to speak to their supervisor. Try to take it up another level if necessary. You may find, as I suggested, that there is no consideration given to your request at all but you may be pleasantly surprised.

If nothing else, you could try to get your account converted to or supplanted by a standard HSBC credit card. (Orchard Bank cards are provided by HSBC.)

Good luck.

rwillard · #7 (**permalink**) 12-08-2006, 11:36 AM

Why don't you just try calling them and asking them to waive the annual fee?

Conversation might go something like this ... "Mr. Orchard Bank customer service rep, I'd really like to keep the card but I don't use it enough to justify paying this yearly annual fee ... can you waive the annual fee for me? Otherwise, I'll probably need to close my account and go to a similar card that won't charge me an annual fee."

Typically, these type of bad/poor credit credit cards make their money on these annual fees and higher interest charges so I wouldn't count on getting it waived, but it's worth a try.

instantinfo4you · #8 (**permalink**) 12-08-2006, 11:58 AM

I am with everyone else on this. Just call them and ask. You can get your balanced raised, interest rate dropped and all kinds of other things if you just ask. Many people don't ask for fear of hearing no.

neatdesign · #9 (**permalink**) 12-08-2006, 06:31 PM

Call and ask. If the first person you ask says it's impossible, ask for a supervisor. If the supervisor says it's impossible, ask for a manager. Keep going up the chain, and hopefully someone will waive it.

It's not that they CAN'T waive it -- it's that they don't WANT to. Sometimes the squeaky wheel gets the grease if it keeps squeaking louder and louder...

Let us know if it works.

~ Jenney

fultron · #10 (**permalink**) 12-11-2006, 11:48 AM

If you've been a customer for years with a solid history of paying on time, they should agree to waive it. Call and tell them you want to cancel the card. They'll ask you why, and tell them you're switching to a card with no annual fee. They should offer to waive it right there.

You can use the same tactic to get your interest rate lowered a few points. The credit card industry is highly competitive and they're almost always willing to give you a break rather than losing your business to a competitor.