For those in Perth always looking for a better, faster, cheaper way

Friday, February 13, 2009

How to Waive Annual Credit Card Fees

Quite simple really. If you are paying for annual fees for a credit card, you should cancel it. When you are talking to the customer service officer, many card companies will offer to credit your account with the amount to the value of your annual fee. 

Recently I was going to cancel an American Express card (AMEX Premier Card for Qantas Frequent Flyers)  but the person offered to credit my card with $195. Needless to say, I decided to keep my card. I thought that may be a once off but when I heard within the week that another friend also cancelled the American Express Premier Card (gold coloured with Qantas FF on the front), they were offered $195 to keep the card going. 

Many cards offer a once off special of not having to pay any annual fees. These are good offers to run with.

So is there a situation where you wouldnt want to have too many cards? Well, if you can't control your spending, don't get credit cards! Also, if you are about to get a home loan, any credit limits you have will restrict the amount of borrowing you are entitled to. Good to know...

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