A Quick Guide to Get A Discount or Waive Your Credit Card Annual Fees

Credit Card Spending

Credit cards are handy in case of emergency. Many of us, however, fall into the traps of how convenient credit cards are to temporarily enjoy the “finer” things. Sure, it can give you a sense of gratification. Because you definitely deserve those new pair of shoes. But at the end of every year, your credit card provider slaps you with a hefty credit card annual fee — money that could easily be added to your savings. Does this sound familiar? Read on.

Here’s how you can get a discount or waive your credit card annual fee: just ask your credit card provider.

The trick to getting your credit card annual fee waived is to call them, tell them you’re thinking of cancelling the card, and ask if they have incentives or offers to help you stay on.

But don’t tell them you’re cancelling right away. Give them the opportunity to offer to reduce or maybe even waive your credit card annual fee completely.

One of our team members at Frollo got a 50% discount on his credit card annual fee. It all began when Kris heard about his friend getting a 50% discount on credit card annual fees. While he’s enjoyed the first year of his credit card annual fee-free, the time to pay was fast approaching. So he decided to give his credit card provider a call and see if he could get the same deal. Lo and behold, he got a 50% discount on his credit card annual fee in less than 5 minutes.

If Kris could do it, so can you! To effectively get a discount on your credit card annual fee, or even get it completely waived, here are a few things to remember:

Ask politely

Credit card customer support are people too. If you start the phone call rude, your request may not be entertained. In fact, they might just choose to let you go. So be polite. Here’s what you can say:

The due date for my annual fee is coming soon, and I’m considering cancelling some of the credit cards I have. Before I decide to cancel this one, what available incentives or offers do you have for me to keep this card?

By giving them the opportunity, they might just offer to waive your credit card annual fee, or at least get it discounted.

Manage your expectations

Before making the call, you need to manage your expectations. Don’t expect to get your credit card annual fee completely waived right away. While some credit card providers will not waive the annual fee, they could offer to give you a considerable discount. That’s still a big win!

Be fully prepared to cancel

In the event they decide not to offer to waive your annual fee or give you a discount, you might want to consider fully cancelling. If they’re not willing to help out, are you really getting the best value you deserve?  Shop around, head to comparison sites like Ratecity and Finder to get a better deal.

But, if you really need to cancel, ASIC offers a few tips on how to cancel your credit card.

So go ahead and get that credit card annual fee waived. Keeping all this in mind, you not only save money, but you also free yourself from the unnecessary stress.

Do you have your own tips and tricks from waiving or getting discounted credit card fees? Share them with us!
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Frollo is a purpose-driven Australian FinTech on a quest to help people feel good about money. We’ve built the simplest way to help people get their finances on track – and through our business ecosystem, we’re supporting our enterprise clients to do the same for their customers.

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