How to Get a Discount on Your Credit Card Annual Fees

Credit cards are handy in case of emergency. It conveniently gives the support you need when we’re feeling down and out. With proper handling, credit cards can also be a great tool to help you enhance our financial wellbeing and give you a great credit score. But at the end of each year, credit card providers can bill you with a hefty credit card annual fee — money that could easily be added to your savings. The good news is that getting a discount on annual fees or having them completely waived is simple.

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

Call them, tell them you’re thinking of cancelling the card, and ask if incentives or offers are available 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.

To do this effectively, or even get it completely waived, here are a few things to remember:

Ask politely

Remember that those working as the credit card customer support service are people too. Staring the call in a rude manner may cause them to be sour by the time you ask for offers or incentives. They might actually just choose to let you cancel completely. So be polite and follow this simple script we have prepared:

“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 waving 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 or discounted. Keeping all this in mind, you not only save money, but you also free yourself from the unnecessary stress.

Download our free money management app and turn around your finances.

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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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