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Annual Fees and Credit Cards

So you don’t like paying annual fees on your credit cards? Neither do most people. However in the Philippines the range of no annual fee credit cards in quite small. At present there is only two listed on this website out of the many credit cards on offer.

Then there’s the trade-off that the other fees and charges can be quite high such as with the Metrobank M Free MasterCard. Whilst it has no annual fee attached, the finance charge alone is at the top range of credit cards at 3.5% per month. You may also miss out on the rewards and other benefits attached to other cards.

So what can you do as a credit card user to help avoid those annual fees and still get the credit card you want?

Well the first thing you want to try is to contact your bank or card provider and simply request a reversal on your annual fee. If you haven’t paid it yet but have the notice, ask for it to be waived. It’s simple, straight to the point and believe it or not it works! You will want to be in good standing with your accounts and have made your payments on time, but give it a go.

Depending on the bank and your card usage and history, the bank may choose to waive the annual fee completely. You may also get a few other responses, one being a flat NO, the other being an offer.

The bank may choose to provide you with options as a swap for the waiver of your annual fee. Examples of offers include you exchanging rewards points for the fee, taking on extra supplementary cards for your family members, signing up to their auto-debit utilities services or their text services. Consider your options and if you feel it fair then take one up and your annual credit card fee will be waived.

If the bank or card provider offers a flat no, an option quite a few people seemed to have used with some success is to threaten to cancel the card on the spot. They obviously want your business and will quite often reverse their decision or put forward some offers before allowing you to cancel.

It would seem that one way or another, many that ask do have their annual credit card fees waived or reversed. If you haven’t already, now just might be the time for you to check on what annual fees you are paying and do something about it.



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