Credit Tips: Credit Card Annual Fee Tips

Written by carnold
Posted On: April 1, 2006

Author: hfdpro
Posted: Mon Oct 31, 2005 3:45 pm
Post subject: Annual fee
Cap one card with $5,000 limit. $900.00 balance, just paid it down to that in the last 3 months. Called them to request they remove the annual fee of $72.00. They refused. I told them I would transfer the remaining balance to another card and close out the account. They refused. I reminded them that I was approved for a Cap One auto loan and if they refused to remove the fee I would shop elsewhere. Guess what? They refused. I am now in the process of transferring the remaining balance, applying for another card elsewhere, and closing out the account. Cardholder since 2001, with no problems on the account, confirmed by the rep, and the rep manager. I just found it very surprising and very bad for business. Just had to rant a little.

Author: creditnewbie
Posted: Mon Oct 31, 2005 4:59 pm
Post subject: Credit Card Annual Fee Tips

Why do you expect them to waive the fee if the card that you have had a fee that you agreed to pay when you started using it? I suggest that you apply for a card that doesn’t charge annual fee, pay off this one THEN close it after the balance is $0.
I have a friend who has reward cards with annual fees but never paid any because he would call them and ask to have the fee waived since he had been a very good customer for many years. He has excellent credit with no negatives though. It’s hard to get representitives to help if you are not extremely polite and courteous. I know in my line of business, when customers complain and have attitude, it doesn’t take them anywhere with me. I disconnect and don’t give them what they want–especially if I felt they didn’t deserve it.
I have a short credit history but with combined credit card limits totalling $103,000. I don’t have anything negative on my credit reports and my creditors and my bank ALWAYS gave me what I wanted because I started with compliments on their service and how satisfied I was. NEVER threatend or had attitude and the reps ended up wanting to help me get what I wanted.

Author: JaneiR36
Posted: Mon Oct 31, 2005 6:39 pm
Post subject: Credit Card Annual Fee

Do you have any other cards with a longer credit history? If you do, hey, you gain some, you lose some. Basically closing cards with a long credit history is not the best for your credit, because new creditors like to see a good credit history with some length to it.

But at the same time, $72 fee on a $5000 balance is just about 1.44% interest up front. If you use that balance heavily you just might benefit somewhat. Still, it seems pretty high, though. Try again this time ask if they would convert the card to another Cap One card you are interested in. For instance, they’ve got some where you can have any picture on the card. You could simply act as if you are interested in this new account but do not want to keep track of another one.

Author: hfdpro
Posted: Mon Oct 31, 2005 7:43 pm
Post subject: Glad for you

I was very pleasant on the phone with the rep, and the rep manager. Like I said, I have never been late, or over the limit on this card. I thought it would be a nice reward to drop the annual fee. As it stands, they will lose my business with the card, and an auto loan. The rep on the phone tried to compare the “maintenance fee” to paying taxes. I politely told him that a person has to pay taxes, but a person does not have to carry a Cap One card. I do not feel as if they owe me anything, I was giving them an opportunity to keep my business. They failed.

Author: scarymary
Posted: Mon Oct 31, 2005 9:22 pm
Post subject:

Truthfully, I think they like it better when they contact you first.

Last week, I was going to call Capital One and ask them if they had a better deal than what I had going on with them. I must have gotten sidetracked or something because I never called.

Today (I wrote a post about this today too) I got an e-mail from them telling me that my account could be improved and I should call them. I ended up with an $8716 CL (up from $3k) @ 8.74% (prime + 1.99), down from 15.65% and they waived my annual fee from now on (on my other Cap One account too).

I know that if I had called them and asked for all this on my own without them contacting me first, it never would’ve happened. (See my post “Cap One Strikes Again”)

I’m sorry that you’ve had a problem with them. It’s so frustrating to be a good customer and not be treated that way.