There’s so much competition among credit cards that it usually doesn’t make sense to have one that charges an annual fee. But if you find yourself with one, you may want to call the number on the back of your card. You might be able to get your annual fee waived.
Many cards waive the annual fee for your first year before reminding you about it in year two. As your renewal date approaches, call and ask politely if it’s possible to have your annual fee waived.
You might say something like, “I’ve been a customer for [however long]. I really like this card, but I’m considering closing it due to the annual fee. Is there anything you can do to waive that fee?” Even if the customer service representative can’t cut the fee completely, they may be able to reduce it for you.
A CreditCards.com survey found that more than 80 percent of people who asked got their annual fee waived or reduced. If you have a high-end rewards card with an annual fee in the $450–$550 range, you may have less success than if you’re trying this for a card with a lower fee. In that case, you may want to ask if you can switch to a card with a lower annual fee, or none at all. You’ll earn fewer rewards, but you’ll pay less for the privilege.