How I AVOID paying Credit Card Annual Fees
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- Опубліковано 25 жов 2022
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Why?
- Misconception that credit card annual fees are compulsory to be paid
- Hence some do not apply for credit card as they felt that the cashback/miles earned will not be worth it for the annual fees paid
- I do not pay any annual fees
- Other than the first annual fee for AMEX KrisFlyer Ascend that is cannot be waived
- I always request for waiver
How?
- Most credit cards usually have first year fee waived
- Annual fees are charged for the subsequent year
- Can only waive annual fees when they are already charged
- If bank do not waive the fees, just request to cancel. They can either just cancel for you or will ask you to not cancel and maybe give you some freebie e..g. $5 statement credit
- Because the gift for new customers is much more expensive e.g. $400 for new customers on Citi
- Why don’t I cancel all the cards. Because of air miles in Citi, DBS where you want to keep those miles for longer shelf life before transferring to Airline Loyalty Programs
Demonstrate
DBS Digibot:
- Type “Fee waiver”
- Get authenticated via SMS OTP or Bank Mobile app
- Select Fee Waiver - Credit Card Fee Waiver - Annual Fee - Select credit card e.g. DBS Live Fresh - Confirm
UOB Chat Assist:
- Solve Captcha
- Select Fee Waiver - Credit Card - Membership fee - Enter Card Number - Confirm
Citi Private Message:
Send a secured message through Citi Online Portal.
For cards that give you miles on annual fee paid e.g. Citi PremierMiles do indicate that you are willing to forfeit the 10,000 miles to save $192.60 of Annual fees
AMEX Online Chat:
- Chat via App and request for waiver
- Answer security question to verify
- Wait for confirmation
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Very good content
Thanks for the new info bro. 👊
Thanks for the tips. I tried DBS digibot and got the fee waiver instantly!
Just sharing my experience: The only bank that I have encountered so far that does not waive is Standard Chartered because of their new system to verify on whether you hit the min spending of the year. In the past you can call/write in to waive, but recently they changed it to some automated verification where if you don't meet the min spending then you will be charged. Very rigid, tried for 2 weeks to appeal but unsuccessful. But usually SC cards have 1-2 years fee waiver when you sign up so just remember to cancel your card before then and re-sign up again if you really enjoy the benefits.
But yes for most banks, if you call or write in, it will be waived. Even the agents at the bank or roadshow will tell you the same thing, just that it may be fuss free or hard sell process haha.
Thanks for sharing 🙏
Thank you for fulfilling my video wish list
Welcome👍
Thank you! Is credit card cancellation done over the phone? How would they know I’m cancelling because there wasn’t any waiver
How come you mentioned not worth paying the annual fees for the 10k miles, are there alternatives to get the same 10k miles for lesser than $192 spending on other bank credit cards?
I've been using OCBC Frank and 365 card since 2016 and they've always approved my request to a fee waiver. Might also be because I have a savings account with them since I was a kid?
Cancel then cancel la, sounds like OCBC 😂
Same same haha….i cancel their card when they decline to waive my annual fee 😂😂😂
Yea. Heard b4 OCBC don't give a shit if u cancel.
Same here . They don't bother !
same! Then they have the guts to ask me to sign up for their priority banking
So far I had cancel one credit card for annual fee from OCBC.
Hey Chris, what if I have a couple of instalment plans with my credit card and I want to request an annual fee waiver, do you think it's possible?
Yes annual fee waivers are possible, but not 100%
New knowledge got! If they already deducted the annual fee,can I still ask them to waive annual fee and return back to me?
Yes, just try
But recently DBS refused to waive my annual fee !
Hihi, for citibank you can call in thru their hotline and use the number selection to request waiver on the spot. I have done it a few times, will be faster than writing and sending a secured msg.
Nice 👍
Can I confirm, you mean it is possible to get waivers even for cards that have stated they require some minimum spending threshold in order to waive? e.g dbs woman's world card
Yes
I threatened to cancel the card if they wouldn't get rid of the annual fees and they said ok go ahead we don't care because the annual fee is all they make. Beginners needing credit that have to do prepaid and annual fees you end up feeling stuck to not hurt credit
SG Banks watching your videos: 👀👀👀👀👀👀
Wait what? I've never paid annual fees thru all my years , they're always waived upon request.
Can you make a video how to waive income tax?
Already did one on how to reduce (not waive)
ua-cam.com/video/VIIRkRlKVik/v-deo.html
Do u loose your cashbank amount if you request a fee waiver? Am planning to get the AMEX cash back
Nope
Hi Chris, May i check, if i use a certain credit card for years with a lot of cashback but suddenly on the coming year, they say they cannot waive off the annual fees. What should we do?
Redeem all your cashback, then Cancel the card.
@@HoneyMoneySG So there will still be enough time for you to redeem and use the cashback before the card is cancelled?
I cancelled a credit card once as bank refuse to waive annual fee. but card rarely used, so no impact on me.
That's the way
Hmm why need your Amex tcb if you can just use the absolute?
For Amex Deals too
The more and higher you spend using your credit card, the better chance of waiving the annual fee. Is that correct ?
True, more leverage
Who ar working for the banks watching the video now 👀👀👀👀👀👀👀