Why do credit card companies charge an annual fee? Sure, you could ask them and I'm sure they have a script to read to you with a reason that is flimsy at best. Maybe something about making sure everybody with an account actually uses the card as if America has a problem with using credit cards.
Do you have a card with an annual fee? If you have more than one card in your wallet and one of them is a rewards card, you probably do. I have good news. You may be able to get out of paying your annual fee.
First, let's be clear. If you can't get your annual fee waived without lying, then you should pay it. America is upset when businesses don't tell the truth so we should hold ourselves to the same standards.
With that in mind, two facts must be true in your life: First, you must have good or excellent credit history with all of your credit card bills paid on time and no over the limit charges. In short, your record with that company must be spotless.
Next, you have to have more than one credit card. If you're not willing to cancel your card and have no card to fall back on if it does come to that, then find another card before calling.
If both of these facts are true of you, give your credit card company a call. Remember the words of Dale Carnegie. You will always get further if you don't make somebody defensive so when you call, be well spoken, confident, and friendly.
Tell the representative that you noticed an annual fee on your statement and you wanted to know why. After the scripted answer, providing you have another card without an annual fee, ask them why your (fill in the blank) card has no annual fee. You might even mention that you were online and noticed that cards similar to theirs had no annual fee.
Next, tell them that you have to make sure that you are getting the best rates and that somebody with your excellent credit can qualify for other cards without an annual fee and unless they can waive it, you feel you will need to cancel the card.
One of two things will happen: Either they will say something about noticing that you have a flawless credit history and for this year they will waive the fee or they will ask if you would like to be sent to the 'cancellation department'. Tell them yes. This is often a bluff on their part.
Once you get a representative, they will either tell you that there is nothing they can do or, more often, they will waive the fee. If they say that you are a valued customer buy there is nothing they can do, your only option left is to cancel the card.
Most people report that this works most of the time so if you are fed up with your annual fee, call them and give it a try. There is no reason to pay this fee, if you ask me.
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