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Thread: How easy is it to get Annual Credit Card Fee Waiver for current holders?

  1. #21

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    Worked for me. The company whose CC I used charged me a fee, and I called them up. I had spend quite near the amount that would allow me a waiver of my annual fee anyway. At first they said 50%, then I said no, I'm going to cancel and they waived it completely, under the condition that I use my card three times in the next month. (No problem)

    Credit card companies spend so much $ acquiring customers, and to lose one would be just stupid of them. Seriously if they insist on charging, just cancel it.

  2. #22

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    The credit cards are evil. The interests charged even more sinful.
    One-North Explorers
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  3. #23

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    Quote Originally Posted by sbs99
    The credit cards are evil. The interests charged even more sinful.
    not if you settle your purchases in full and on first billing date. use it for the convenience it provides and enjoy the points earned.

  4. #24
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    Quote Originally Posted by sbs99
    The credit cards are evil. The interests charged even more sinful.
    I think the majority of credit card users don't pay a cent of interest.....

  5. #25

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    As consumers, I strongly believe we should get all that we can get when we can get it. Banks are institution with little feelings. So if you can get freebies and annual fee waiver ...get it. When billed for fee, I'll have them waive it or cancel the card. CC market is very competitive so the bank will want to keep your business. You have an upper hand. That is not to say I'm heartless. When I was young, try as I might I couldn't get DINERS card. They were very "Atas". But AMEX probably took pity on me and gave me a CC. I've been with AMEX since .....20+ years. And DINERS? Never. I'll never touch it even if they give me all the bells and whistles.
    Anyway, I always play hard ball with all other CC ...except AMEX.

  6. #26

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    Adam, from anecdotal evidence here, it is clear that it is not difficult if you ask for it and be persistent.

  7. #27
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    Quote Originally Posted by Adam Goi
    Hi.
    I've been hearing from friends that you can actually enjoy annual fee waiver as long you call in to 'cancel' your card when it is due. How true is it?
    It is very true... I had been doing this every year...Even on the cashline faciliy.

  8. #28

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    Quote Originally Posted by dkw
    I think the majority of credit card users don't pay a cent of interest.....
    u'll be surprised.

  9. #29

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    It also depends on whether you have any interest-free instalments. The very high cancellation fee for these instalment plans will 'persuade' you to pay the annual fee.

  10. #30
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    Hi Adam,

    It really depends how much you chalk up on the credit card a year ?

    Hence, you may just want to use 2 credit cards (one as spare ?). Most credit cards, if you spend up to a certain amount, they will weave the annual fees.... .

    But if you call them to say you want to cancel it, they most likely will give you a weaver

  11. #31

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    Quote Originally Posted by dkw
    I think the majority of credit card users don't pay a cent of interest.....
    in 2003, the rollover balances is about S$2.5 billion. staggering.

  12. #32
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    Quote Originally Posted by reachme2003
    in 2003, the rollover balances is about S$2.5 billion. staggering.
    I personally do not know of anybody holding a credit card who deliberately rolls-over his/her balance. Once in a while I forget to pay my CC bills so I guess that counts as a roll-over ? Is that 2.5 billion for the whole year? Lets say there are 500,000 credit card holders in Singapore, so that make an average roll-over sum of $5,000 per user for a whole year? It's a big amount but not crippling. Lets take the most extreme interest rate of 24% p.a., still works out to an average interest payment of about $1250 p.a. These are rough figures of course, but doesn't seem overly concerning. I would imagine the figures in other developed countries are a lot higher.

    Cheers,

  13. #33

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    Quote Originally Posted by dkw
    I personally do not know of anybody holding a credit card who deliberately rolls-over his/her balance. Once in a while I forget to pay my CC bills so I guess that counts as a roll-over ? Is that 2.5 billion for the whole year? Lets say there are 500,000 credit card holders in Singapore, so that make an average roll-over sum of $5,000 per user for a whole year? It's a big amount but not crippling. Lets take the most extreme interest rate of 24% p.a., still works out to an average interest payment of about $1250 p.a. These are rough figures of course, but doesn't seem overly concerning. I would imagine the figures in other developed countries are a lot higher.

    Cheers,

    Its what rollover implies that is worrying.

    discounting those who forget to pay, can it be assumed that the others who rollover don't have much savings which is why they need to rollover? (say, only 1 months' salary or less in current account?)

    After all, if i had the money, i would certainly want to pay off the credit card debt and avoid the interest. Anyway, increased rollovers will mean increased profitability for banks. Those without cash will pay interest which translates to bank profits and dividends which are handed over to those who have cash and can buy bank shares

  14. #34

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    my ocbc cc, 2 years not a single transaction. called up twice when they want annual fees...
    so i just tell them, if they cannot waive the fees, pls cancel my card.
    both times they waive the fees and i'm still holding the ocbc cc.
    everytime the cso just say, try to use your cc this year.
    damn... maybe i should have ask for free gifts like somebody here does.

    but for my colleague case, hsbc did not waive his fees and proceed to cancel his card when he called to ask for a waiver.

    A question for those ppl that sign up for installment plan, those 2/3/4 years charged under their cc.
    did you managed to waive the annual fees? this is becos if u do not pay your annual fees, usually you either have to pay a penalty in additional to the rest of the installment payment in one-lump sum.
    i suspect for this kind of cc, the bank will not waive your annual fees as they know that you will not be able to pay the one-lump sum+penalty charges.

    so for those that sign up for 2/3/4 year installment plan, be aware of the above tactics to earn your annual fees.

  15. #35
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    there are so many banks around. If Bank A dun waive, jump to Bank B lah ... then Bank C and Bank D etc.....

  16. #36
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    I have a friend working in a bank. She taught me when the membership fees is being charged to u, just call them and ask for a waiver out of good will. I have been doing that since year 2000 and have not paid any single membership fees for my Standard Chartered card. Maybe u can give it a try

  17. #37

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    Quote Originally Posted by dkw
    I personally do not know of anybody holding a credit card who deliberately rolls-over his/her balance. Once in a while I forget to pay my CC bills so I guess that counts as a roll-over ? Is that 2.5 billion for the whole year? Lets say there are 500,000 credit card holders in Singapore, so that make an average roll-over sum of $5,000 per user for a whole year? It's a big amount but not crippling. Lets take the most extreme interest rate of 24% p.a., still works out to an average interest payment of about $1250 p.a. These are rough figures of course, but doesn't seem overly concerning. I would imagine the figures in other developed countries are a lot higher.

    Cheers,
    more figures. there are 2.5 million main cards issued end 2003. so, the average rollover balance is S$1,000. not a significantly large sum relative to average salary here. why do people rollover?

    if this figure is rollovered for one year, at interest of 24% p.a., it is S$600,000,000 divided by the cc players here.

  18. #38
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    Quote Originally Posted by erwinx
    Its what rollover implies that is worrying.

    discounting those who forget to pay, can it be assumed that the others who rollover don't have much savings which is why they need to rollover? (say, only 1 months' salary or less in current account?)

    After all, if i had the money, i would certainly want to pay off the credit card debt and avoid the interest. Anyway, increased rollovers will mean increased profitability for banks. Those without cash will pay interest which translates to bank profits and dividends which are handed over to those who have cash and can buy bank shares
    Yes, totally agree. CC is a good tool to spend money but a lousy way to manage debt.

  19. #39

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    Well I do know people who have more than $10k in CC debt and been trying to pay it off for ages. It might be emergency purchases or just not knowing how much one spends, and I've known some folks who suddenly realise they had sudden spending power blowing the money on inconsequential items.

    For new CC users, just a reminder. You're still spending your money at the end of the day, it just doesn't seem like it.

  20. #40

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    Quote Originally Posted by reachme2003
    more figures. there are 2.5 million main cards issued end 2003. so, the average rollover balance is S$1,000. not a significantly large sum relative to average salary here. why do people rollover?
    i think it's fairly common to have more than one card lah, so average sum per person may still be 3k or so?

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