annual fee waived - how?

[futago flyer]

I've seen mentioned here a couple of times people getting the annual fee waived (usually linked to spend).

I have three credit cards, I'd like to consolidate down to one. I only have three due to trying to maximise FF points. I am also looking to get my first home loan soon and therefore need to ditch two of the cards - to look better for lending.

I will spend about $35-40 K on the earth card annually. Is that enough to get the annual fee waived. The fee will be $250 - and I don't think the benefits are worth that amount!

Let me know how you've got a card fee waived - thanks.

 

[Evan]

No idea about Earth but for sure that spend should be enough to get any normal ($250) card fee waived. Generally i would just ring up and either ask to cancel or rather than that just tell them half straight that you are considering moving to a fee free card from another bank is there anything they can do to help you stay with them.

E

 

[jingles]

Let me know how you've got a card fee waived - thanks.

Call up cancellations once the annual fee comes on your statement and tell them you are thinking of canceling because of the annual fee, see what they have to offer.

If you take out a loan with westpac they will be more likely to waive the fee for you.

 

[zig]

Haven't really tried with any cards except Amex. Once the account with the annual fee arrives I ring up and ask to have the card cancelled and the fee gets waived. Let us know how you get on with Westpac.

 

[wxxnxs]

Haven't really tried with any cards except Amex. Once the account with the annual fee arrives I ring up and ask to have the card cancelled and the fee gets waived. Let us know how you get on with Westpac.

Well, AMEX could be easy to get waived because of due to limited locations you can use the card, but I don't think it can get succeed for big 4 unless you have a home loan package with them. I have a velocity card with NAB at the moment and the annual fee will be coming soon, I will call them and ask to cancel the card anyway, because it seems 99% they will not waive the annual fee, BTW I spent nearly 30k in last year.

 

[medhead]

when you look at the loan check out any packages that might be available. General these cost around $350 per year but that can include a card. I have the Nab package that gets me no monthly fees on any accounts, no transaction fees, a free CC upto gold level so far and other fees waived like O/S ATM fees. It costs $375 but I'm saving at least $750 in fees.

 

[TheRealBrendo]

Ok now I work for a NZ bank so it might be a bit different though this would be how you'd go about it here -

1) If you have a mortgage - bring it across to the bank you want the card with (they'll be more likely to get the fee waived)

2) If you don't have a mortgage when applying for the card try and get a fee waiver for X months (normally either 6 or 12 months). Explain to them how much you are putting through your card and also the "possible" business you may bring to them in future. Bringing any business you have with other banks to them also helps out too.

Normally when doing any application bank staff will try and cross sell (that's not my job though I've worked in one long enough to pick it out very well now days). For example if they say "Are you looking to borrow any funds in the future?". Just say something along the lines of 'yes I'm thinking about buying a house in the next year or two'.

Generally though we wouldn't waive solely on the basis of spend. There normally needs to more reasons to it for it to be seen as justified.

Good luck!

 

[dajop]

My experience this year, I rang to seek fee waivers/close cards as I was/have moved overseas and don't want to spending a lot on annual fees in maintaining Australian credit cards (although I do want to keep one Aussie credit card)

- Nab (velocity cards): We'll waive the annual fee so you can keep the card ....
- Westpac Altitude: Thanks for the 12 years of business with us, sorry we can't waive the fee, I'll transfer you to card cancellations .....

Although, I had a friend who called Westpac (this was a couple of years ago) and told them he was going to move to one of the cards that were offering new customers 20,000 pts or something like that and they were very quick to waive the fee.

 

[Diesellife]

In regards to the annual fee, I only tried NAB CBA & AMEX...all of them waived the fee...and here's my experience:

Amex - Easiest among all of them
Nab - Not too bad, the offer is system based (The system will let the staff know what you can get). Platinum is a little more trickier.
CBA - Hardest among all but still achievable. Just need to be patient and persistent. Keep calling and escalating.

My partner has waived WBC for 24 months but have gone thru tremendous trouble for it...

 

[doc]

My experience this year, I rang to seek fee waivers/close cards as I was/have moved overseas and don't want to spending a lot on annual fees in maintaining Australian credit cards (although I do want to keep one Aussie credit card)

- Westpac Altitude: Thanks for the 12 years of business with us, sorry we can't waive the fee, I'll transfer you to card cancellations .....

I had exactly the opposite experience. Called and told them that I had moved overseas, and that although I'd like to keep the card it wasn't worth the annual fee ($150 or something like that).

They offered to waive it without me specifically asking them to, and of course I accepted.

From memory I've now paid the annual fee on my Altitude Gold once out of 6 years - first year was free, one year they screwed up the autopay a month or so before it was due and I asked for a free year which they gave, another 2 years I just asked and they gave it free, and then this year as above. The on year I did pay was because I forgot to call them and ask!