CC Annual Fee Waivers

[Jleno]

In Singapore, most of the banks have an automated keypad option for people seeking annual fee waivers (ie it is done so commonly that they've decided it's no longer economical to have a person on the phone answer these queries, so basically you select "I am calling to request an annual fee waiver" and the automated response is something along the lines of "we acknowledge your request and will respond in the next 24 / 48 hours". In practice, it is rare for someone who requests annual fee waivers not to be successful.

Therefore, I'm wondering what people's experiences in Oz has been like. 1. Do people request annual fee waivers? 2. Have they been successful? 3. Which CCs have they been successful with.

I had a NAB CC which I haven't used for ages (given I was living overseas) and I had it switched down to a low fee card. When I returned, I banked with HSBC Premier (as I was banking with Premier overseas) and called NAB to cancel my low fee CC (pointless paying $30 when it was a card i didn't really need). They then said I could have the card fee free forever and so I said ok, why not. I know it was the low fee card, and therefore probably easier to get concessions than higher fee cards, but I wonder whether given the competitiveness of CC business in Australia, if more and more people seek annual fee waivers (and are willing to cancel cards if refused), waiver requests just might become more successful.

 

[Deleted User]

In Singapore, most of the banks have an automated keypad option for people seeking annual fee waivers (ie it is done so commonly that they've decided it's no longer economical to have a person on the phone answer these queries, so basically you select "I am calling to request an annual fee waiver" and the automated response is something along the lines of "we acknowledge your request and will respond in the next 24 / 48 hours". In practice, it is rare for someone who requests annual fee waivers not to be successful.

Therefore, I'm wondering what people's experiences in Oz has been like. 1. Do people request annual fee waivers? 2. Have they been successful? 3. Which CCs have they been successful with.

I had a NAB CC which I haven't used for ages (given I was living overseas) and I had it switched down to a low fee card. When I returned, I banked with HSBC Premier (as I was banking with Premier overseas) and called NAB to cancel my low fee CC (pointless paying $30 when it was a card i didn't really need). They then said I could have the card fee free forever and so I said ok, why not. I know it was the low fee card, and therefore probably easier to get concessions than higher fee cards, but I wonder whether given the competitiveness of CC business in Australia, if more and more people seek annual fee waivers (and are willing to cancel cards if refused), waiver requests just might become more successful.

Additional to the above from Jleno, what do we all think about a published list from the card provider of annual spend required for an automatic reduction in fees or total waiver...? The sort of thing I am thinking about is spend $20K-$50k on your card to have $0 annual fee automatically for the following year, for high end cards with more benefits (such as true plat cards with serious perks) this would possibly need to be higher such as $100k or even $150k ...?

 

[simcat]

About 6 years ago I somehow got the Amex FF card that comes with a free return flight between any of BNE-SYD-MLB-ADL. The annual fee is around $300 but when I originally got the card Amex offered the first year free. So at the end of the first year I simply rang up to cancel the card as I wasn't prepared to pay the annual fee and they agreed. I have done this each year since, although it is getting a little tedious, I think it is still worth doing to save $300+.

It helps that I spend a fair bit on the card each year, including all my business travel, and you have to stick to your guns about cancelling it because they come up with a range of minor incentives for your consideration before they agree to fully waive the fee. Anyway that's my experience...