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Started By
Message
Avoiding Annual Credit Card Fee
Posted on 3/6/19 at 9:36 am
Posted on 3/6/19 at 9:36 am
Background:
I have a Marriott Rewards credit card which will become a year old on April 1. At that time I will be assessed a $95 annual fee, as the first year fee was waived. I called yesterday to discuss waiving the upcoming fee, and was told (by Chase) that nothing can be done until the fee is assessed, but I can cancel the card within 30 days of the fee being assessed and will not owe the $95 fee.
I plan to call and threaten to cancel the card come April 1, but I want to receive some advice regarding this plan:
1. Has anyone had success with negotiating an annual fee waiver for a credit card? Specifically Chase would be most helpful.
2. If they will not waive the fee, would it be wise to proceed with cancelling the card? Specifically, will there be a large impact to my credit score?
This is not my oldest line of credit, as I have a separate card that is approximately 2 years old. However, canceling the Marriott card would drop my line of available credit from $15,000 to $2,000. If I cancel this card, I plan to open a new credit card and obtain a new cardholders bonus.
I have no trouble utilizing my card or paying off the balance each month, but I am aware that canceling this card and opening a new one will impact my credit score (currently 760-770). I have no intention of obtaining a mortgage, car loan, etc. for the next 3-4 years, so a small short-term dip in my score is fine.
Any input is appreciated!
I have a Marriott Rewards credit card which will become a year old on April 1. At that time I will be assessed a $95 annual fee, as the first year fee was waived. I called yesterday to discuss waiving the upcoming fee, and was told (by Chase) that nothing can be done until the fee is assessed, but I can cancel the card within 30 days of the fee being assessed and will not owe the $95 fee.
I plan to call and threaten to cancel the card come April 1, but I want to receive some advice regarding this plan:
1. Has anyone had success with negotiating an annual fee waiver for a credit card? Specifically Chase would be most helpful.
2. If they will not waive the fee, would it be wise to proceed with cancelling the card? Specifically, will there be a large impact to my credit score?
This is not my oldest line of credit, as I have a separate card that is approximately 2 years old. However, canceling the Marriott card would drop my line of available credit from $15,000 to $2,000. If I cancel this card, I plan to open a new credit card and obtain a new cardholders bonus.
I have no trouble utilizing my card or paying off the balance each month, but I am aware that canceling this card and opening a new one will impact my credit score (currently 760-770). I have no intention of obtaining a mortgage, car loan, etc. for the next 3-4 years, so a small short-term dip in my score is fine.
Any input is appreciated!
7
Posted on 3/6/19 at 9:53 am to rustontiger7
quote:
Has anyone had success with negotiating an annual fee waiver for a credit card? Specifically Chase would be most helpful.
It's usually pretty tough to get a fee waived. However, when I cancelled my AMEX and moved to the Sapphire Reserve, AMEX offered me 60k bonus points. My credit score went down like 20 points cancelling my AMEX but it jumped back up pretty quickly after that.
Posted on 3/6/19 at 9:57 am to rustontiger7
They're not gonna waive the fee. They use that to offset all the people who take advantage of the benefits. You signed the cardmember agreement with the fee on it.
Posted on 3/6/19 at 10:08 am to rustontiger7
I know this opinion may be unpopular, but you should just pay the fee. You signed an agreement and presumably knew it was in the terms.
If you have no interest whatsoever in paying the fee, I'd rather downgrade it to a no fee card as opposed to an outright cancellation. I don't think the downgrade in available credit is worth it.
If you have no interest whatsoever in paying the fee, I'd rather downgrade it to a no fee card as opposed to an outright cancellation. I don't think the downgrade in available credit is worth it.
Posted on 3/6/19 at 10:56 am to rustontiger7
I have the savor card and just got $500 for spending 3k in the first 3 months. Can I just cancel it after the first year or is there something that will prevent me from doing this?
Posted on 3/6/19 at 11:29 am to ScaryClown
You can cancel but it will impact your credit score.
Posted on 3/6/19 at 11:36 am to ScaryClown
quote:
I have the savor card and just got $500 for spending 3k in the first 3 months. Can I just cancel it after the first year or is there something that will prevent me from doing this
You can cancel
Posted on 3/6/19 at 12:22 pm to rustontiger7
Weight the fee against the benefits. You get a free night every year with the Marriott card so the fee is basically a wash.
Posted on 3/6/19 at 2:52 pm to rustontiger7
Call and tell them you want to downgrade your card to one that doesn't have an annual fee. The next business day, the fee will be reversed.
Source: I just did this. I downgraded from sapphire reserve to preferred. $450 credit came next day automatically
Source: I just did this. I downgraded from sapphire reserve to preferred. $450 credit came next day automatically
Posted on 3/6/19 at 3:39 pm to LSU6262
And that's a much better way to deal with it than just canceling a card and having your total credit lines at $2000 which would certainly impact credit over a $95 fee.
Posted on 3/7/19 at 4:06 pm to rustontiger7
Chase probably won’t drop it unless you have put atleast $20k on it th past year. Citi and Barclay are alot easier to get a fee dropped from
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