Can I get my annual fee refunded if I close my acccount?

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pelachrum
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Can I get my annual fee refunded if I close my acccount?

Postby pelachrum » Sat Jun 12, 2010 4:38 pm

Question about a new credit card account,

I was approved for an offer and recently received the card. As usual, the credit limit was only disclosed to me with the arrival of the card.
I am not happy with this limit amount and would like to decline this offer and close the account. There is an annual fee, which was already charged to the card.
Do I have the right to close the account and decline paying the annual fee?


Thanks!


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Mogul of Pineapples
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Postby Mogul of Pineapples » Sat Jun 12, 2010 8:57 pm

What's the card and how much is the annual fee? I have heard of Citi pro-rating the annual fee once but am unsure about AmEx and others. It may be easier though to ask them to change your card to a no annual fee card, then they may be more likely to cancel the annual fee on the first account since your staying on as a customer.
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pelachrum
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Postby pelachrum » Sun Jun 13, 2010 12:03 am

This is CapitalOne with $39 fee

But it is not the existence of the fee that I'm curious about. (It was part of the initial offer which I reviewed and accepted). My question regards the situation that only after I receive the card I know my credit limit and now that I have all information, including the limit amount, I choose to close the account. I do not wish to be charged the annual fee however.

When I call them, I can certainly ask for the account to be terminated but will they insist on me paying up the $39 ??

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alsteig
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Postby alsteig » Sun Jun 13, 2010 10:00 pm

No, my guess is they will try but assuming you haven't put any purchases on it or activated it your are good. Make sure you don't activate, just call them up and tell them you do not accept the terms. They will drop it. Hmmmm a cap 1 with a fee are their any worse cards??

pelachrum
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Postby pelachrum » Tue Jun 15, 2010 9:43 am

For anyone following the topic...
I've closed the account without a problem. I did not explicitly bring up the fee issue - it turned out that it is probably their standard policy to refund the fee in such case. It's worth mentioning that I have not activated the card, therefore also not made purchases on it and I placed my call within 30 days (as this number came up in the disclosure statement I was read)

Thanks all

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Cucumber
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Postby Cucumber » Thu Jun 17, 2010 5:32 pm

I wonder if all cards have a 30 day window like that??
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