Waive the annual fee?

For just about anything you want to get off your chest about credit cards.
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DoingHomework
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Postby DoingHomework » Fri Feb 24, 2012 3:47 pm

2percentPlus wrote:Thanks, but there was a question here:


Short answer is that they will waive the fee. I'd put the odds at 80% if you really spent $1,000,000 last year.


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Postby Money card » Fri Feb 24, 2012 10:40 pm

2 percent the the banks are suppose to make money off of you. I feel for you nobody should have to pay 100 in this day and age.

in the 80's everybody paid an annual fee I paid 15.00 to First fidelity, others paid their fees. in today's time period I can understand you being upset.

2 percent if the banks make no money off of you how do they pay there account mgrs to pick up the phone when you call, how would they pay for your rewards, yeh I know you 2 points for every dollar you spend and 3 on your miles card. Does your card have concierge service?

Since this is a lending card do you think Bank of America has a right to charge a fee? do you think hotel and airlines cards should have fees?

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Postby 2percentPlus » Sat Feb 25, 2012 11:42 am

Money card wrote:2 percent the the banks are suppose to make money off of you. I feel for you nobody should have to pay 100 in this day and age.

in the 80's everybody paid an annual fee I paid 15.00 to First fidelity, others paid their fees. in today's time period I can understand you being upset.

2 percent if the banks make no money off of you how do they pay there account mgrs to pick up the phone when you call, how would they pay for your rewards, yeh I know you 2 points for every dollar you spend and 3 on your miles card. Does your card have concierge service?

Since this is a lending card do you think Bank of America has a right to charge a fee? do you think hotel and airlines cards should have fees?


Personally, I'm not concerned with how BoA runs its business, how they make money, what is correct or ethical, or how the customer service rep is going to eat at night.

Either way, I'm not paying a fee. Some people might think it's worth it, I find that there are other options that better fit my needs.

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Postby Money card » Sun Feb 26, 2012 12:38 am

in this day and age since our grey, gold and platinum cards are gone and now they have middle cards how are you going to get by them?

look at it this way. you probably have some very nice travel benefits like concierge service, like you said you want to do what is right and ethical.

since you have an airline card I would just realize you don't have a basic card, you have a co branded airline executive card, just pay the fee or get a cash back card.

I pay 95.00 on my American Express card.

2percentPlus
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Postby 2percentPlus » Sun Feb 26, 2012 12:44 am

Wow, no offense but I think it went over your head.

What I have or what the card gives me, how much I pay for the card or how much money they make or lose off the card, if the bank goes bankrupt or takes their profits from me and has a cocktail party, I don't care one bit.

I'm not paying for this card another year. I have other 2% cashback cards and if I wanted miles, I would get them on another airline as I'm not sure when I will be using a million Virgin Atlantic miles since the fuel surcharge to use a reward ticket costs almost as much as a regular ticket.

The question was, it is not unheard of to waive an annual fee, or is it cut and dry not done in this industry?

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Postby Money card » Sun Feb 26, 2012 1:53 am

2 percent you have a cash back card, you don't pay a fee there are no annual fees on cash back cards like Chase Freedom, Capitol1s and others.

But you said you have Bank of America miles card.

When our cards were gold, grey and platinum, when airlines and hotel cards came in people were being offered bonus miles and 1 year waived on our annual fees. So let's say somebody wanted to get a British Airways cards they would try it out for a year and after, when they get their statement it would have a 75 annual fee so they would call up and say I'm not paying my annual fee, the account mgr would say you have to, then the customer would say OK cancel my card, so then the account mgr said OK to keep your business they will waive the fee.

so if you have a miles card how are you getting them to waive your 100 fee? if you have a cash back card there is no fee?

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Postby 2percentPlus » Sun Feb 26, 2012 2:25 am

Money card wrote:so if you have a miles card how are you getting them to wave your 100.00 fee? if you have a cash back card there is no fee?


I do not know if they will waive the fee until I ask, that's why I asked here first...do credit card companies EVER WAIVE ANNUAL FEE'S? This was so I would be more knowledgeable going into the phone call to them. It doesn't matter to me what color or type of precious metal or stone the card is named after, how many stars/flags/globes or executive/chairman/president is on it, if they are giving me miles on an airline or lapdances at a stripclub, or if they have a concierge that will send somebody to wipe my ass: I'm not paying the fee.

If they don't waive it, I'm dropping the card. If they waive it, I'm keeping the card for minimal spending of $5000/mo to accrue tier points, which at 2% cash back would give me an opportunity cost of $100 a month.

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Postby Money card » Sun Feb 26, 2012 9:57 pm

2 percent a few years back when they just started introducing airline and hotel credit cards. My Dad and Mom had the Chase Marriott and when they first got the card the annual fee was 30 bucks. They gave them a year to try out the card, my dad told me when the annual fee was on his bill he called them up and said take it off the account mgr said he can't, then he said my card and the account mgr said ok you don't have to pay. So now my father and mother are walking around with a hotel credit card, my cousin has the same situation only with Chase Southwest.

You look like you're in really good shape. According to your profile you have a Citibank card, Discover and American Express. Have you gone down to your local branch and discussed with them the situation and tell them how you feel?

Like I said a few years back when hotel cards came out they waived the fee, but this was some time ago. Just like in the old days there were no cell phones we had pay phones, now life has changed and nobody uses a pay phone anymore.

They might not waive the fee.

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Postby 2percentPlus » Sun Feb 26, 2012 10:19 pm

Sorry guy, I'm not sure if you're actually old enough to apply for a credit card, but I can't quite figure out what you're continually trying to tell us here.

It will be fine, don't worry about me. It might be a nice day to go for a walk or have a long lunch, enjoy.

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Postby 2percentPlus » Fri Mar 09, 2012 5:37 pm

Called in and there was really no question about getting the fee waived, just that she said she noted my account and I have to call in again next month after it is charged and they should remove it.

She wanted to update my income information and also asked if this card was used for business, didn't seem to have a problem with that but she said well you have income of X and payments over $100,000 a month, told me there might be some business cards that would work better but other than that I guess was ok, would have preferred to skip those business related questions, or the income vs. payments thing could make some cs rep think something must be wrong and shut the account down.



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