When/how do you pay the annual fee on a card

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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Dsquad48
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When/how do you pay the annual fee on a card

Postby Dsquad48 » Mon Mar 10, 2014 9:44 pm

I recently signed up for a card and it's the first one I've had that has an annual fee (I feel the rewards will overcome the small fee). Anyway, I was under the impression that I'd pay the fee when I activated the card (it's Capital One Quicksilver One, by the way). This is not the case; I just went through the normal activation process and it says I'm good to start using the card.

When do I pay the annual fee?
Discover It- $2,500
Capital One Quicksilver One- $2,000
Local Credit Union Secured Visa - $150 :cool:

TU (2.28) - 738


MemberSince99
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Postby MemberSince99 » Mon Mar 10, 2014 9:46 pm

Typically the fee is charged on your first statement unless it's waived for the first year.

Dsquad48
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Postby Dsquad48 » Mon Mar 10, 2014 9:49 pm

Ah, just checked again - they just added it to my balance. Thanks :)
Discover It- $2,500
Capital One Quicksilver One- $2,000
Local Credit Union Secured Visa - $150 :cool:

TU (2.28) - 738

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otter
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Postby otter » Mon Mar 10, 2014 10:26 pm

The Quicksilver One isn't a bad card... it was one of the first cards I got when I was rebuilding although as time went by and I got cards which covered more of my spending, the value of the card just wasn't there (considering the $39 AF). When you consider you are already getting 1% on your Discover card... you'd have to spend $7800 annually on the card to justify the annual fee. That's not a hard thing to do, but as time goes on and your credit gets better; you'll find much better deals with and without an annual fee. IMHO, if Cap One gave you $2k to start, you could have probably been approved for the no fee Quicksilver. I would try to do a product change before 12 months to avoid another annual fee, although most people would do better to try to avoid Cap One once they get a thicker file. The "triple hard pull" + stingy CLI's + rock-bottom customer service gets old after a while...
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

Dsquad48
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Postby Dsquad48 » Tue Mar 11, 2014 1:25 am

otter wrote: IMHO, if Cap One gave you $2k to start, you could have probably been approved for the no fee Quicksilver.


I was actually considering going this route, as I've heard of others being successful with it, and I figured it'd be easier to get approved for my current card since the no-fee one requires "excellent" credit which I don't really have. My credit history is pretty limited.
Discover It- $2,500
Capital One Quicksilver One- $2,000
Local Credit Union Secured Visa - $150 :cool:

TU (2.28) - 738



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