How Likely Is A Fee Waiver
Most of the time, card issuers charge their stated fees and dont offer to waive them. Whether your issuer is likely to approve your request for a fee waiver depends on a few factors. If youve used your card for a long time and you have a perfect payment history, you probably have a better chance than someone who is a new cardholder or who has a spotty record of payments. A credit card issuer might also look more favorably on someone who regularly charges significant amounts to the card versus someone who rarely uses the account.
Keep in mind that even if the issuer agrees to accommodate you, it may give you extra rewards points or a statement credit equal in value to your fee, rather than deciding not to charge you at all.
If your issuer does waive your annual fee, it will probably be a one-time courtesy and you will likely be charged the fee again the following year.
What Is The 5 24 Rule
What is the 5/24 rule? Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase’s 5/24 rule means that you can’t be approved for most Chase cards if you’ve opened five or more personal credit cards within the past 24 months. And another question, do you have to pay off amex gold every month? The American Express Gold Card Unlike traditional credit cards, American Express cards do not have a regular APR or charge interest, as all balances must be paid in full each month. However, the Gold card does offer cardmembers the flexibility to pay for purchases of $100 or more over time at a set interest rate.
Annual Credit Card Fee What Is It And 5 Ways To Avoid It
If youâre shopping for a rewards credit card , odds are youâre familiar with what an annual fee is and have put considerable thought into how to avoid paying it.
In the list of potential fees credit card holders have to account for â from interest to balance transfer fees â an annual fee is arguably the most straight forward and is defined as an automated bill that is charged every year in exchange for possessing a card. Annual fees are not universal to all cards and tend to accompany cards that offer premium rewards or perks.
Below, we run through some basics about annual credit card fees and offer five strategies to help you get out of paying this fee on your card.
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Discovering Whether You Are A Covered Borrower
Step 1: Logging into your American Express Account
First, navigate to Americanexpress.com, and click on the Login option highlighted in the upper right-hand corner.
Step 2: Entering Credentials
Simply enter your appropriate account information into the boxes, follow by clicking the Login button highlighted below.
Step 3: Choosing the Card to Check
Once logged in, you will then navigate to the upper right-hand corner to the picture of various credit cards you have with American Express.
While it shows my top three cards, , it will show you whatever cards you own from AMEX.
Step 4: Accessing Account Services
After you have chosen a card to check, navigate to the Account Services tab along the upper menu bar.
Step 5: Request Cardmember Agreement
After you have accessed the Account Services tab, scroll down to the bottom of the page where you will see a download option that says, Request Cardmember Agreement. Click this button to begin the download.
Step 6: Understanding Your Cardmember Agreement
In this document, you will find loads of information from your APR rate, cash advances, annual fees, etc.
On the bottom of Page 2 is where you will find the pertinent info regarding Military Lending Act status. I have included my document as an example of what a successful annual fee waiver looks like.
Will You Succeed In Your Quest To Get Your Annual Fee Waived
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It really depends. Some banks use mind-boggling formulae to determine if its worth giving you a fee waiver, while others will say okay to almost anyone who asks.
Generally, the more often you use your card, the more you spend on it and paying your bills in full and on time can positively influence their decision.
Some banks have a certain spending threshold for their credit cards. For example, spend about $500 on the card in the past three months and they can waive your annual fee. Of course, no customer service officer who wants to keep their job will tell you what the exact amount is, but some may be kind enough to suggest how much more you need to spend in order to hit that waiver requirement. If youve already spent $400 on the card, then it might be worth to charge another $100 to the card, instead of paying the annual fee.
If you cant find out what that spending threshold is, you can appeal to the higher-ups at the bank to have your credit card waived. Make sure your appeal comes with valid reasons, of course.
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How To Get An Hsbc Annual Fee Waiver
HSBC customers can request for credit card annual fee waivers via HSBCs 24-hour phone banking system.
How I First Learned About The American Express Platinum Military Benefits
While on a TDY to France in 2013, a military buddy of mine mentioned that he had the American Express Platinum card that comes with a $695 annual fee. He had access to great airport lounges in Amsterdam while we were travelling on TDY. While I paid $15 for an airport sandwich, he was enjoying free food and drink courtesy of Amex.
He also told me about the $200 of airline fees Amex reimbursed annually. I thought the rewards program sounded good and the benefits were great, but I couldn’t justify that insanely high annual fee. $695 a year was WAY too much money for a young lieutenant!
However, he mentioned to me that he wasn’t paying any annual fee because AMEX had waived the fee under the Servicemembers Civil Relief Act, a law Congress passed in 2003. I thought this was too good to be true so I had to do some more research.
The SCRA has a long history dating back to the Civil War and it protects servicemembers’ from many legal and financial troubles that they could encounter while serving their nation both at home and overseas.
The SCRA has several sections covering taxes, lawsuits, and outstanding debt. Credit card companies are only legally required to keep your interest rate below 6% on any outstanding debt you have with them BEFORE you enter military service.
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Importance Of Being A Covered Borrower
In order to be considered a Covered Borrower and have your credit card annual fees waived, you must either qualify under Military Lending Act , or Servicemembers Civil Relief Act .
The necessary requirements to be eligible for either are listed below:
Up To $300 Annually In Equinox Credits
Cardholders can receive up to $300 each year in credits toward Equinox gym memberships or digital subscriptions to on-demand fitness classes through the Equinox+ app. Enrollment is also required to activate this benefit.
Read more: How to use the Amex Platinum Equinox credit
Equinox is a chain of high-end fitness clubs that are mostly located in large US cities. The company’s website lists 106 locations, 40 of which are in Manhattan, and the rest are sprinkled around places like Chicago, Miami, London, and Washington, DC.
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The Final Word On The Amex Platinum
The Platinum Card from American Express is one of the best travel on the market. Its packed full of perks and benefits that take travel to a whole new level, but it also comes with a hefty annual fee.
However, as an active-duty service member, you can have this fee waived. That means you get to enjoy all the benefits this card has to offer without it costing you a cent. If you qualify for this perk, call an American Express representative so you can take advantage of having your Amex Platinum annual fee waived.
#1 Premium Travel Credit Card
Consider Switching To A No Annual Fee Card
Canceling a card could impact your credit score. Thats because:
- Your credit utilization ratio could increase once you cancel a card. This accounts for 30% of your credit score. However, the ratio can go back down when you apply for a new card.
- Your credit history could decrease over the long term. Though this impact can be minimized by opening new accounts to replace them. This is more of a concern for folks who are fairly new to credit cards.
So an alternative to closing your account, is switching to a no annual fee card like the Chase Freedom or Citi Rewards+® Card. Just note that usually, when you switch to a new card , you will not be offered a sign-up bonus.
The information for the Chase Freedom has been collected independently by Million Mile Secrets. The card details on this page have not been reviewed or provided by the card issuer.
You never have to cancel a no-annual-fee card. And that helps you build a relationship with the bank and build a longer credit history.
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Up To $200 Per Year Hotel Credit
Read more: My plan to maximize the Amex Platinum card’s new $200 hotel credit for a nearly free luxury stay
Fine Hotels and Resorts bookings include perks such as free breakfast, guaranteed late checkout, room upgrades and early check-in when available, and a welcome amenity or credit unique to each property. If you would have otherwise paid cash for a luxury hotel stay, this perk can effectively shave $200 off your annual fee cost.
Bookings with The Hotel Collection must be for a minimum of two nights, and include benefits like room upgrades and a $100 on-property credit.
Other Potentially Valuable Card Benefits
The eight credits described in the previous section can help bring your annual fee down from the published $695 per year to $0 per year. However, even if you cant use all of the credits perhaps because you cant use the Equinox locations since you visit a different gym, you dont like shopping at Saks or you cant find anyone to use the Global Entry/TSA PreCheck credit that seemingly comes with every premium credit card its still possible that the cards benefits and earning potential will provide enough value to justify the annual fee.
Some of the cards benefits discussed below may provide no value to you but significant value to someone else. So, I wont assign value to these benefits but instead introduce them so you can estimate their value for yourself.
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For The Sake Of Your Credit Score
Another common reason why some people pay their credit card annual fee? Its their only credit card or their oldest credit card. A long credit history is always great news for your , especially if things like late payments and partial payments have nothing to do with you!In case you didnt already know, a good credit score goes a long way in helping you get approved if and when you decide to take out a major loan, such as a home loan, car loan or education loan.
How To Get A Maybank Annual Fee Waiver
Maybank customers can request for credit card annual fee waivers via Maybanks 24-hour phone banking system.
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Membership Rewards Points Welcome Bonus
You can never have too many Membership Rewards points, and the Amex Platinum card helps new cardmembers accumulate them quickly. Earn 100,000 Membership Rewards points after spending $6,000 in the first 6 months.
That 100,000-point bonus can translate into over a thousand dollars worth of travel depending on how you redeem your points. For example, when you purchase a flight through Pay with Points on Amex Travel, each point is worth 1 cent apiece so 60,000 Membership Rewards points would be worth $600. But transferring points to a travel partner may yield an even higher value.
What Should I Consider Before I Call
When it comes to actually requesting a fee waiver, this would normally be done at the point of requesting a cancellation on the card, which is almost always over the phone.
Youll need to decide before you get on the phone whether you are willing to go through with a card cancellation there and then, or whether you are just testing the waters.
Some of the main factors that would determine if youre willing to go through with the cancellation are:
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Claiming Your Military Credit Card Benefits And Scra Protections
There are two basic things that need to be done to claim both your no-annual-fee American Express military discount and have SCRA benefits applied to your account. One is done when you first sign up for the card-its important to choose military as your income source when signing up for the card in order to be recognized as eligible for SCRA benefits.
If you did not do this when you signed up for an American Express card in the past, dont worry-you can claim your military credit card benefits by informing AMEX customer service of your status as an active duty military member.
That is the second step you should take when claiming your military discount and your benefits under SCRA. You will be required to submit military orders and/or other proof of service to show you are on active duty and in good standing with your branch of military service.
Remember, if you are a current AMEX card holder, call customer service to request your SCRA benefits and military credit card benefits. If you encounter a customer service rep that does not know about these issues, ask to speak to a supervisor.
How Us Military Can Get The Amex Platinum Annual Fee Waived
The Platinum Card is one of the best cards for active-duty military members because it offers lucrative benefits and statement credits that can put hundreds of dollars back in your pocket. Service members must request the benefit by calling the number on the back of the card it isn’t applied automatically. Amex uses an automated program to confirm your service, and refunds the annual fee in the form of a statement credit.
Amex will waive annual fees on its cards for active-duty military members who already have an eligible card, and for those who open an Amex card after beginning active duty. The annual fee is waived for existing cardholders under the Servicemembers Civil Relief Act and for cardholders who apply after beginning active duty under the Military Lending Act .
This can be particularly useful for military members who find themselves traveling frequently, either as a part of their service or during leave periods or for traveling spouses and children, who can be added as authorized users.
Keep in mind that the fee waiver only applies to active-duty servicemen and women reservists won’t be able to get the fee waived unless they’re actively deployed.
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The Best Amex Platinum Card Benefits
The Platinum Card can be incredibly valuable even for non-service members who have to pay the whole fee. Here are some of the benefits that make that the case.