There is, perhaps, nothing more frustrating than credit card company fees contributing to a balance on your credit card. Luckily, there may be something you can do about it.
There is tremendous competition for cardholders’ business these days, and credit card companies are going to the mat to acquire new members – and to keep current ones. You’ve probably seen them offering more and different perks, from cash-back to free travel insurance to high-tech appliances – but many still come with fees that consumers prefer not to pay. One such charge is the infamous annual fee, which many cards still include in the fine print of your card contract.
Cards with annual fees are often still attractive because they tend to offer greater perks than cards without annual fees. These fees can range from several hundred dollars annually to over a thousand for those tailored to high-end spenders. As a consumer, you’re essentially being asked to pay annually in order to maintain your account and any associated benefits. However, with more cards now advertising a no annual fee option, consumers are empowered to avoid this charge through a simple exercise: asking.
Let’s say you like the card company you’re with, but you’re tired of paying fees. You may have luck calling the customer service line and simply asking to have it canceled. Often, it can help to note how many years your account has been in good standing in order to capitalize on your loyalty to the card company. If the customer service representative says they are unable to cancel your annual fee, you may want to ask to speak to a manager.
If you’re feeling bold, you can even threaten to cancel your account – you might just be rewarded if the company is dedicated to keeping existing customers, as many are.
Image via Flickr/thomasjackson1345
