The annual credit card fee is an automated levy accessed by a few providers. The charges usually vary depending on the benefits and the terms of service. According to Forbes magazine, the most attractive credit cards come with an array of benefits, including 0% APR introductory rates and sign up bonuses that can translate to points, miles, and cash. Because of the strings that accompany most credit cards, you should only apply for cards that fit with your spending and lifestyle.
For instance, if you don’t travel a lot it would be unreasonable to obtain a card with high APR. Instead, you need to find a credit card that offers attractive bonuses such as cashback. Since the annual fee will increase the cost of maintaining your credit card, always make sure the benefits that come with the card supersede the charges you’re paying. Recent trends in credit card usage reveal most consumers prefer cards that offer rewards and attract little or no annual fee.
How to avoid the annual credit card fee
Not all credit cards have annual fees. If you have a credit card that charges an annual fee, there are several ways to defray the cost or waive it altogether. According to a new money report on US News & World Report, you can achieve your goals using the following strategies:
1. Reach out to the card issuer – the first step is to call the card issuer to request a fee waiver. Although a positive response is not always guaranteed, it is wise to try. If you are lucky, the issuer will waive the fee after the first year or immediately upon receiving the request.
2. Use loyalty to your advantage – in case the annual fee is not waived after your initial engagement, you will need to find a justifying reason to seek a waiver. If you are a loyal customer who makes a payment on time, you can use this as a validation to see waiver.
3. Compare offers – always perform thorough research to find a credit card that offers incentives like zero annual fees and the opportunity for an annual fee waiver in the first year. If your preferred issuer doesn’t offer great rates, talk to them to see if you can get reasonable rates.
4. Get the account closed – If you feel the credit card and the terms therein are not right for you do not hesitate to call the issuer to have your account closed. Sometimes the card issuer may take notice of your concerns and cancel the annual fee just to retain you as a customer.
Grand Canyon Advisors can help!
Grand Canyon Advisors are debt experts with an impeccable record of positive results. Customers who’ve been served by the company have seen their debts eliminated and the cash flow stabilized in record time. You can use the company’s online calculator to see how much you are able to save. Besides debt, Grand Canyon Advisors will also help you work within your budget. For immediate debt assistance, call the company offices today on 1 800 224 9114