How to Get Your Credit Card Fees Waived

Many Australians just accept that they have to pay annual fees on their credit cards, unaware that there are a number of ways in which you can have your fees waived.

Most credit cards will have an annual fee attached, and this fee can range from $20 for a very basic card through to $500 or more for the most premium cards.

There are a number of ways to have your annual fees on your credit card waived. Some banks will waive the fees based on your relationship with the bank, whilst others will waive the fees based on how much you spend on the card.

In this guide we will look at some of the ways that you can save money by having your credit card fees waived.

Professional Packages

Many banks offer professional packages for their home loan customers. Often these packages are reserved for those with total loan amounts exceeding certain levels.

In return for an annual professional package fee, the bank will then offer a reduced rate on your home loan, and in many cases they will offer a credit card with waived annual fees.

Ask for a Waiver

Sometimes getting a waiver on your annual credit card fee is as simple as asking your bank.

Many banks have the ability to waive fees on a discretionary basis, however they will generally need to have a good reason to waive them for you.

If you have a strong relationship with the bank based on the products you hold, or perhaps if you do your business banking through the same bank, they may be more willing to waive your credit card fees.

If your bank is not willing to offer you a waiver of your fees, try mentioning to them that you are going to start looking elsewhere. This won’t always work, but it’s worth a try.

Spending Habits

Some credit cards will have built-in waivers that come into effect if you spend a certain amount on your card each month or year.

The minimum annual spend to obtain a waiver can vary greatly, with figures being anywhere from $30,000 through to $100,000 per year.

If you are a big spender on your credit card it’s worth having a card that provides this automatic waiver. If you existing card does not allow this it may be time to look around for a new card.

No Fee Credit Cards

One of the easiest ways to enjoy the convenience of a credit card without the annual fee is to choose a card which doesn’t have any fees to start with.

These cards aren’t particularly common, but there are some banks and credit unions who do offer cards with no annual fees. Generally the cards will only have very basic features, and in some cases they may have a higher interest rate than normal.

Credit cards can be a very handy financial tool to have, and by having your fees waived you can enjoy the benefits without the added cost.

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