Credit Card: This credit card fee gives you a 'shock' again and again? With these 5 ways, your charge will also become ZERO..
There is no doubt that Credit cards have become an important part of our lives. Be it online shopping, paying the electricity bill, or eating in a restaurant, this small piece of plastic makes every task easy. But, this facility has a price - an Annual Fee, which is secretly deducted from our account every year.
If you are also among those crores of people who are troubled by this annual fee and wish that this money could have been saved, then this news is for you only. Today, we are going to tell you 5 such smart and tried ways, by which you too can get your credit card's annual fee reduced or waived off completely.
1. Complete the target and get the fee waived
This is the most direct and official way to get the fee waived. Almost every bank and credit card company has a 'Spending-Based Waiver' option for its customers. This means that if you spend a certain amount (like ₹1 lakh or ₹2 lakh) in a year from your credit card, then the bank waives off your annual fee. To take advantage of this, make it a habit to pay most of your expenses, such as monthly rent, petrol, electricity bill, phone recharge, and online shopping, all through your credit card. This will easily cross the spending limit, and your fee will be waived automatically. Check your card statement or the bank's website to see what the minimum spending limit is for your card.
2. Talk directly to customer care
This is a 'brahmastra' that many people hesitate to use. If the annual fee has been deducted from your account, do not be disappointed. Just pick up your phone and call the bank's customer care number. You politely tell the executive that you have been their customer for many years, always pay the bill on time, and you do not want to continue paying this annual fee. Ask them if they can waive it. No bank wants to lose a good and old customer. If you have a good payment history, in 90% of the cases, the bank agrees to your request and reverses your fees.
3. Change the plan, not the new card
The card you are using may have a high annual fee, but the same bank has another card whose fee is very low or 'zero'. In such a case, you can talk to customer care and request to upgrade or downgrade your existing card to another variant. For example, suppose you have a 'premium' card whose fee is ₹ 2000, but you do not use its facilities like the airport lounge. Then you can request the bank to give you a basic 'lifetime free' card.
4. Use reward points properly
Whenever you spend something from your credit card, you get reward points. Most of us forget these points or are unable to use them properly. You can check how many points you have accumulated by logging in to your bank's rewards portal. Many banks give you the option to redeem these reward points in exchange for annual fees. In this way, your annual fee is deducted from the points accumulated from your own shopping, and nothing goes out of your pocket.
5. Know the truth of 'Lifetime Free'
Many times, banks and agents sell you cards by luring you with 'Lifetime Free' cards. 'Lifetime Free' means that there will be no annual or joining fee for the card. But, this does not mean that no other charges will be levied on it. If you do not pay the bill on time, then you have to pay heavy interest and late payment fees. Therefore, before taking any card, always read its terms and conditions carefully. Many times, the conditions for waiving the fee are already written in it, but due to lack of information, we are not able to take advantage of it.
Disclaimer: This content has been sourced and edited from Zee Business. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content
