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Clement

05 Feb 2020

SeedlyAMA

Can all credit card annual fees be waived?

Is it possible to waive all annual credit card fees? If yes, how? What if the bank says no? Does this 100% mean I cannot waive it or do I have to try another way?

Discussion (5)

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Aaron Wong

01 Jan 2020

Founder at The Milelion

In general, annual fees can be waived on all cards with a $30,000 income requirement.

Once you get to the $120,000 bracket (Citi Prestige, HSBC Visa Infinite, SCB Visa Infinite, OCBC VOYAGE, AMEX Platinum Reserve/Charge etc.), fee waivers become almost impossible. The fact of the matter is, your $500 or so annual fee is paying for the lounge access, the miles that come with the card, the limo benefits, the dining perks. You can definitely make more than $500 of value out of the card, but that's your cost of entry.

There are exceptions, as with all things, but that's the general rule.

If the bank says no (and it's a $30K card), I often tell them I'm going to cancel the card. 50% of the time that gets the waiver, the other 50% they say so long and thanks for all the fish.

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Javis Ye

27 Dec 2019

Financial Consultant at Prudential Assurance Company Singapore

Not every credit card annual fees can be waived although there are exceptions with minimum annual spending which may result in the waiver of the fees.

No not all annual fees can be waived. For example, Amex krisflyer ascent annual fees cannot be waive...

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