Asked by Anonymous
Asked on 02 Dec 2019
Are there any other things that i should look out for to reduce the costs of having a credit card?
Only after it has been charged. To increase your chances of waiver, always pay your bills on time and in full.
At the end of they still wouldn't budge, just cancel the card haha. Make sure whatever miles /points/cashback you have stored in previously are transferred out first before you cancel!
Top Contributor (Dec)
I'd waive the charges after it has been charged. Improve your chances of getting a waiver by ensuring you always pay your bills in full and on-time, therefore leaving the bank no excuse to deny you the waiver.
If you are holding on to a card that you intended to cancel but forgot about it, just call in to cancel the card.
Also, ensure that you've utilized all your benefits should you intend to cancel, because they usually can't be restored once the card is cancelled.
Wait for the annual fee to be charged, then call in and ask for a waiver. you can't waive what you haven't been charged!
remember that annual fees are charged upfront, so even if you've been hit by a fee, you can still (A) get it waived or (B) cancel the card without needing to pay the fee. some people think the fee is charged in respect of the previous year, and therefore once it's charged it's too late- not true at all!
Other ways to reduce the costs of a credit card- never carry a balance, set up a GIRO arrangement to pay your bill in full and on time.
Usually there is a minimum spend in order to waive the CC fees. If not, you can always call the back to waive it off once you are charged. They usually will waive it off easily.
I call in to waive annual fees after being charged.
Other things to look out for:
Always pay on time
Always pay in full
And other things, look out for promos that they run from time to time to avail discounts and cashback!
Ask for the waiver after it has been charged, many credit card companies these days utilise an automated system to request for waiver so it has to be charged first theoretically speaking.
To prevent myself from forgetting when to make my credit cards monthly due fees and end up having to pay late fees, I always opt for the giro option, saves me the hassle of having to remember when to always pay for my bills!
its going to be a headache keeping a calendar reminder to ask for waiver before the fees come.
Once its up, just call their hotline and they usually offer a shortcut in their hotline, press X for fee waivers. Do it, and the phone call ends and you almost always get your waiver! (Unless you have outstanding debt, and then they will refuse to waive, because they know you have no choice but to pay)
Call in to waive after it's reflected on the statement. Do note that the annual fees of some cards cannot be waived, e.g. AMEX Krisflyer Ascend.
Some cards also encourage you to pay the annual fees to get bonus miles like DBS Altitude or Citi Premiermiles.
However, do note that some banks like UOB and OCBC are very sticky and will refuse waiver if you did not spend enough on the card (#notmybanks). While others like Maybank just waive the fees even though I've not carried a balance on the card for 7 years.
Usually after, if you ask nicely and you've a good track record, the waiver is easily approved. Even if you don't use the card often, but you've had the card for a few years, the waiver can also be done. I know some banks will do automatic waivers for certain cards; I've experienced automatic waivers for POSB Everyday, OCBC Great Eastern and Citi Rewards.
But there are some cards where the annual fees can't be waived for, e.g. AMEX Platinum card. It's either you pay or you forego the card.
I guess one way to better reduce costs would be to own a credit card that you get the most value out of. Of course, paying your credit card bills in full and before the deadline, will also help you to reduce any extra costs.
I asked after I am charged.
But i normally will pay off the balance (except the annual fee) before I call in. I don't think it helps in any way but I just feel better psychologically because I don't owe the bank money and I feel I have a better edge (which I don't think so but it helps me!).
But in any case, always pay off the balance every month so you are considered a "safe" person to the bank. This may help for waivers as you are not those "defaulters" that they rather not deal with.
Take a time to look through the t&c of the credit card too.
Waive annual fees after you've been charged for it. You can't waive something that isn't in your court yet.
You should look out for:
Interest rates - paying your bills on time and in full will save you on this
Request for annual fee waiver - does not apply for AMEX and doesn't make sense for certain cards like CitiPremier
In Singapore cashless transactions are promoted by government itself.. Thus, most of the credit card companies won't hesitate to waive of the annual charges.. If you have good relation with XYZ bank like having an saving or salary account, then banks even waived off you credit card late payment charges
Request for the waiver of annual fees after they have been charged. Just in case they are not willing to waive fees and you rather let go of the card, remember to use up all your benefits first. Sometimes making at least one transaction on the card in the previous year will also help in your waiver request, compared to not having used the card at all.
Waive the charges after it has been charged, usually the person on the phone might offer you other new cards in lieu of cancelling the current card & annual fees
If you say reduce cost as a top priority - just mentally be prepared to cut the card if the bank doesn't agree. I recall sometime ago (10 years) for some reason Citibank had a top-down decision to give no waivers. Ended up having to go without for a year and reapply after the timeout period
Waiver of fees should be done after it has been charged. Since the fees are meant for the coming year, you call in for a waiver, or simply cancel the card if they refuse to waive the charges for you.
But do remember to redeem any points/vouchers/miles before cancelling a card!