How to Get Your Annual Credit Card Fee Waived

Milking the most of your credit card is part art and part science. Besides reading credit card fine print and knowing the rewards mechanics like the back of your hand, asking your bank for a credit card annual fee waiver is non-negotiable if this is something that isn’t automatically offered to you. After all, savvy credit card users know it warrants some effort to get more money out of their bank.

In case you’re wondering, the majority of credit cards in Singapore offer a first-year annual fee waiver. For standard credit cards, they usually come with an annual fee of S$196.20 (w.e.f. 1 Jan 2024).

Credit card fees are a common part of having a credit card in Singapore, but they don't have to be a permanent fixture. Many cardholders are unaware that certain fees, especially annual fees, can often be waived with a little effort. Annual fees exist to cover the costs associated with providing card benefits, such as rewards programmes, travel perks, and customer service. While these can be hefty, they're often negotiable. Waiving these fees can effectively reduce the overall cost of having the card, allowing you to enjoy the benefits without the added expense.

Most banks in Singapore, including major players like DBS, OCBC, and UOB, have established processes for considering waiver requests, making it worth your while to explore this option. This article will give you the inside scoop on how to get those pesky fees waived.

>> More: Hacks to Avoid Expensive Credit Card Late Payment Fees

Card issuers are more inclined to waive fees for customers who have a history of responsible credit card usage and don’t frequently incur fees. Banks value customers who pay their bills on time and demonstrate financial responsibility. If you have a clean track record and rarely request fee waivers, your chances of success are significantly higher. In fact, banks like DBS, HSBC, and Maybank often look favourably upon long-term customers who have a history of timely payments and infrequent waiver requests. A good payment track record shows your reliability as a cardholder and makes you a more attractive customer to the bank. It demonstrates that you are not a high-risk customer, and that you are less likely to default on your payments.

Have a Citibank card, or any credit card for that matter? If so, you should know that credit card companies value long-term customers and often waive fees to keep them happy. The more you use your card, the more regularly you make purchases, and the longer you've had your account, the more valuable you are to them. These loyal customers bring in consistent revenue for the bank.

In Singapore, banks often have customer retention policies that include considering fee waivers for long-standing cardholders. While the specifics might differ, showing loyalty and consistent use can really boost your chances of getting a fee waived. Building a relationship with your bank, even just through simple interactions with customer service, can also help them see you as a loyal customer.

If a fee popped up because of an honest mistake or an oversight, explaining what happened to your bank might just do the trick. Maybe you spaced on a payment due date or ran into a tech glitch trying to pay online. When you contact your bank, be polite and clearly explain the situation. For example, try something like, "I've been a loyal customer for X years and always pay on time. I think this late fee happened because of [brief explanation of the oversight]."

Some banks in Singapore, like OCBC, UOB and Standard Chartered, can be more understanding with one-off waivers for genuine mistakes, especially for long-term customers. To avoid this in the future, set payment reminders on your phone or use the bank's automatic payment feature.

If your first fee waiver request gets turned down, don't throw in the towel. Try again later — sometimes, different customer service agents have different levels of authority or are just more willing to help. Different banks in Singapore might have different approval thresholds depending on who you talk to or when you call.

If you hit a wall, try calling back at a different time or ask to speak to a manager or supervisor. Explain your situation calmly and politely, and don't forget to mention your history as a responsible cardholder. There are tons of stories out there where persistence paid off and someone got a fee waived. Remember the old saying: "If you don't ask, you don't get." Sometimes, persistence is the magic ingredient.