Here's How You Can Not pay Annual Fees For the Credit Cards In Singapore

There are a couple of camps when it comes to paying annual fees for your charge cards. Some think that the fees count spending money on in case your benefits earned far outweigh the price of the credit card involved.

For others, the annual fees of the charge card aren't worth spending money on as they believe that you ought to be enjoying the together with your card with no penalty, especially when there are fee waivers involved.

If annual fees are something wish to avoid paying for, here are 5 things you can do.

#1 Ask For A Waiver

Commonly, requesting a fee waiver for your charge card leverages in your loyalty using the card and just how you've been spending it. For most banks, the option for a fee-waiver is usually conditional depending on a customer's payment history.

If you've been a loyal customer having a high credit spend, most banks offer to extend your period of fee-waiver on the basis of retaining a loyal and high-spending customer.

#2 Make an application for No-Fee Cards Only

Some charge cards like the UOB One card, or even the Standard Chartered Unlimited Charge card, offer a standard fee waiver for that first or first 2 years. When trying to get credit cards, it's important to compare charge card offers among financial comparison sites to check out the card that meets your spending habits best.

Alternatively, you can look at downgrading or switching your card being used. Some cards may permit you to downgrade to an alternative no annual fee charge card or a card with a lower annual fee. This lets you support the same account history and credit line, even though you will enjoy fewer rewards and benefits.

#3 Cancel Your Card

Some cardholders choose to cancel a credit card prior to the period of fee-waiver ends. However, this has a few caveats.

Cancelling credit cards may hurt your credit especially if its credit cards that you have held the longest, particularly if you have been diligently paying your dues promptly as well as in full. An undesirable credit rating may hurt your chances of getting a mortgage, education loan or car loan.

Before causeing this to be move though, make sure to fully redeem any rewards and funds rebates as they will be removed once you cancel your card.

#4 Make use of your Rewards To Offset Fees

Some charge cards permit you to pay your fees making use of your rewards. If you have earned a certain amount of cash rebates, you are able to apply it to your statement credit which would cover the annual fees if you have chalked up enough rewards.

Sometimes too, financial comparison sites include to exclusive incentives that may counterbalance the costs from the annual fees. For instance, you may find that paying the annual fee of $192.60 in the application for a Citi PremierMiles Visa Card is worth it because of the exclusive 37,330 welcome miles bonus and $200 cash incentive via PayNow.

#5 Hit The Minimum Spend Required

Some banks implement a computerized fee waiver based on your bank account activity, payment history or length of time like a customer. This really is ideal for those who have a clear knowledge of how much and what you spend on, and if the charge card of choices matches your spending habits.

For instance, the annual fees of the OCBC 365 charge card is automatically waived if you hit the absolute minimum spend of S$10,000 each year.

Not An expense If Perks Are Significant And Exclusive

Ultimately, a credit card's annual fees might be a small and negligible cost when the value of its rewards are wonderful. Additionally, it's a bonus if the rewards can easily be earned based on your overall spending habits. Annual fees quickly accumulate and be hefty in case your credit card is underutilised, and the rewards earned cannot cover the price of the fees.