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Capital One - Annual Fee

Established Member

Capital One - Annual Fee

Hello Everyone~   I've searched the forums and read several experiences with folks requesting Cap One remove a $39 annual fee for having their card (a lot from prior to 2008 were successful) but..  I just received my statement, noticed the annual fee and called them directly.

 

The "Sr. Customer Service" rep said he was "unable to waive the fee."   "Are you sure?" says me.  "Unfortunately, yes.  We cannot waive the fee."   "Hmm Is there anything you can do?" says me.  "Unfortunately, no." says the rep.

 

"I see.  Well, unfortunately, I'm not satisfied with that response. So I think I'm going to pay the balance off (it's only $15  not counting this new fee) and close this account."

 

"That's your perrogative."  says the Sr. Customer Service rep.

 

Question/Opinion Request:  Now that they called my bluff, should I really do it?  How badly will this affect my score  (I'm currently at a 791)  but not currently in the market for any new car or house or anything on credit really.  

 

It just galls me to pay a fee.   I've got another card from U.S. bank that actually pays me back  (1% on purchases)... not a huge amount, but way better than an annual fee no?

 

 

 

 

 

 

 

10 REPLIES
Valued Contributor

Re: Capital One - Annual Fee

IMO, the only reason to pay a fee is if the rewards on a card outweigh the fee...or...if you need the card and are unable to get a different one.

 

You've got another bank card, so I can't see that this one is needed.

Established Contributor

Re: Capital One - Annual Fee

I just got off the phone with them about canceling my account. The woman seemed she really didnt want me to. She asked about other cards I have, there limits, benefits, age, almost everything there is about them.

 

Before she would let me close it she offered to remove the AF and add rewards. This is for a secured card. I politely told her no thanks and the account was closed.

 

YMMV

Moderator Emeritus

Re: Capital One - Annual Fee


SeandSki wrote:

Hello Everyone~   I've searched the forums and read several experiences with folks requesting Cap One remove a $39 annual fee for having their card (a lot from prior to 2008 were successful) but..  I just received my statement, noticed the annual fee and called them directly.

 

The "Sr. Customer Service" rep said he was "unable to waive the fee."   "Are you sure?" says me.  "Unfortunately, yes.  We cannot waive the fee."   "Hmm Is there anything you can do?" says me.  "Unfortunately, no." says the rep.

 

"I see.  Well, unfortunately, I'm not satisfied with that response. So I think I'm going to pay the balance off (it's only $15  not counting this new fee) and close this account."

 

"That's your perrogative."  says the Sr. Customer Service rep.

 

Question/Opinion Request:  Now that they called my bluff, should I really do it?  How badly will this affect my score  (I'm currently at a 791)  but not currently in the market for any new car or house or anything on credit really.  

 

It just galls me to pay a fee.   I've got another card from U.S. bank that actually pays me back  (1% on purchases)... not a huge amount, but way better than an annual fee no?

 

 

 

 

 

 

 


That depends on several factors. Have you read this thread about Closing Credit Cards? It might help your decision.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Established Member

Re: Capital One - Annual Fee

@MarineVietVet:  Thank you!   The Closing Credit Cards post was very informative and did make my decision for me.  I'm closing that account.  It's a low limit card, the interest rate is 4% higher than my preferred card and I'm just not down with paying a fee.

 

Thanks to everyone who responded for the (as usual) excellent advice! 

 

R

Senior Contributor

Re: Capital One - Annual Fee

I recently got a Cap One card w/AF. I didn't realize when I app'd that it had an AF, or else I wouldn't have gotten it. When I called CS, I was told the same thing: they cannot waive the AF. Since I had used the card, I was unable to cancel it w/o paying the fee, so I told them that I would be canceling it the following year, which I plan on doing.

 

I spoke w/a couple of different reps during a couple of calls (second call was about something else, but I brought up the fee). Both times, told the same thing. I don't think they waive fees. They basically just gave me the option of applying for a CC w/o a fee. That seems to be their answer to everything: apply for a different card. Smiley Surprised

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Frequent Contributor

Re: Capital One - Annual Fee

Did you get the cash rewards card? If you did, it pays for itself quickly. I've had mine a month and earned over $40 in rewards.

Starting Score: 596 EQ 5-22-11 / 554 TU 5-23-11
Current Score: 615 EQ 08-15-11 / 631 TU 09-27-11
Goal Score: 700+


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Valued Contributor

Re: Capital One - Annual Fee


stanggt03 wrote:
Did you get the cash rewards card? If you did, it pays for itself quickly. I've had mine a month and earned over $40 in rewards.


 

Agreed.  My annual fee is $29 but I lost count of how many $50 gift cards and statement credits I've received.

 

11/30/08 TU 648 EX 672 EQ 656 SEPT 2014 TU 787 EX 789 EQ ???
Amex BCP $24.1K/Clear $8.5- Sallie Mae $27.5 -Cap One QS $7.5 - Chase Freedom $7.5/United $5k/CSP $20k/Ink- Citi DP $9.5/Dividend $13k/HHHx2 $15k/16.4/Reserve $4.5k Best Buy $1940 HD $1701- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800




Starting Score: 648
Current Score: 736
Goal Score: 765


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Regular Contributor

Re: Capital One - Annual Fee

Generally, if you use the card a lot they are more inclined to waive it, if you hardly use they will not. Honestly, if you have problem with a card with AF you should not apply for it to begin with.

New Member

Re: Capital One - Annual Fee

read the first post, he did not realize it had an AF . I'd get another card with no AF and close this one. then bank the AF into savings or investments to reward yourself.