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Fees on credit cards

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crazysxycool
Regular Contributor

Fees on credit cards

Hi everyone.  I'm new to the forums and I hope some can help me.  My credit is much better it is now compared to 3+ years ago.  I was in the 400 range for my scores.  I got certain cards to help built my credit and never was late paying the bill.  I'm now at a point where I don't want to get rid of the cards, but instead see if I can get the annual fees waived.  Has anyone had success getting fees waived from the following companies?

HSBC ($99)  I have 3-4 cards from them but only one is this amount (Orchard, BestBuy M/C,
Credit One - $99

Citicard - $50 ( I think)
CapitalOne - $59
Merrickbank - ? (can't remember)

Any advice is appreciated.  Thanks in advance.

Wyman

TU = 663 (Sept 2010)
Equifax = 661 (As of today)


Starting Score: TU: 663 EQ: 632 EX: ?
Current Score: TU: 721 (12/02/12) EQ: 704 (12/2012 via SW) EX: 712 (11/19/12 via Amex)
Goal Score: 700 (ALL)


Take the FICO Fitness Challenge
Message 1 of 11
10 REPLIES 10
fused
Moderator Emeritus

Re: Fees on credit cards

Welcome to the forums!

 

I'm moving your post to the credit card forum. Good Luck!!!

Message 2 of 11
Creditaddict
Legendary Contributor

Re: Fees on credit cards


@crazysxycool wrote:

Hi everyone.  I'm new to the forums and I hope some can help me.  My credit is much better it is now compared to 3+ years ago.  I was in the 400 range for my scores.  I got certain cards to help built my credit and never was late paying the bill.  I'm now at a point where I don't want to get rid of the cards, but instead see if I can get the annual fees waived.  Has anyone had success getting fees waived from the following companies?

HSBC ($99)  I have 3-4 cards from them but only one is this amount (Orchard, BestBuy M/C,
Credit One - $99

Citicard - $50 ( I think)
CapitalOne - $59
Merrickbank - ? (can't remember)

Any advice is appreciated.  Thanks in advance.

Wyman

TU = 663 (Sept 2010)
Equifax = 661 (As of today)


HSBC, you almost have to threat to close and sometimes they will waive the fee and sometimes they will just close the card.

Citi, I would ask about possibly Product changing into a card with no annual fee

Capital one is similar to HSBC I believe but don't have exerience with them.

Merrick I don't think waives fees.

Message 3 of 11
Anonymous
Not applicable

Re: Fees on credit cards


@crazysxycool wrote:

Hi everyone.  I'm new to the forums and I hope some can help me.  My credit is much better it is now compared to 3+ years ago.  I was in the 400 range for my scores.  I got certain cards to help built my credit and never was late paying the bill.  I'm now at a point where I don't want to get rid of the cards, but instead see if I can get the annual fees waived.  Has anyone had success getting fees waived from the following companies?

HSBC ($99)  I have 3-4 cards from them but only one is this amount (Orchard, BestBuy M/C,
Credit One - $99

Citicard - $50 ( I think)
CapitalOne - $59
Merrickbank - ? (can't remember)

Any advice is appreciated.  Thanks in advance.

Wyman

TU = 663 (Sept 2010)
Equifax = 661 (As of today)


IME Cap One will sometimes waive half of the fee but not always.  Merrick was always really stubborn and refused to work with me (also had an extremely high apr) so I eventually closed them when I obtained better cards.  Hope this helps a little.   All of these cards are great for rebuilding and may be worth the fees temporarily but I would start trying for something better and then slowly close most of these out if they won't work with you.  At this point, IMO, you can do better!!  Smiley Happy

Message 4 of 11
crazysxycool
Regular Contributor

Re: Fees on credit cards

Thanks everyone for your feedback.  I really appreciate it.

Wyman


Starting Score: TU: 663 EQ: 632 EX: ?
Current Score: TU: 721 (12/02/12) EQ: 704 (12/2012 via SW) EX: 712 (11/19/12 via Amex)
Goal Score: 700 (ALL)


Take the FICO Fitness Challenge
Message 5 of 11
Anonymous
Not applicable

Re: Fees on credit cards

I had an Orchard CC awhile back... I talked to the call center in India and than was transfer to a manager in the US.  The just wouldn't waive the AF.  I had to close the account.  They wouldn't even move me to a different card.  

 

I think you might have some luck with Capital One though.  I was able to transfer to their Platinum card with no AF.

 

Before you close any accounts, I would try the "Credit Card Center" at myFico.  I open two new cards (AMEX Starwood, Chase Freedom) before I closed the Orchard CC.  

Message 6 of 11
Wolf3
Senior Contributor

Re: Fees on credit cards

 


@crazysxycool wrote:

Hi everyone.  I'm new to the forums and I hope some can help me.  My credit is much better it is now compared to 3+ years ago.  I was in the 400 range for my scores.  I got certain cards to help built my credit and never was late paying the bill.  I'm now at a point where I don't want to get rid of the cards, but instead see if I can get the annual fees waived.  Has anyone had success getting fees waived from the following companies?

HSBC ($99)  I have 3-4 cards from them but only one is this amount (Orchard, BestBuy M/C,
Credit One - $99

Citicard - $50 ( I think)
CapitalOne - $59
Merrickbank - ? (can't remember)

Any advice is appreciated.  Thanks in advance.

Wyman

TU = 663 (Sept 2010)
Equifax = 661 (As of today)


 

It is time to do some credit pruning and save yourself some money.  The time for subprime high fee cards is over. 

 

I would cancel credit one and merrick bank when the fees come up if they don't waive.   There is no future with them.  

 

I would stick with Capital One and CITI as you can grow into prime cards with them.  I would try to product change to a no fee card or a fee card with rewards when the AF comes due.

 

I would reduce the number of HSBC cards based on fees and limits.

 

I would not do this all at once, spread it out over several months.

 

 

Message 7 of 11
crazysxycool
Regular Contributor

Re: Fees on credit cards

TBTdragon and Wolf -

Thanks for the helpful replies.  One question, if I call them and ask to be moved to another card without an annual fee, do they still have to pull another credit report?

Wyman

 


Starting Score: TU: 663 EQ: 632 EX: ?
Current Score: TU: 721 (12/02/12) EQ: 704 (12/2012 via SW) EX: 712 (11/19/12 via Amex)
Goal Score: 700 (ALL)


Take the FICO Fitness Challenge
Message 8 of 11
Anonymous
Not applicable

Re: Fees on credit cards

With Capital One, absolutely.  I think they consider it more like opening a new credit card account and than closing the old one.  The one advantage was you kept the AA of A and, of course, the no annual fee.  

Message 9 of 11
crazysxycool
Regular Contributor

Re: Fees on credit cards

Ok - 2 more questions.  What's AA of A and when is the best time to call them and ask about moving over to a new card?


Starting Score: TU: 663 EQ: 632 EX: ?
Current Score: TU: 721 (12/02/12) EQ: 704 (12/2012 via SW) EX: 712 (11/19/12 via Amex)
Goal Score: 700 (ALL)


Take the FICO Fitness Challenge
Message 10 of 11
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