Wells Fargo Mastercard's ANNUAL FEE

antredd67 · ‎04-23-2007

When you get to the point where you don't have to pay annual fees on credit cards, it really feels good. But to my surpise today, I get my Wells Fargo statement and notice that they are charging me a $50 annual fee. To add insult to injury this is a card that I have had since April 2000, never been late, its a Platnium with a $7,500 credit limit, and my balance is at about 30% uti. I asked the customer service agent about eliminating the fee, and she simply said that they charge fees on all of their cards and all she could do was just waive the fee this time.

Then, I quickly let her know that I have two other credit cards FROM B OF A AND WAMU with HIGHER LIMITS, and both of those credit card companies don't charge me an annual fee. To my surpsise, she simply stated "WELL WE AREN'T THE OTHER BANKS. WHERE AS WE CHARGE AN ANNUAL FEE, THOSE CREDIT CARD COMPANIES CHARGE YOU FEES IN OTHER AREAS."

Makes you go hummmmmmmmmmm? As soon as I pay them off, and my other accounts age, I WILL CLOSE THIS ACCOUNT JUST BECAUSE OF PRINCIPLE.

Tuscani · ‎04-23-2007

Yea, just close it when you get it paid off. Or BT and then close it.

Message Edited by Tuscani on 04-23-2007 06:01 PM

Anonymous · ‎05-05-2007

I just got a Wells Fargo Financial Bank Platinum card with $1500 limit. Locked up and not used yet. Got it in hopes of increasing my credit score since other cards have low limits ($600 to $500). Is this cc considered a "consumer finance company"? Been reading alot on this forum about consumer finance companies are looked at favorable on credit reports. Car loan thru Wells Fargo Auto Finance. 2 previous car loans (refinanced) were also thru Wells Fargo Financial Acceptance Corp. Thought installment loan was helping my credit. Now I'm not sure. Anyone with advise? Thanks

Anonymous · ‎05-05-2007

https://www.wellsfargo.com/credit_cards/select_card/visa/

I'd call 'em back and politely ask why it is that they are advertising $0 annual fee on their Platinum VISA.

Anonymous · ‎05-06-2007

@antredd67 wrote:
When you get to the point where you don't have to pay annual fees on credit cards, it really feels good. But to my surpise today, I get my Wells Fargo statement and notice that they are charging me a $50 annual fee. To add insult to injury this is a card that I have had since April 2000, never been late, its a Platnium with a $7,500 credit limit, and my balance is at about 30% uti. I asked the customer service agent about eliminating the fee, and she simply said that they charge fees on all of their cards and all she could do was just waive the fee this time.
Then, I quickly let her know that I have two other credit cards FROM B OF A AND WAMU with HIGHER LIMITS, and both of those credit card companies don't charge me an annual fee. To my surpsise, she simply stated "WELL WE AREN'T THE OTHER BANKS. WHERE AS WE CHARGE AN ANNUAL FEE, THOSE CREDIT CARD COMPANIES CHARGE YOU FEES IN OTHER AREAS."
Makes you go hummmmmmmmmmm? As soon as I pay them off, and my other accounts age, I WILL CLOSE THIS ACCOUNT JUST BECAUSE OF PRINCIPLE.

That's the standard party line. Before you can get them to budge, you'll need to PIF.

Then call back in. Ask to speak to a manager.

Make it clear they will LOSE your business if they do not cancel or significantly lower the fee. If your balance is $0 they know you have nothing to lose...you're not relying on the card to revolve any debt, they can't nail you with account maintenance fees.

Anonymous · ‎05-06-2007

antredd67 wrote:
When you get to the point where you don't have to pay annual fees on credit cards, it really feels good. But to my surpise today, I get my Wells Fargo statement and notice that they are charging me a $50 annual fee. To add insult to injury this is a card that I have had since April 2000, never been late, its a Platnium with a $7,500 credit limit, and my balance is at about 30% uti. I asked the customer service agent about eliminating the fee, and she simply said that they charge fees on all of their cards and all she could do was just waive the fee this time.

Then, I quickly let her know that I have two other credit cards FROM B OF A AND WAMU with HIGHER LIMITS, and both of those credit card companies don't charge me an annual fee. To my surpsise, she simply stated "WELL WE AREN'T THE OTHER BANKS. WHERE AS WE CHARGE AN ANNUAL FEE, THOSE CREDIT CARD COMPANIES CHARGE YOU FEES IN OTHER AREAS."

Makes you go hummmmmmmmmmm? As soon as I pay them off, and my other accounts age, I WILL CLOSE THIS ACCOUNT JUST BECAUSE OF PRINCIPLE.

Okay she's going to wave it. let her waive it and call back every year at the anniversary and ask that it be waived again. I woudl keep it open as old a tradeline as it is and as long as they are willing to waive. The first time they say no, close it. Just be sure its PIF before your anniversay date. More than likely if they say they cant waive and you say close, they will reconsider which will buy you another year.