topic Re: When is the Annual Fee Charged on Your Account? in Credit Cards

When is the Annual Fee Charged on Your Account?

Beast26 — Sun, 04 Jul 2021 20:13:46 GMT

Like the title says the only annual fee card I've had was open sky and they charged the annual fee immediately after getting approved. Are other annual fee cards like this or do they actually wait 12 months to charge the annual fee?

Re: When is the Annual Fee Charged on Your Account?

simplynoir — Sun, 04 Jul 2021 20:28:02 GMT

Unless the card has a signup offer where they waive the first year's AF like AMEX's BCP or in-branch offers like Chase's Sapphire Preferred, banks will charge the annual fee the first month

Re: When is the Annual Fee Charged on Your Account?

SoCalGardener — Sun, 04 Jul 2021 21:45:57 GMT

@simplynoir wrote:
Unless the card has a signup offer where they waive the first year's AF like AMEX's BCP or in-branch offers like Chase's Sapphire Preferred, banks will charge the annual fee the first month

Indeed. When I upgraded to Amex BCP recently, it stated quite clearly that the annual fee would be waived for a year, then charged after that.

OP, do you have screenshots or hardcopies of what you agreed to?

Re: When is the Annual Fee Charged on Your Account?

Beast26 — Sun, 04 Jul 2021 22:11:59 GMT

I was asking to be sure before I decided to apply for anything. Thanks for you guys' replies. I wasn't sure so I had to ask.

Re: When is the Annual Fee Charged on Your Account?

SoCalGardener — Sun, 04 Jul 2021 23:09:19 GMT

@Beast26 wrote:
I was asking to be sure before I decided to apply for anything. Thanks for you guys' replies. I wasn't sure so I had to ask.

Oh, sorry, I misunderstood your question!

In general, yes, annual fees are charged immediately, but that varies so widely that it's not carved in stone. As with my Amex BCP, the upgrade offer I had waived the AF for the first year. Not all cards do that.

But all cards SHOULD tell you as you're going through the application/acceptance process how/when you'll be charged its AF.

If in doubt, ask! Call the card company and ask. Better safe than sorry. And it's best to ask the company directly, rather than rely on a forum like this; no matter how good a forum is, its members don't know the specific details of an offer YOU may be accepting. Yours could be different from one someone else had, even if it sounds the same (same name, or same time period with 0% interest, etc.). Best to go to the source.

Re: When is the Annual Fee Charged on Your Account?

chijo — Mon, 05 Jul 2021 10:09:45 GMT

Yes, each company can give different terms for sure at different times. Best to ask each time to be sure. Many I have talked to have never seen Cap 1's no fee offer for their Quicksilver card, but that's the deal I got offered. I don't usually see their no fee deal on those "credit expert" sites that offer credit cards as an affiliate thing. Maybe for grins you could do a search for the name of card you might want and add the phrase no annual fee after it and see what comes up.

Re: When is the Annual Fee Charged on Your Account?

Horseshoez — Mon, 05 Jul 2021 14:27:22 GMT

@Beast26 wrote:
Like the title says the only annual fee card I've had was open sky and they charged the annual fee immediately after getting approved. Are other annual fee cards like this or do they actually wait 12 months to charge the annual fee?

I've only had two cards in my life with an annual fee, both charged it right up front. As others have stated, many financial institutions will waive the annual fee for the first year, and others will waive it in subsequent years upon request on a case by case basis.