topic Re: Capital One - Annual Fee in Credit Cards

Capital One - Annual Fee

SeandSki — Wed, 06 Jul 2011 20:29:20 GMT

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?

Re: Capital One - Annual Fee

Jazzzy — Wed, 06 Jul 2011 20:32:26 GMT

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.

Re: Capital One - Annual Fee

Anonymous — Wed, 06 Jul 2011 21:23:28 GMT

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

Re: Capital One - Annual Fee

MarineVietVet — Wed, 06 Jul 2011 21:30:48 GMT

@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".

Re: Capital One - Annual Fee

SeandSki — Thu, 07 Jul 2011 00:36:40 GMT

@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!

Re: Capital One - Annual Fee

bichonmom — Thu, 07 Jul 2011 03:58:44 GMT

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.

Re: Capital One - Annual Fee

Anonymous — Thu, 07 Jul 2011 04:38:20 GMT

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.

Re: Capital One - Annual Fee

clocktick — Thu, 07 Jul 2011 05:27:25 GMT

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.

Re: Capital One - Annual Fee

Anonymous — Thu, 07 Jul 2011 07:11:59 GMT

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.

Re: Capital One - Annual Fee

Anonymous — Sun, 27 Jan 2013 20:40:04 GMT

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.

Re: Capital One - Annual Fee

Anonymous — Sun, 27 Jan 2013 20:41:26 GMT

Thread is 18 months old