@NoNonsense wrote:
Good lenders would not give you trouble. However, some of the low-lifes that like to exploit people in trouble would love to charge you any fee they can, if you let them.
But, if you haven't activated the card, I don't see how they can charge you. Legitimately charge you, I mean. Because,if you haven't activated the card, how do they even know you received the card at all? That doesn't mean that if you changed your mind and don't want to use the card you shouldn't cancel. Do cancel, as soon as possible and tell them you didn't even receive the card in the mail, but that it doesn't matter because you want to cancel. That you just read the Fair Credit Reporting Act and found out you have better options, so you want to cancel. Period. That's how you have to deal with these people, because if they notice weakness...
The AF is consented to once you hit submit on an application. The lender, at its discretion may waive or cancel the fee.
@NoNonsense wrote:
No, you pay annual fee for the use of the card, not for the right to apply. Actually, most times, you apply, they accept you and then give you a proposed credit limit for you to accept or not, yourself. What you do when you apply for a card is accept that if you are accepted and activate the contract with the lender you will be liable for the annual fee.
Let me clarify, the AF is consented to upon submission. Some people have AF cards that they rarely use if at all and those AFs are still due and payable-usage is not a requirement.
In the event of cancellation, most lenders will waive the AF. In the event of account closure, most lenders will prorate the fee. Activation has nothing to do with whether or not the AF being waived