@Anonymous wrote:
When I started rebuilding, I opened a credit card with Orchard Bank. The annual fee on the card is $79 😒 Shortly after, Capital One took over that account.
I’ve been paying this annual fee since 2010. Thanks to this forum and all the knowledge I’ve picked up along the way, I did the math and realized I COULD just close this account because I’m just losing money at this time.
Back in July, I called to PC both of my Capital One cards. The rep said because of the original agreement, I can switch cards but I’d still have to pay the annual fee 😒 She also told me to call back once the fee hits and request it to be waived.
The annual fee posted to my account yesterday. I just got off the phone with Capital One.
I asked was there a way to waive the annual fee or if there was any type of retention offer since I’m considering closing the account. She said they’d waive the fee and funds should be credited back to the account within 3-5 business days with an official letter from Capital One coming in the mail within 7-10 business days.
This whole process took less than 3 minutes!
Great job!
I had/have the very same card (mine was opened in June 2007). I was also able to get the AF either waived or half-waived until I eventually got a PC to a no-AF Quicksilver. The half-waivers always annoyed me since even paying half my AF was still higher than a brand-new customer with a QS1, but holding off on closing it eventually paid off.
When my Orchard Bank card migrated to Capital One they made it into a QS1, then after a few years (!) I got it PC'ed to a no-AF Quicksilver (after being told 'no upgrade is available' repeatedly). I later PC'ed to a Venture One to see if there would be a network upgrade (there wasn't) and after that I was lucky enough to PC it to a grandfathered no-AF Savor... quite an upgrade for a card with such a humble beginning!
Hang in there, and keep on checking for a PC every month or two... there seems to be no rhyme or reason but eventually they should offer you something. While you're waiting, continue to see if you can get the AF waived when it comes around, since there's a great chance they will (at least half, anyway).
Of course if you get tired of playing their game you can always close it and move on as well, but if you're like me you might at least try to hang on to it since you've already had it for so long.
