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Waive annual fee on 1FBUSA Visa?

dowel911
Established Member

Waive annual fee on 1FBUSA Visa?

I've had a 1st Financial Bank VISA for about 8 years now. I started with a $300 CL and am currently at $3000. I try to use this card very little as it has a very high APR of ~29% and an annual fee of $55.

 

I would hate to cancel this card as it makes up a good portion of my overall available CL on all my cards. This card was targeted at college students when I got it, and as such, is my oldest account history, so I keep justifying the $55 annual fee to keep that long account history. My question is: Is there a way to get them to waive the annual fee and lower my intrest rate?

Message 1 of 11
10 REPLIES 10
pizzadude
Super Contributor

Re: Waive annual fee on 1FBUSA Visa?


@dowel911 wrote:

I've had a 1st Financial Bank VISA for about 8 years now. I started with a $300 CL and am currently at $3000. I try to use this card very little as it has a very high APR of ~29% and an annual fee of $55.

 

I would hate to cancel this card as it makes up a good portion of my overall available CL on all my cards. This card was targeted at college students when I got it, and as such, is my oldest account history, so I keep justifying the $55 annual fee to keep that long account history. My question is: Is there a way to get them to waive the annual fee and lower my intrest rate?


You can call and ask them to waive the AF ~ tell them that you are a long time customer, many years of on~time payments.   They may or may not waive it but it is worth a try.  If they won't budge on the AF then ask for a reduction in interest rate.  

 

If you do decide to close the card it won't hurt your FICO score unless your revolving utilization increases as a result of losing the CL.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 11
dowel911
Established Member

Re: Waive annual fee on 1FBUSA Visa?


@pizzadude wrote:

You can call and ask them to waive the AF ~ tell them that you are a long time customer, many years of on~time payments.   They may or may not waive it but it is worth a try.  If they won't budge on the AF then ask for a reduction in interest rate.  

 

If you do decide to close the card it won't hurt your FICO score unless your revolving utilization increases as a result of losing the CL.


I'm at about 22% overall utilization today, and well on my way to <10% by the end of 2012. I guess I don't care about the interest if the card is paid off, so maybe my short term focus should paying that card off and getting them to axe the AF.

Message 3 of 11
Topher227
Established Member

Re: Waive annual fee on 1FBUSA Visa?

I was in the same situation as you... i've had them for years and didn't want to close the card and affect AAoA, but didn't want to pay the AF.

 

I called the regular CS (phone # on back of card) and simply asked the representative if the AF could be waived, she immediately said yes and completed that refund. She also told me that I could call every year and have it waived. Good luck!

April 2011 -- EQ: 593, EX: 603, TU: 619
April 2012 -- EQ: 699, EX: ???, TU: 714
May 2012 -- MyFico EQ: 743
July 2012 -- MyFico EQ: 760!!!
Wallet: Chase Sapphire Preferred: $5K CL, AMEX BCP: 1k CL, Chase Freedom: 3k CL, Sams Club Private Label: $5k CL, BofA 1-2-3: 5k CL
Sock Drawer: Cap1 Platinum, 1FBUSA
Message 4 of 11
pizzadude
Super Contributor

Re: Waive annual fee on 1FBUSA Visa?


@Topher227 wrote:

I was in the same situation as you... i've had them for years and didn't want to close the card and affect AAoA, but didn't want to pay the AF.

 

I called the regular CS (phone # on back of card) and simply asked the representative if the AF could be waived, she immediately said yes and completed that refund. She also told me that I could call every year and have it waived. Good luck!


AAoA is not effected by closing a card ~ cards are factored into AAoA regardless of whether they are closed or open.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 5 of 11
dowel911
Established Member

Re: Waive annual fee on 1FBUSA Visa?


@Topher227 wrote:

I was in the same situation as you... i've had them for years and didn't want to close the card and affect AAoA, but didn't want to pay the AF.

 

I called the regular CS (phone # on back of card) and simply asked the representative if the AF could be waived, she immediately said yes and completed that refund. She also told me that I could call every year and have it waived. Good luck!


 

Call CS at first in an attempt to get a lower interest rate, which they absolutely would not budge on even after escalating the call to a supervisor. Was very easily able to waive the annual fee though. 

Message 6 of 11
psychoinhell
Regular Contributor

Re: Waive annual fee on 1FBUSA Visa?

That buys you a year to replace the card with something better Smiley Happy  Just put it in the sock drawer to make sure you are not tempted to use it and risk that interest rate.


Starting Score: 600ish in 2007
Highest Score to date: EQ 716 May 2012(lender pull)
Current Score: EQ 685 6-21-12 ; Walmart TU Fico 744 6-05-12
Goal Score: 801
Message 7 of 11
dowel911
Established Member

Re: Waive annual fee on 1FBUSA Visa?


@psychoinhell wrote:

That buys you a year to replace the card with something better Smiley Happy  Just put it in the sock drawer to make sure you are not tempted to use it and risk that interest rate.


I had it PIF in December but had to make an emergency cross-country flight in January... Still have a few hundred charged to it. Like you say, proably worth paying off next month and focus on other things.

Message 8 of 11
laz98
Senior Contributor

Re: Waive annual fee on 1FBUSA Visa?

We have one as well.  I sent them a message via the secure messaging feature & asked about the AF.  They said I can call every year & ask to have it waived.  Our APR is also 29.99% so we don't use it anymore but maybe once every 6 months.  They wouldn't lower it either.  They were pretty nice about the AF though.

Message 9 of 11
Topher227
Established Member

Re: Waive annual fee on 1FBUSA Visa?

Glad you could get that AF waived.

 

This is a bit off topic... but this card used to have some pretty good benefits when i first signed up. It was 0% interest if a purchase was under $300, and i believe that was NOT an intro offer. Any purchases over $300 were a high rate, something in the low 20%'s. Being that this was my first credit card (got the offer 2 days after my 18th birthday), and the CL was $300, it was a amazing starter card. Unfortunately, in 2008 they ended that 0% > $300 rate, and raised my purchase rate to a flat 29.99%.

 

Its been in the sock drawer ever since, only being used for a couple emergencies.

 

April 2011 -- EQ: 593, EX: 603, TU: 619
April 2012 -- EQ: 699, EX: ???, TU: 714
May 2012 -- MyFico EQ: 743
July 2012 -- MyFico EQ: 760!!!
Wallet: Chase Sapphire Preferred: $5K CL, AMEX BCP: 1k CL, Chase Freedom: 3k CL, Sams Club Private Label: $5k CL, BofA 1-2-3: 5k CL
Sock Drawer: Cap1 Platinum, 1FBUSA
Message 10 of 11
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