Tell Them To Waive The Flipping Fees…

Tell Them To Waive The Flipping Fees

Many of you are likely harvesting credit card points by signing up for new cards with fat ($500-$800) bonuses.  Some of the best cards continue to pay about 2 percent cash back in perpetuity.  There is a catch, however.  After that first year, many cards with the fattest bonuses charge a fee, usually from $50 to $99.

If you like the card, I have a tip for you.  Before you cancel the card due to the fee, just call the firm and ask them to waive the fee.

An Example With Capital One

I have a great two percent cash back card with Capital One.  The only trick, after the first year, the firm charges a fee of $59 yearly.  It’s still a good deal, but I know these companies are making money hand over fist just on the transactions.

So I called up Capital One.  I said, “I love you guys … I love this card … but I’m trying to restrict my credit cards to only those that have no fees.  [All true, btw.]  I’d like to ask you to waive this fee.”

Capital One did something tricky.  They told me they couldn’t consider waiving it until the fee had already been charged.  So I decided to take my chances and wait until the debit showed up.  Then I called back.  I had the same conversation.  Within probably three minutes the customer service rep came back and said, “You are a great customer and have been with us for a long time.  We are happy to waive the fee.”

So there you go.  Total time invested for both calls was probably about 30 minutes.  For $59, that’s worth it.

Think of these games like a part time job that pays really well.