How To Get Credit Card Annual Fee Waiver In India In 2021

A credit card has become an important monetary tool in everyone’s life. There are so many variants of credit cards to suit every person’s needs. Banks and NBFCs come with attractive cards to give the best features and offers to their customers. 

• The annual fee is an important charge on every credit card. This fee is charged every year to maintain your card and continue giving you the best offers. 
• The annual fee on a card differs depending on the features given by the card. While entry-level cards(Silver and Gold variants) come with low annual fees, platinum cards usually have a higher annual fee. 

Popular Credit Cards in India with Zero Annual Fees

Can I get my annual fee waived off?

While paying an annual charge can be worthwhile if a credit card offer sample perks, there are other options if you don't want to pay one. No-fee cards will also earn decent cashback, travel incentives, and other bonuses.

Customers who have been with the bank for a long time normally have their annual charge forgiven. An annual charge waiver is an extra advantage that banks offer to their loyal customers.

With many credit cards, the bank offers an annual fee waiver when you spend over and above a certain amount on your credit card in a year.

How to check if I am eligible for an annual fee waiver? 

Here are some simple ways to check if you are eligible for an annual fee waiver: 

1. Check the features on your credit card. Generally, most cards have a condition that the annual fee shall be waived off if you spend more than a certain amount in a given year. The amount is usually around Rs. 75,000 to Rs. 1 lakh. 
2. If you have spent more than this amount, the annual fee shall be automatically waived off. 
3. The best way to ensure that you meet this criterion is by using your credit card for all your monthly expenditure like groceries, bill payments, utility bill payments, shopping, lifestyle expenses, travel plans, and other needs. 
4. If you see an annual fee in spite of meeting the criteria, you can call customer support to get your annual fee waived off. 
5. If there is no such condition, and still you have used your credit card judiciously, you can still call customer care and request them to initiate an annual fee waiver. Remember that this is solely dependent on the discretion of the bank. However, in many cases, given the customer has a long relationship with the bank, the bank shall reverse the annual fee on your account. All you need to do is, ask. 
6. In any case, contacting the bank and requesting an annual fee waiver can get you a waiver. One has to try and talk to customer care to get this done. The worst thing that can happen is the bank may say no. 

Points To Remember While Applying For A ‘No Annual Fee’ Credit Card

• Carefully analyze all available credit cards in the market to choose the best card that suits your needs.
• Though you may want to get a card with no annual fees, many cards that have nominal annual fees can get you the best offers and features in the market.
• The best way to get an annual fee waiver is by contacting the bank. They are the right people to waive off the annual fee on your card.
• Ensure that you use your credit card to the specified limit so that your request for an annual fee waiver shall be honoured immediately.

FAQs:

1. Do all credit cards have an annual fee?

Most credit cards come with an annual fee. It depends on the type of card and the features associated with the card. 

2. Will I be charged an annual fee if I don’t use my credit card?

An annual fee is charged on your card irrespective of whether you use your card or not. However, if you use your card regularly, you can request an annual fee waiver from the provider. 

3. How can I apply for a no annual fee credit card?

There are a number of no annual fee credit cards available in the market. You have to carefully evaluate the features of the card and select the one that suits you. You can apply for the card on the bank’s website or at their branch. 

4. Will I be charged any other hidden charges if I request an annual fee waiver? 

Once the annual fee has been waived off, you may not be charged any other charges. However, you should confirm with your bank about all associated charges with your credit card. 

5. How can I remove the annual fee on my credit card?

You may not be able to remove the annual fee on your credit card. However, you could call the bank’s customer support to get the annual fee waived off. But this is solely dependent on the discretion of the bank. 

6. Will cancelling my card get my annual fee removed?

Cancelling your card to get rid of annual charges is not a very smart move. Instead, ask your bank for a retention offer or politely request them to reverse the annual fee charge based on your relationship with the bank.