People happily use their credit card and enjoy the rewards and perks that come with it. But just like clockwork, the annual fee charge appears on their statement and puts a damper on your happiness. Unfortunately, this situation is all too familiar to thousands of Singaporeans.

Paying credit card annual fees feel like an unnecessary expense, especially when we’re already using the card diligently and even being responsible with payments. Thankfully, you don’t always have to do this yearly ritual. Requesting a credit card annual fee waiver is a very smart financial move that can save you hundreds of dollars every single year.

What is a credit card annual fee?

Most credit cards charge an annual fee, typically lower than $200 for entry-level ones. This is charged by banks per year as payment for maintaining your credit card account, as well as providing the card’s benefits.

Why should you ask for a credit card annual fee waiver?

When you pay the annual fee, it reduces the value you get from your credit card’s rewards. Requesting a waiver will enable you to surely enjoy your card’s perks without the extra unnecessary cost.

How to request a credit card annual fee waiver

Credit Card Annual Fee Waivers in Singapore

The process to get your annual fee waived differs slightly by bank but is generally very simple.

DBS/ POSB

The easiest way is through the DBS digibot in your digibank online or mobile app. Click the chat icon, type “fee waiver,” and follow the prompts to submit your request.

Alternatively, you can also call the 24-hour hotline at 1800 111 1111 to request a credit card annual fee waiver.

UOB

Log in to your UOB TMRW app. Go to Accounts, select your card, then go to Settings > Waive Fees. Choose Annual Fee and confirm. Just like DBS/POSB, you may also just call the UOB hotline at 1800 222 2121 and request to do it over the phone.

OCBC

Log in to the app. Click Card Services > Request Fee Waiver. Select your card and submit the request.

The other option is to log in to OCBC online banking on your phone or computer. Click Customer Service > Cards > Credit Card Fee Waiver. Choose your card and submit.

Citibank

Call the Citibank hotline at 6225 5225. Enter your card details and request a credit card annual fee waiver.

HSBC

Call HSBC at 1800 4722 669. Press 8 > 1 > 2, enter your 16-digit card number, as well as your mobile number. Request the fee waiver from the customer service officer.

Standard Chartered

Log in to SC online banking and go to Help & Services > Service Request by Category > Card Management > Credit Card Fee Waiver. Select your card and submit your request.

American Express

Open the AMEX app and select the chat icon. Type “fee waiver” and chat with the officer to process your request. Another thing you can do is to call the AMEX hotline for your specific card and request the waiver.

Maybank

Call the Maybank hotline at 1800 629 2265. Enter your card number and phone number. From here, you can request the credit card annual fee waiver from the customer service agent.

Tips to increase your chances of getting the annual fee waived

Not everyone is granted a fee waiver by banks but there are many things you can do to increase your chance of getting your request approved.

One example is to settle your credit card bills on time. Paying in full is also recommended so you will have a good standing.

Another thing you can do is to use your card regularly. Meeting the required minimum annual spend qualifies you for an automatic fee waiver. Even if you don’t hit that amount, putting some monthly spend on the card increases your chances of getting the fee waived when you ask.

Also, do not hesitate to call the bank directly. Although some banks let you request via an app or online banking, speaking to a staff or customer service representative is one of the most effective ways to get your credit card annual fee waived. Explain that you would like the fee waived politely. You can also mention your history as a good customer.

That said, there are also instances where waiving is not possible. If this is the case, consider cancelling the card. If you rarely use it and think that the benefits aren’t that valuable, informing the bank you will cancel may push them to grant the waiver. Of course, be prepared to follow through if they call your bluff.

Another thing you can do is to apply for cards with no annual fee. Some credit cards such as the HSBC Revolution Credit Card, CIMB World Mastercard, and Standard Chartered Smart Credit Card do not have annual fees so you’ll immediately save money.

What if your credit card annual fee waiver request is rejected?

Don’t worry, you still have options. Call again and speak to a different customer service officer. There’s a chance you will get a more sympathetic agent the second time. If this doesn’t work, ask if you can get the fee waived by meeting certain conditions such as spending a certain amount of money within the next 3 months or paying off your outstanding balance.

Individuals with a long history with the bank can share how long they’ve been a customer and how much they’ve spent on the card over the years. The last thing you can do is check if you have credit card reward points that can be used to offset the annual fee.

Credit card annual fee waiver is so easy

Requesting a credit card annual fee waiver is quick and easy, right? Remember, you will have a higher chance of success if you’ve been a responsible cardholder throughout the years.

If you’re too lazy to get in touch with your bank, think about it this way: A 5-minute phone call or online request can save you hundreds of dollars that you can use to buy whatever you like. Is your credit card not enough for your needs? Then a personal loan may be for you. With EasyFind, you can easily get the best tailored offers based on your situation.

Published On: May 16th, 2024

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