How to Get Away with Credit Card Annual Fee

May 19, 2011 | By Garry De Castro | Filed in: Credit Cards / Debts, How Tos, Saving Money.

One of the disadvantages of having a credit card whether you frequently use it or not is the recurring of the credit card annual fee.  Usually on the first year, they waived it to encourage you to use it. But after the first year, it starts to appear on your statement of account – the bill that says Annual Membership Fee, ranging from P1,000.00 – P2,500.00 depending on type of your credit card (Bronze, Silver, Gold or Platinum).

credit card annual fee

BPI Petron Credit Card

How To Not Pay Your Credit Card Annual Fee and still enjoy It

Just this morning, after taking my Power Drink, I quickly checked the mails on the table. One of them is my BPI Credit Card –  Statement of Account for the month. I quickly opened it and checked how much is my due. And since I frequently check my BPIExpressonline account, I already have an idea how much the balance that I need to pay.

But then again, I was surprised to see that it was P1,550.00 higher than my expected amount. I then scanned all the purchases that I made and in an instant, I saw the culprit. Since it was my credit card anniversary, so is the annual credit card membership fee.

Uhmmm, how dare are these credit card company to charge me P1,550.00 wherein there were times that when billing did not come on time, you are obliged to pay for the hefty finance charge. Of couse, I’m just saying it on the top of my head. 😀  The first thing that got into my mind was to request to cut it since I still have 2 more credit cards at hand. That worked in my previous cards that I don’t really intend on keeping, hehe.

But hey, it’s my favorite credit card. I did mention in my last credit card post that BPI Credit Card is my favorite credit card due to several practical reasons (story here). What if it doesn’t work this time? I might end up loosing my favorite credit card.  So no can do! I got to think of another way so that I can get away with it. Then I just remembered this one article I read about reversal of annual fee just by calling them.

So I did just as I remembered it. I quickly dialled 89-100 and talked to the customer service representative.

Here’s how our conversation went thru.

“Hi, I’m Garry De Castro. I just received my BPI Statement of Account and saw that I got charged for Annual Membership Fee.”

“Hi Mr. De Castro, may I have your credit card number please?”, the CSR replied.

“It’s XXXX-XXXX-XXXX-XXXX”.

“Ok Mr. De Castro, what can I do for you?”

” I got charged with credit card annual fee and I was thinking if you can reverse it for me?”

“Ok Mr. De Castro, please stay on the line as I check if you are qualified for Annual Fee reversal”.

After a few minutes.

“Hello Sir, we just checked your account. Please wait for 2-3 days or check on your next Statement of Account for the reversal of Annual fee to appear. Here’s your Reference Number ***-***-***. May I know if you have other concerns?”

“That’s all, thank you!”

It actually worked.  I dunno if it works all the time. Maybe upon checking on my account, they saw that I diligently pay all my credits every month and frequently use the card.

bpi gold credit card

Beware of Identity Theft on Stolen Credit Cards

Let me tell you another story also related to credit cards. I have this distant relative living in the United States, it’s actually his experience.

When they were relatively new in the US, he was surprised that cash is hardly used in day to day transactions such as buying groceries, shopping and the like. Most of them are using plastic money as they call it.

Then there was a time that his credit card was lost. Good thing his other friend quickly helped him reporting it. Otherwise, he could have been a victim of identity theft which very much prevalent in the US and other parts of the world until now.

If you search more on the topic Identity Theft Protection, one info that connects to credit cards is that thief uses the credit card as if it was his while doing online transactions. And do you think they still need an ID? With online transactions, they don’t.

And do you know that you can actually avoid or stop fraud before it starts? Identity Hawk provides a full service that help anyone to quickly detect and defend if there’s any threat to one’s identity. Complete identity theft protection as they say.

So if you lost your credit card, quickly call your bank and ask to cut or freeze it.

Share your Credit Card Experiences

Have you had the same experiences with either credit card annual fee or lost/stolen credit cards? Please share by hitting the comments.

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Garry Zaldy de Castro is an advocate, Financial Advisor, Certified Investment Solicitor (Mutual Fund Representative), blogger, IT practitioner, husband to Aileen and a dad to Jacob and JohnD. He started Financial Planning Philippines in 2008 just to share his financial learning to friends, relatives and anyone who wishes to be financially independent.

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22 comments on “How to Get Away with Credit Card Annual Fee

  1. avatar Rhoda Noriega says:

     Hello Mr. Garry! I have a question with regards to credit card payment delinquency. What is the best way for me to go about paying my dues which I have not taken cared of for some years now. I know that I am already ‘blacklisted’ or so in a certain list that automatically rejects any loan application that I may have in the future (which I do not intend to do at the moment). I want to clear my name but I definitely can only pay it little by little as I currently do not have a fixed source of income. Can you please give some advise here about this? I got my credit card from Citibank. Thank you so much!

    •  Hi Rhoda. Best way to do is to contact your credit card company and negotiate. Tell them that you are willing to pay your original balance in an installment basis. And with your current financial status, you can no longer pay for the incurred interests.

      And from a more reliable source in the credit card industry, here’s what she says

      1. There are no BLANKET RULES when it comes to being delisted from the NDB (negative database)2. The rule of thumb would be to call the issuing bank (in this case, Citibank)3. From what I recall, Citibank had an AMNESTY PROGRAM (not sure if they still have that now) that allows delinquent cardholders to pay the oustanding balance in installment terms.

      In summary, any creditor would only want an assurance na babayaran cla ng pinagkakautangan nila at di sila tatakbuhan. Same goes to credit card companies. As long as they see the sincerity that you are committed to pay your debts, open nman sila sa mga negotiations.

  2. avatar Kristili says:

    Hi sir Gary! Is the request for reversal can be done thru phone only?  Nakakaubos pasensya kasi maghintay sa 89100 😀

    • Hi Kristili – I’m not sure if there are other ways like email or mail, I haven’t tried yet. Try maybe during off peak hours where you think less people will likely contact 89100. Always remember, patience is a virtue. Some 10-30 minutes of your time will save you P1,550.00.

  3. avatar monmanmak says:

    Hi Garry, I’m an avid reader of your articles. Just want to share my experience with my BDO Master Credit Card. Yes on my first year the membership fee is free but later on it started to appear in my billings, in my case, its monthly, P125 per month. The first time I got that charge, I called the customer service if there’s a way to reverse this, and AHA there is! With my card, I just have to regularly use my card and use it for minimum of, I think, P4000 (not sure with the exact amount) then my membership fee can be reversed. And take note, you just need to call them monthly for the reversal request…

  4. avatar Monmanmak says:

    Hi Garry, I’m an avid reader of your articles. Just want to share my experience with my BDO Master Credit Card. Yes on my first year the membership fee is free but later on it started to appear in my billings, in my case, its monthly, P125 per month. The first time I got that charge, I called the customer service if there’s a way to reverse this, and AHA there is! With my card, I just have to regularly use my card and use it for minimum of, I think, P4000 (not sure with the exact amount) then my membership fee can be reversed. And take note, you just need to call them monthly for the reversal request…

  5. avatar Mitzibelle says:

    Thank you sa tip mr garry! i-try ko sya sa lunes kasi ang case ko naman, may dumating na bill for annual fee, eh hindi ko pa ever nagagamit yung BPI credit card ko since nung inissue. kapag ayaw nila, iclose ko na lang cguro. 😉

  6. avatar KVP says:

    Thanks for this info!  I just called my credit card’s helpdesk and asked for a reversal.  They approved the request!  I guess it should be easy if you have a good history of payments and financial standing.

    Thanks!

  7. avatar Soluvjd says:

    Hello, can I request for this annual fee reversal though the fee is not yet showing in my statement of accounts? My credit card’s anniversary is still next month.

  8. avatar Josie says:

    Your style is very unique compared to other people I’ve read stuff from. I appreciate you for posting when you have the opportunity, Guess I will just bookmark this page.

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  10. avatar Dennis says:

    Hi Gary,

    Before ito ang ginagawa ko sa Eastwest Credit Card ko unfortunately 2 years ago di na sila pumapayag. They only allow you to use your points to pay your annual fee.. Magpapalit na lang ako ng credit card company. Thanks for the info.

  11. […] the BPI hotline proves to be a successful method in waiving the annual fee. Some of my officemates told me to do it, but I can’t connect using […]

  12. […] the BPI hotline proves to be a successful method in waiving the annual fee. Some of my officemates told me to do it, but I can’t connect using […]

  13. avatar Jane says:

    Hindi nawaive yung annual fee ko sa metrobank. Kapag ba pinacut ko yung card, kailangan ko pa rin bayaran yung annual fee na nabill sakin?

  14. avatar Allen Glenn Torculas says:

    Hi sir, last year i had waived my annual membership fee on my Metrobank Toyota Master Card but with a condition to purchase on credit more than the annual membership fee. Will i can reverse my annual membership fee without condition this time sir? What do you think? Because this will be my plan on it, to reverse the annual membership fee without condition for good. Thanks

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