A few days ago, I asked for the reversal of my credit card's annual fee of Php2,250. Yesterday, I received a text message saying that my request for reversal was not approved but that they hoped I would still continue using the credit card so that I can qualify for waiver next year.
In your dreams.
I thought that my request was denied because I had an existing installment payment of Php1,000++. I opted to just pay the pretermination fee of Php550 rather than pay the annual fee, because: (1) I would still be up by Php1,700 even with the pretermination fee (Php2,250 annual fee - Php550 pretermination fee = Php1,700); and (2) I NEVER EVER pay annual fees.
So I called the credit card company to preterminate my installment payment and this was how our conversation went:
Jill: Good morning, I would like to preterminate my remaining installment payment.
Phonebanker: Ok ma'am, but are you aware po that there's a Php550 pretermination fee?
Jill: Yes, I am. What's the process for pretermination?
Phonebanker: First, I'll be making a report po and then the pretermination fee will appear in your next statement of account, and you can pay by then. But before that ma'am, may I know why you intend to preterminate the last installment payment?
Jill: I want to cancel my credit card because my request for waiver of annual fee was denied.
Phonebanker: (slight panic) Oh, so you're canceling your card only because of the annual fee? I can waive the annual fee right now ma'am if you want.
Jill: It's ok. That's already my 4th credit card, I don't really need another.
Phonebanker: Pero sayang naman ang card ma'am. I can waive the annual fee right now ma'am.
Jill: Ok, sige.
Phonebanker: So you won't be cancelling your card anymore ma'am?
Jill: Only if you waive the annual fee.
Phonebanker: I have already waived it and it will be reflected in your next statement of account.
Jill: Thank you.
And that's how you do it. First, you ask them to waive it. No need to give any explanations or tell a sob story, just ask for a waiver. If they refuse, threaten to cancel your card because really, there are literally dozens of credit cards out there that you can easily qualify for. In short, the credit card companies need you more than you need them.