Practical Tips for Getting Credit Card Fees Waived

Bank fees and credit card fees are on the rise. As financial institutions feel the squeeze from the credit markets, they are in turn squeezing customers — raising fees for a variety of services. The cost of making late payments is about to go up as well. And some banks are starting to include service charges on accounts that:

• see “too many” transactions
• don’t meet “minimum” transaction rules
• fall below a certain balance.

You can always switch banks if you do not like the fees. After all, there are plenty of banks out there that do not charge fees for accounts. (Of course, the issue of automatic withdrawals and billing can make switching accounts a headache.)

But what about credit card fees? These go up regularly, with some card issuers charging $43 or more if you are late with a payment. If you are a customer in good standing, you can probably get some of your credit card fees waived.

Getting your credit card fees waived

While the best way to avoid credit card fees is to make payments on time and keep your balance well below the limit on your card, sometimes things get hectic and you slip up. I missed a payment once (having not hit the “approve transaction” button in my browser), and called up about the fee. Here is what I did to get the missed payment fee waived:

• In a calm voice, explained that I was sorry I missed the payment.
• Asked to speak with someone who could help me resolve the problem.
• Politely asked if my fee could be waived, since I am a good customer with a good payment record.

My account was credited the amount of the fee. Which is nice, since once your fees are added to your balance, you start paying interest on that as well, further compounding the cost of your momentary lapse. For the most part, remaining calm and polite can go a long way toward getting your fees waived. This can work with late payments and even over the limit fees (provided you make a payment that puts you back under the limit).

However, it is essential that you are a good customer. Credit card companies (and banks) are not sympathetic to someone who repeatedly incurs fees and then tries to wiggle out of them.

Do you have any tips for avoiding bank and credit card fees?

image credit: sxc.hu