Advice on How to Get out of Paying Annual Credit Card Fee from a Big 4 Bank

sagrules on 14/01/2016 - 10:41

Hi All,

Just had a look at my statement and saw that I was charged my annual fee ($90) for Westpac Platinum which currently has a min spending of $15,000. This happened at end of November but I was overseas and didn't notice till now. Normally I dont have any issues with meeting this limit and have had the card for over 5 years. I also have Westpac Black card which was the reason why I didn't meet my spending this year.

I tried to call the bank several times hoping that someone nice would waive the fee by me being loyal customer, however no such luck. Each person gives a different excuse as to why they won't waive the fee. Even spoke to Retention team who offered to waive $100 annual from the Black card (which I will also be cancelling in next month). And also offered to waive the annual fee for 2017. I just want to avoid the hassle of moving all my direct debits from this card. I also said that I was going to cancel both cards if they don't waive, which is exactly what I am going to do now if no alternative solution is found.

Advice on what to say to the bank to avoid this fee is apprecited.

Financial

Comments

  • mightyfes on 14/01/2016 - 12:19

    Surprised the retention team didn't just wave it for you. They are pretty much the last step and I've found they usually just give in. Contact your relationship manager if you have one. Calling the bank might not help any more, they can tell when you've called and what it was about; if someone left a note saying not to waive the fee in then they wont help. It sucks, I hope you don't have to change cards.

    • sagrules on 14/01/2016 - 13:38

      I have managed to do it for 2 other cards for myself. But my partner is the one who is having this problem. Not Westpac ones though so maybe that is the catch.

    • dazweeja on 14/01/2016 - 17:31

      I think one issue would be the amount of time that has passed. Before the fee is due or immediately after it's charged would more likely meet with success but this was probably in a different statement period. They're basically asking the bank to just give a $90 credit at this stage which I'm not surprised is unsuccessful.

  • cypher67 on 14/01/2016 - 12:41

    You could do what I do and work for one?

    • plmko on 14/01/2016 - 12:44
      +2

      That would cost your soul :)

      • cypher67 on 14/01/2016 - 12:47

        You check your morale compass, logic and soul in at the door when you sign up to OzB.

  • kctt on 14/01/2016 - 13:57

    Did you get Westpac black card from this deal last year?
    https://www.ozbargain.com.au/node/185666
    Some people reported that welcome letter says No annual fee (page 4) but there is no update on confirming that with WestPac.

    • sagrules on 14/01/2016 - 14:45

      I am posting on behalf of my partner, it is possible that it was part of this deal.

  • sagrules on 14/01/2016 - 14:45

    …

  • NancyCat on 14/01/2016 - 15:22
    +1

    Buy 500 NAB shares.

    • sagrules on 15/01/2016 - 15:31

      The issue is with Westpac not NAB… >.<

      • NancyCat on 15/01/2016 - 16:50

        Oops, sorry, my bad. Misread your title…A Big 4 bank, not ANY Big 4 bank.

  • harrylovevee on 05/04/2016 - 15:24

    Just trying to keep this thread alive coz I'd like to increase my successful rate lol

    My recent(Within 3 months) experience as below, all are platinum cards or above.

    CBA: Long time customer, got $50 credit back with extra 1 point per dollar spent for three months. I can live with this.
    NAB: Joined last year for the points, spent $8-10k a month https://www.ozbargain.com.au/node/234307#comment-3458062
    ANZ: Joined last year for the points, spent $8-10k a month, called yesterday and they asked me nicely why I would like to cancel and I mentioned because of the annual fee and the next second it's done……..cancelled. Didn't even try to do anything to keep me….I then mentioned the current promotion as my last shot and he just said no and I have to apply the new card.

    Guess cancel and reapply after a year is the only way to go?

    • chalmo on 05/04/2016 - 21:16

      Similar story here with ANZ, told first consultant I wanted to cancel my credit card and when asked why I said because I didn't want to pay the annual fee, then was transferred. Second consultant asked the same and I provided the same answer, he told me to cut up the card and that was it.

      • harrylovevee on 06/04/2016 - 09:38

        looks like they just don't care huh? I was hoping they lure the customers with points and will make some efforts to keep it as well….

  • MustacheFire on 16/04/2016 - 00:24

    The simplest way to avoid annual fees and late fees is to not have a credit card.

    Not helpful - I apologise, but I think coming out ahead with credit cards is difficult. One slip up and the fees get you.

    ING Debit card for cash back on small purchases and don't worry about not having points etc on large purchases. My 2c

  • coolsteps on 23/01/2017 - 03:27

    ive had success most times with wbc. always be polite and ask them what are your options. tip you need to call the right number and speak to the right person that has the authority to waive it. usually only a card specialist or the retention dept has any power to offer you a fee waiver or another options. tip best to call just after the annual fee has been charged and when its not busy. avoid closures if you can. if you have other cards with them as a last resort i would try a closure by consolidation that way you'll keep you credit limits handy for 0% b/t promo codes etc. ask them to check if there are any 0% balance transfer or other offers on the account. Anz always gives it to me 0% for 12 months no b/t fees so i keep on paying the $30 annual fee. note with many providers like amex anz etc you can reinstate your card within a certain amount of time , handy if closed by accident etc. anything that saves you reapplying and taking another hit on your credit file is worth it.

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