Has anyone had experience cancelling an ANZ credit card and successfully getting an annual fee refund?
I contacted ANZ to cancel my credit card and requested a pro-rata refund of the annual fee, but they declined to issue a refund. They informed can't refund annual fee because they're charged for the privileges and rewards associated with the card. even if the card is cancelled midway through the year, those benefits were already available for use during that time.
That sucks but ultimately on you for not checking the T&Cs
How much is the fee?
I managed to get pro-rata refunds 2 times over the last 6 months. One through the chat, another one chat didn't work, but giving them a call did work. It's very random from what I read here, maybe I was just lucky.
Some people claim to get pro rata refunds, but I don't believe it's anywhere in the T&Cs that you signed up for. You shouldn't be entitled to a refund, especially if you're churning for bonus points.
A pro rate refund is fair though
Don't ask for a cancel, ask instead for a product change to one of their low annual fee ($30 etc) cards - it will take about a week however when your new card is activated, their system automatically pro rata refunds the old (higher) card fee, and charges you the new (lower) one. You can also reduce your credit card limit for the new card around this time. You'll then need to "spend" the pro rata refund that's sitting on your card and causing it to be temporarily "negative". Takes a bit of effort and time but you eventually get it, and definitely worth doing for the bigger fee cards. Source: I've done this just this year for cards from ANZ, NAB, and Citibank (which is run by NAB).
Interesting, was about to cancel.my NAB signature Qantas card. Do I have to downgrade to the same reward scheme e.g Qantas Rewards or would I be able to go for the lowest annual fee Low Rate or Low Fee etc?
Also will downgrading result in a new credit enquiry?
You can downgrade to any card, doesn’t need to be in same family, so go for the lowest annual fee. And nope, no new credit enquiries, the banks see it is a “product switch”. They’ll carry across your larger credit limit, so reduce that when you activate the new card (if for example you’re still churning cards).
From memory for NAB you need to live chat or call them for product switches - most other banks incl ANZ, Westpac and St George have online options to do it yourself
Thanks mate, just did this for my NAB signature rewards card. Should end up saving a couple hundred.$ so definitely worth the effort
Seems reasonable. It’s also stated in the T&Cs that no refund is provided upon cancellation.