Cancelling MasterCard

colin1 on 19/03/2013 - 17:42

Hi,

I have 2 credit cards, Mastercard & Visa. I have decided I only need 1 credit card (Only used it when checking into hotels) and the Mastercard has to go.

I paid the annual fee about six months ago. I know the banks don't give much away but do I get a pro rata refund on the annual fee if I cancel immediately ?

If I cannot get a refund can I just get the bank to cancel it after the current annual fee expires ?

Any advice greatly appreciated

Financial

Comments

  • ozhunter on 19/03/2013 - 17:57
    +1

    I know the banks don't give much away but do I get a pro rata refund on the annual fee if I cancel immediately ?

    I never got a refund when I did it, but you can always ask.

    If I cannot get a refund can I just get the bank to cancel it after the current annual fee expires ?

    No that I know of, just set yourself a reminder(google calendar works great) to cancel it a couple weeks before the annual fee is due. If you really don't need it, just cancel it now and be done with it.

  • c64 on 19/03/2013 - 18:23

    i don't know about a refund but when you ring up to cancel they will probably offer you some incentive to stay (like no fees)

    • Commonwealth Pig on 23/03/2013 - 15:46

      Really! I've never had a retention offer from a bank before.

  • aripper on 20/03/2013 - 14:05

    Why not check which one is in your best interests to cancel and cancel that one. They are both highly acceptable for use worldwide and especially here in Oz….. why do you immediately choose to cancel the Mastercard and not the Visa?

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