Question
My friend's last credit card bill had the annual fee charged to it, and he would like to cancel the card now. If he cancels the card before that bill is due, could he get the annual fee refunded?
I have a Chase VISA (earning Continental miles) and they have a policy that lets you avoid the annual fee if you cancel the card before the last bill is due. I would like to know there is a law out there somewhere that says all credit cards have to have such policy. Short of that, does anyone know if Providian's credit card (my friend's card) will refund you the annual fee?
I know this is a mileage earning card forum, and this topic doesn't qualify, but this is the only place that I know where lots of people know about little details pertaining to credit cards, so please help. Thank you!
Answer
The policy is set by the card issuer, not Visa or MC. The cardholder should have received a statement of Terms of the account. Usually this is on a tissue-paper thick fold-out sheet.
Chase, Citi, Capital One typically allow the cardholder to cancel within 30 days or the payement due date of the statement that shows the annual fee. I don't know about Providian, except that they sometimes have more constraining terms.
Best to check the paperwork or call and ask.
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On the road, In the air,
I enjoy travel, From here to there.
Answer
Am I missing something here? Why don't you just call to ask?!?!
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I would be flabbergasted if they tried to charge you a fee for 12 months you're not going to use.
QL
Answer
Once you receive your statement showing the annual fee, call to cancel and you will avoid having to pay the fee (unless you keep using the card). They might also try to work a deal with you to keep the card. Airline cards usually don't waive the fees, but bonus miles are common depending upon your spending. Spending seems to be the key. I use to have my annual fee waived for my Diners Club card. When my spending dropped, only bonus points were offered.
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If you seek to convert the card at the time of receiving the statement with the annual fee charged, will they still waive it upon conversion? (If not I will convert my card before the fee is charged, as I want to keep open the long-standing and decent credit line)...
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Bottom Line: If you don't ask, you won't know. Try it, you might like it. Be sure to give it your best shot. What do you have to lose....is only your money.
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You have 30 from the time the Annual Membership fee appears on the statement to cancel it. I was told by Chase if you cancel later then the 30 days it is up to 60 days it will be Pro Rated
One of those You have to call to see
It is stated in your car member agreement as well.. You know the Small print but it is there