Credit Card Annual Fee Question

cr7 on 17/08/2015 - 02:09
Last edited 17/08/2015 - 18:18 by 1 other user

If i get a credit card, can i cancel it before one year so i dont get the annual fee?

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  Davo1111 on 17/08/2015 - 04:28

  +1

  no

  Annual fee: The annual fee (if applicable) is debited from your credit card account;

  in the statement period of the first statement issued following activation;
  and on or about the anniversary of the date the first annual fee is charged.

  https://www.commbank.com.au/personal/credit-cards/card-fees-…

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  DarkOz on 17/08/2015 - 05:57

  Low rate card comes with annual fee and I don't think you can dodge it by cancelling before 1 year.

  Low fee card has no annual fee(or low annual fee?) but the interest rate is around 23% compared to 14%.

  If you want to pay no annual fee you need to get the low fee card if you can pay off your purchases before the interest free period ends which is typically 2 months.

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  sagax on 17/08/2015 - 07:26

  +2

  no, but look for a card that has the fee waived for the first year, then you can cancel before 12 months and you'll be fine.

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  chumlee on 17/08/2015 - 07:51

  The annual fee is charged on your first statement so cant avoid it. Go with a zero annual fee card like Coles Mastercard to avoid it.

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  Findo on 17/08/2015 - 12:28

  The commbank fees are charged at the end of the first year, but you can get them waived if you spend enough money. Call them up; in my encounters with commbank you can negotiate slightly better things by calling, and even better stuff if they cold call you.