OzBargain, I come to you with my tail between my legs.I was one of those that ignored the reminder in their phone to cancel their Amex before the annual fee was due.
It was charged on the first of this month (5 days ago) - is there any point me calling and asking them to credit it back? Will a 'cancellation' do the trick?
Thanks in advance,
dramiante
Not sure why this comment has so many votes when it's the incorrect answer.
I was in the same boat as OP and forgot to cancel the card before the renewal date. I called up to cancel and they were happy to refund me the annual fee. Their policy is that it's okay up to one month.
Whoever negged me, can you please explain why? My experience backs up my answer. Instead of sheepishly negging me, why don't you share your opinion?
Rookie mistake
Actually, I think you can.
Cancel the card and they should either cancel the charge to you or agree on a pro-rata fee (for 5 days).
I have had this done successfully before. Maybe things have changed
It may also depend if you have put any charges through in past 5 days.
As long as you are still within a month of it being charged they will probably refund the full yearly fee - you'll need to call and put the request through. If it's a few months after, most will be ok to pro rata and refund the remaining months.
You should always request to have the fee refunded even if it was an oversight on your part. I have requested for a fee waiver a handful of times over several decades and I've always received it.
Do it as soon as possible and always be polite. Explain to them that you forgot to cancel it in time. Staff of financial institutions usually have some discretion to waive/negotiate fees for customers who have good credit.
Commbank allow up to 3 months elapsed time to cancel your current year. The have refunded my previously, no issues
Always worth a try.
From experience, I have managed to get full refund or partial refund for any bank issued visa or mastercard. But Amex, sometimes they wont budge.
Having worked at Commbank in their CreditCard department I can confirm that you absolutely can.
Commbank (and other bank) annual fees are charged for the year in advance, therefore you have not enjoyed the benefits for the next 12 months yet and as long as you downgrade to a no annual fee card or cancel you're able to get a refund.
If you get told it's not possible then escalate it through the chain and you'll have your way.
Good luck :)
Yes. I was told by CBA CC team they can always refund within the first month of the fee being charged, of course the earlier you call the easier it is.
Thanks so much everyone - was a bit taken aback by Godric's answer but I called Amex and they were happy to waive the annual fee and cancel the card. Great outcome!
No