How to Waive Philippines Credit Card Annual Fees

How to Waive Philippines Credit Card Annual Fees | You know it’s that time of the year when you see the fees creeping up on your credit card statement. Credit card fees are just, IMO, unfair. Personally, I would really hate for you to shell out thousands of hard-earned pesos for credit card annual fees! 

If you’re someone who hate credit card fees as much as I do, read on! Here are some smart tips and hacks on how to waive Philippine credit card annual fees.

Get No Annual Fee Credit Cards

Do you know that there are credit cards out there that offer no annual fee, forever? Here are some cards in the Philippines that offer no fees forever, including:

  • Citi Simplicity Card – one I personally use link here
  • Citi Rewards Card – for a limited time only until Feb 28, 2021. See Promo on Free Gift with Citi here
  • BPI e-Credit card – designed for online shopping link
  • Metrobank M Free Mastercard – link
  • HSBC Premier Mastercard – link
  • AUB Easy Mastercard – link

These are just some card products out there, but you can try looking around or asking your respective bank for these no-annual-fee credit card products.

Call them Up and Ask for Options

If you have a good credit history and frequent use of the card, this will be easy. However if you are a new card user, or a new customer of the bank, this might be harder to get around with. Thankfully there are now a lot of promos or offers. Some of them may include (in my experience with BDO):

  • Spending a minimum spending requirement
  • Use your points to waive the annual fee
  • Auto-charge your credit card bill to your bank account

Other available methods may be different per bank.

Also Read: Best Digital Banks in the Philippines

SMART HACK: Spend the minimum spending requirement (without spending it)

Some promos include you have a minimum spending requirement, which can go around 1,500 to 5,000 pesos for the next thirty days. The amount will depend on the bank or the promo. 

If you do routinely use your credit card for purchases this is easy to do. If you don’t–and prefer to not make any unnecessary purchases–I can give you a little hack on how to spend money without ‘spending’ it: Top up your GrabPay Wallet (or Shopee Pay, or any other e-wallet) with the credit card option to accumulate the minimum spending. That way, you still have my 5,000 in myoury (digital) wallet and my credit card annual fee is waived!

P.S., I tried this also to avail of bank promos and cashbacks as well, and they worked like a charm. 

Also Read: How to Avoid Paying Gcash-to-Bank Convenience Fees

…Monthly or Annual Credit Card Fee?

I had a BDO credit card who charged me by the month. When I called them up to have it waived, the call center agent advised me to request to shift the credit card fee from monthly to annual before activating the minimum spending requirement method, as the fee is only waived for that particular month. The monthly fee will appear again the following month! Thus, make the switch to have the credit card fee in an annual lump sum, call customer service for the method activation, do as is required, and then your fees will be reversed.

Tell them You’ll Cancel

If all else fails, you can just tell them you’ll cancel your card if the fees aren’t waived. I feel a little guilty in using subtle threats to get what I want, so I put this as the ‘last recourse’. This often works, especially if you have good credit standing and the banks can see that they can make good money by maintaining you as their customer. Negotiate for what you want to get what you want.

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