Updated: Jul 28, 2022
Would you like to save more than a thousand dollars in the next 30 days?
Depending on what cards you have, you can waive the annual fees through the skills I typically reserve for my Credit Stacking students.
If you are familiar with any of my other blogs, you know I'm a huge fan of Chase bank cards.
In this blog, I'll teach you how to have your annual fee waived on your Chase bank credit cards. Unlike other banks, this is a very easy thing to do! Let's get started!
What is a Credit Card Fee and Why Do I Need to Pay It?
Banks will sometimes add annual fees to the cards as a sort of "rite of passage" to use it. Typically the cards with greater rewards or that are more of a risk to the cardholder will have higher spending limits.
If you get the right kind of credit card, there are probably dozens of great benefits.
That's why in Credit Stacking we teach you how to get a higher spending limit on your cards so you can get one with a low, or no annual fee and still reap the rewards.
How To Waive An Annual Fee
If you're like me, you probably have multiple credit cards, which probably means you have multiple credit card fees.
For example, both the Chase Sapphire Reserve and the United Club cards have annual fees of up to $550. That means you're probably paying more than $1000 a year in annual fees.
According to Public Law 111-24-May 22, 2009, if your spending limit is less than four times your annual fee the bank will have to waive the annual fee for the first year.
Going back to our above example of the Chase Sapphire, let's take that $550 annual fee and multiply it by 4:
550 x 4 = $2200
So you would need to set your spending limit to $2200. What you will want to do at this point is call the number on the back of your card and request for your credit limit to be set down to less than $2200.
You will then ask the bank to shift the remaining limit over to another card you have with them. Sometimes they will say they are not able to do it. Politely thank them for their time, end the call, and then call back and speak with a different agent.
I personally do this all the time. Some agents are easier to work with than others.
Once your card has been refunded, you can shift your limit back to the original card and you will not be charged! It can sometimes take up to 10 days for that reimbursement to show up.
A lot of the time when you first get the card and you move the spending they won't even charge you!
How Is It Done?
Depending on your card and your spending limit on the card, you can remove your annual fee with no problem.
Under Public Law 111, as long as your spending limit is less than 4x your annual fee, you shouldn't have an issue with waiving it.
Then you just need to call the bank and ask them to move the remaining limit to another card you have with them.
Please remember, that this is just for Chase card members. If you are interested in learning how to do this for other cards, consider joining the Credit Stacking community!