Credit Card Annual Fee?

mschuep · 02-23-2006, 08:07 AM

I read all the fine print, but don't know whether I get billed the annual fee at the beginning (when I sign up) or at the end of each year completed?

If I can get out after 1 year with 1 annual fee, I want to do it. But not if I have to pay for 2 years

Anybody know?

morganb · morganb's Garage

I never pay the annual fee. ring them up and tell them you will return the card. Over 15 years, 4 banks, never had to pay. you need to have a resonable monthly spend to do this but I am sure over a few hundred a month would get you a free card.

Rot 911 · 02-23-2006, 09:02 AM

Agreed, why would you ever get a credit card with an annual fee?

Rick Lee · Rick Lee's Garage

I recently got two Citibank Mastercards, neither of which have an annual fee. One pays 5% cash back on grocery store and gas station purchases. The other pays 3% on restaurant purchases. I figured this if far better than free. The only time I've ever paid an annual fee was when the mileage rewards would offset it exponentially. And I dropped that one as soon as I found this Citibank deal.

Joeaksa · 02-23-2006, 10:47 AM

Agreed and you can deal with the CC people. If they will not deal then look elsewhere. If your FICO is good enough its not an issue.

RickM · RickM's Garage

American Express Charge cards will always charge a fee. Not sure bout their credit cards though. For any other I would never pay an annual fee. But then again I really don't used Credit Cards.....

pbs911 · pbs911's Garage

Quote:

Originally posted by Rick Lee
I recently got two Citibank Mastercards, neither of which have an annual fee. One pays 5% cash back on grocery store and gas station purchases. . . . I figured this if far better than free.

My practices as well.

mschuep · 02-23-2006, 11:27 AM

well the hell with it, too much math for them to have my business.

Porsche-O-Phile · Porsche-O-Phile's Garage

Any card with a fee or rate higher than 8.9% goes automatically into the shredder without even being looked at. You should do likewise.

fuelie600 · 02-24-2006, 06:00 AM

Quote:

Originally posted by mikester
Amex credit cards do not charge a fee

Check again. Amex FF cards have fees. They also have a daily interest charges, even if you pay off the cards each month. Credit card companies hate customers who pay off balances every month. With daily finance charges they can make up for the practice. I guess the 3% they make on merchant fees isn't enough! Money grubbing ba$tards. I rank them right up there with insurance companies!

Big Ed · 02-24-2006, 06:08 AM

Quote:

Originally posted by fuelie600
Check again. Amex FF cards have fees. They also have a daily interest charges, even if you pay off the cards each month.

What is an FF card? My everyday card is Amex Blue Cash, no fees, no interest if paid in full each month, and 5% cash back at gas stations & supermarkets, 1% cash back elsewhere.

fuelie600 · 02-24-2006, 06:42 AM

FF= Frequent Flier - sorry....