Thursday, May 8, 2014
I have 20+ credit cards and many of them have annual fees after a year (most will have the annual fee waived the first year). People ask me if I pay all those annual fees or just cancel the card. I don't like to pay annual fees, but I don't always like to cancel a card if I like it. I like my Barclay's World Arrival card because it gives me 2.2% travel cash back on ALL my purchases.
I've had the card for a year and my annual fee just posted. I didn't want to cancel it, but I also didn't want to pay the $89 annual fee. So I called customer service and spoke with the lady.
CSR: How can I help you? (after verifying who I was)
Me: Hi, I noticed that an annual fee posted on my account recently. Is there anyway I can get it waived or something?
CSR: No, I can't do that. (pretty straight forward right?)
Me: Oh, okay. That's too bad...Is there anyone else I can talk to that can help me?
CSR: umm (pause), let me transfer you. (that's a good sign!)
Me: okay, thanks.
CSR: I have my manager here on the line who can help you.
Me: Thanks for your help.
Manager/Supervisor: How can I help you?
Me: Hi, I noticed that an annual fee posted on my account recently. Is there anyway I can get it waived or something? I really enjoy the card and use it a lot.
Manager: (pause)...sure I can do that for you. I see that you use the card and make your payments.
That's it. Got the fee waived! If the person you are speaking with can't help you then you can always ask to speak to someone else or hang-up-and-try-again (HUCA). Always to remember to be nice and polite. Getting upset or frustrated never helps and it's not fair to the person you are talking to. .
Now if I didn't really use the card that much and the annual fee was due, I would probably be just fine canceling it. I've canceled many cards after or less than a year.
Monday, May 5, 2014
I have 20+ credit cards and many of them have annual fees after a year (most will have the annual fee waived the first year). People ask me if I pay all those annual fees or just cancel the card. I don't like to pay annual fees, but I don't always like to cancel a card if I like it. I don't really use my US Bank FlexPerks rewards credit card any more so when the $49 annual fee hit my account I didn't want to pay for it....So I called customer service
CSR: Hello, how can I help you (after verifying who I was)
Me: Um, I think I want to cancel my Flexperks credit card. There is an annual fee that is on my account and I don't want to have to pay it. (I don't just say I want to cancel the card because I want to give the them a chance to give me an offer to keep the card).
CSR: Okay, I can help you with that.
Me: Okay, thanks. Is it possible to waive the annual fee for another year?
CSR: Sorry, we can't do that....but I can offer you 5000 bonus points after your next purchase on the card.
Me: Ummm...okay, I think I would do that. Thank you
So I ended up keeping the card because I go the 5,000 retention bonus. I can use 3500 points to pay for the $49 annual fee and then I'll have netted 1,500 points in the end. For me I was fine with that, so I didn't cancel the card.
Thursday, May 1, 2014
What to do with all your points? Sell them for cash!
Update: Most miles/points brokerage companies don't buy Aadvantage, southwest, alaska, etc miles. I recently used sellrewardspoints.com because they do buy these rewards points...basically, how it works with them is you book a flight for someone else and then they pay you. So if rewards2cash won't buy your points/miles, you can try these guys.
I don't really do that much traveling and since I have a ton of points and miles which I won't use completely for travel, I want to get as much cash out of them as I can. Yes, I do travel a little bit, but not enough to use all my miles and points.
Many points or miles can get you 1 penny for every 1 point/mile as a credit statement or as a check. For example, if I had 50,000 Chase Ultimate points, I could get a credit statement of $500 on my account. Well, there is a way to get more than that...up to 40%+ more than that.
There are several websites where you can sell your points or miles and I've looked at many, but the one I like the most so far is Rewards2cash.com. Why?
- Great offers
- Good customer service
Here is a pictures of the rewards points you can sell and what you can currently get them for.
So that same 50,000 Chase Ultimate rewards points would give me $665 instead of $500. I've done this several times and it works great.
Here are a couple of transactions I did recently:
Large amount: 150,000 Chase Ultimate points for $2,100
Small amount: 5,000 American Express points for $65
Let me know if you've had any success selling your points else where!
WARNING: This is not illegal to sell your points/miles, but a couple credit card company do not want you to do this (I don't know why they would care), so they may warn you to stop or else they will close your account.
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