Will I still get hit with the "waived fee" if I cancel the card before 12 months?

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Hi
I’m choosing my next card to maximize points. Several providers waive the card fee for the first 12 months as part of the offer. If I cancel the card before 12 months, will I still get hit with the fee?

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No, you will not get hit for the fee.  The fee would be charged to your credit card account on the anniversary of your opening that account. You should always obtain written confirmation of the account closure (to cover yourself) and that confirmation is your record so that you know when you may be eligible for a new sign up bonus 12 or 18 months later 😉

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Great news – thanks very much. Great tip also about keeping a record of the cancellation to inform when to apply for a new card & sign up bonus. Thanks 🙂

 

  • Just to add, if its not immediately obvious, annual fees are charged in advance for the following 12 months. So if you apply for your credit card in Jan 2016 and your first year annual fee was waived, you will be charged the annual fee (if un-waived) in Jan/Feb 2017 for the 12 months Jan-Dec 2017.

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