Will the card company waive the annual fee if I ask?

They might, and they might not. Asking is a request. No US rule cited on this page requires the issuer to waive an annual fee.

Should I multiply an annual fee by 12?

No. An annual fee is already the charge for a year. Multiply by 12 only when the statement shows that fee every month.

Where is the fee supposed to be disclosed?

Regulation Z requires the issuer to disclose any annual or other periodic fee, how often it is imposed, and the yearly amount. Read the card agreement for the number that applies to your card.

Does Expenvo tell me to close the card?

No. If the issuer will not remove the fee, you can ask what happens if you close the card. The choice is yours.

Guides

How to get your credit card annual fee waived

An annual fee is a charge for having the card. It is not a store purchase. Asking the issuer to remove it or credit it is a request. The issuer can say no. Nothing on this page says an issuer has to waive the fee.

Find the fee on the statement

Look in the fees section, then in the transaction list. The line may say annual fee or membership fee. Write the date and the amount. A purchase from a store is not this fee. How to read a statement PDF separates fees from purchases and payments.

An annual fee is already a charge for a year. Do not multiply it by 12 unless your statement shows that same fee every month. The bank fee calculator is for a monthly account fee, not for a once a year card fee.

What the issuer has to tell you

US Regulation Z requires a card issuer to disclose any annual or other periodic fee for issuing the card or making it available, including how often the fee is imposed and the yearly amount. Those rules are 12 CFR 1026.6 and 12 CFR 1026.60. The disclosure is in the card agreement and in the application or account opening table, not in a blog post.

The CFPB Know Before You Owe guide says an annual fee may be charged to hold the card, and that you can ask whether the benefits are worth the fee. That is a question for you. It is not a rule that the issuer must take the fee off.

A different part of Regulation Z, 12 CFR 1026.55, limits some fee increases after the account is open. It does not require the issuer to waive an annual fee you already agreed to.

How to ask

Call the number on the statement. Say the date and the amount. Ask what the fee is for, and ask whether they will remove it or credit it. They can say no. There is no public success rate on this page because inventing one would be a guess.

If the answer is no, ask the last day you can close the card so the next annual fee is not charged, and ask whether closing leaves a balance or any points. This page does not tell you to close the card. Closing can change your available credit. That is a decision for you, not a tip from Expenvo.

If the fee on the statement does not match the agreement, ask the issuer to explain the difference. Keep the agreement page that lists the fee.

Questions

Will the card company waive the annual fee if I ask?: They might, and they might not. Asking is a request. No US rule cited on this page requires the issuer to waive an annual fee.
Should I multiply an annual fee by 12?: No. An annual fee is already the charge for a year. Multiply by 12 only when the statement shows that fee every month.
Where is the fee supposed to be disclosed?: Regulation Z requires the issuer to disclose any annual or other periodic fee, how often it is imposed, and the yearly amount. Read the card agreement for the number that applies to your card.
Does Expenvo tell me to close the card?: No. If the issuer will not remove the fee, you can ask what happens if you close the card. The choice is yours.

Sources

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