How to get your credit card annual fee waivered

DBS/POSB make it easy for their customers to request for credit card annual fee waivers.

The waiver is only accepted via the automated system. DBS/POSB credit cardmembers can put in their annual fee waiver request easily via DBS digibot or DBS phone banking.

DBS digibot 

1. Type ‘Fee Waiver’ into the chat box
2. Tap on ‘Fee Waiver’ followed by ‘Authenticate Me’
3. After authentication, select ‘Credit Cards Fee Waiver’
4. Select the credit card account to be waived
5. Review and tap on ‘Confirm’
6. Wait for the bank to send you the status of your credit card annual fee waiver request within three working days — check your email/SMS

Phone banking

1. Dial DBS/POSB’s hotline at 1800 111 1111 (DBS) or 1800 339 6666 (POSB) or +65 6327 2265 (DBS) or 6339 6666 (POSB) if you’re overseas
2. Follow and choose your menu options accordingly
3. Wait for the bank to send you the status of your credit card annual fee waiver request within three working days — check your email/SMS

POSB/DBS digibank mobile app

1. Open the mobile app and tap the question mark icon. Scroll to the bottom and select “Ask Digibot”
2. Enter ‘Fee Waiver’ into the chat
3. Choose ‘Credit Cards Fee Waiver’ followed by ‘Annual Fee’
4. Select the account for which the fee should be waived
5. Confirm the details and submit your request

POSB digibank online/DBS iBanking

1. Log into your DBS/POSB iBanking account
2. Click on the “May I help you” icon on the website
3. Type ‘Fee Waiver’, then select ‘Fee Waiver’ followed by ‘Authenticate Me’
4. After authentication, select ‘Credit Cards Fee Waiver’
5. Choose the type of fee waiver you are applying for
6. Select your credit card account, review the details, and confirm your request

While there’s no need for you to speak to a Citibank customer service officer, you’ll still have to go through Citibank’s hotline in order to put in your credit card annual fee waiver request.

Rest assured, the process is straightforward and usually very quick. Many have reported that Citibank processes their annual fee waiver requests almost instantaneously, often receiving a confirmation SMS shortly after the call ends.

Hotline

1. Dial Citibank’s 24-hour hotline at (+65) 6225 5225 ideally using your mobile phone number registered with Citibank
2. Follow and choose your menu options accordingly
3. Wait for the bank to send you the status of your credit card annual fee waiver request — check your SMS

UOB credit cardmembers who are looking to get their annual fee waivered have various methods for requesting annual fee waivers.

UOB Chat Assist

1. Visit the UOB Chat Page
2. Click the chat icon located at the bottom right of the screen to start the UOB Digital Assistant
3. Complete the security check to verify your identity
4. Type “Fee Waiver” into the chat
5. Specify “Credit Card” and select the specific fees you wish to waive

Phone banking
1. Dial UOB’s hotline at 1800 222 2121 or, if you’re overseas, +65 6222 2121
2. Follow and choose your menu options accordingly
3. Wait for the bank to send you the status of your credit card annual fee waiver request — check your email/ SMS

UOB TMRW app
1. Log into the UOB TMRW app
2. Select your desired credit or debit card and access “Card Settings.”
3. Choose “Waive Fees” to see the available options.
4. Confirm the fees you wish to waive and follow the prompts to submit your request.
5. The process will complete within 3 to 5 business days, and you will receive an SMS regarding the outcome.

Standard Chartered Bank will ask customers to put in their credit card annual fee waiver request via its automatic fee waiver system. Other channels for customers to request annual fee waiver include online banking or the SC Mobile app.

Phone banking

1. Dial Standard Chartered’s Phone Banking hotline at 6747 7000
2. Stay on the line to access the automated menu
3. Press 2 for fee-related services
4. Press 1 to request a Credit Card Annual Fee Waiver
5. Enter your 16-digit credit card number when prompted
6. Note that the approval of your request is at the bank’s discretion

SC Mobile app

1. Log in via Standard Chartered Online Banking or the SC Mobile app
2. Click or tap on ‘Help & Services’, navigate to ‘Service request by category’
3. Click or tap on ‘Card Management’, followed by ‘Credit Card Fee Waiver’
4. Select up to five fee waiver-eligible card(s)
5. Click or tap on ‘Next’, agree on the terms and conditions, then click or tap on ‘Yes’
6. Select the annual fee transactions you would like waived
7. Check your fee waiver request details
8. Acknowledge and wait for bank to send you the status of your credit card annual fee waiver request(s)

Online banking

1. Log into Standard Chartered Online Banking
2. Navigate to “Help & Services” and select “Card Management”
3. Choose “Credit Card Waiver” from the options
4. Up to five eligible cards can be selected for a waiver in one go. Confirm your selection and proceed
5. Submit your request and expect a response within one working day

OCBC customers can submit their credit card annual fee waiver request on the OCBC mobile app or via OCBC Online Banking.

Phone banking
1. Have your OCBC credit card at hand
2. Call the OCBC hotline at (+65) 6363 3333 and speak the command “credit card fee waiver” when prompted
3. Enter your 16-digit credit card number as requested
4. Your request will be processed immediately, and you will be informed of the outcome right away

OCBC mobile app

1. Tap on ‘Card services’ on the left menu bar
2. Tap on ‘Request fee waiver’
3. Select the card that you would like waived, submit your request
4. Wait for your fee waiver request to be approved

OCBC online banking

1. Log in to OCBC online banking
2. Click on ‘Customer service’, click on ‘Cards’ and select ‘Credit card fee waiver’
3. Select the card that you would like waived, submit your request
4. Wait for your fee waiver request to be approved

HSBC customers can request for credit card annual fee waivers via HSBC’s 24-hour phone banking system.

Phone banking

1. Dial HSBC’s hotline at 1800 4722 669 or +65 64722 669 if you’re overseas
2. Follow and choose your menu options accordingly
3. Wait for the bank to send you the status of your credit card annual fee waiver request

Maybank customers can request for credit card annual fee waivers via Maybank’s 24-hour phone banking system.

Phone banking

1. Dial Maybank’s hotline at 1800 629 2265 or +65 6533 5229 if you’re overseas
2. Follow and choose your menu options accordingly
3. Wait for the bank to send you the status of your credit card annual fee waiver request — Maybank will send you the outcome of your fee waiver request via SMS within seven business days

Is credit card annual fee waiver guaranteed for all cardmembers?

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The short answer is: no. Nobody knows exactly how banks determine whether or not to grant you a credit card annual fee waiver.

The only exceptions are those that automatically grant you a waiver so long as you’ve hit the stipulated minimum spend, say S$10,000, S$15,000, or even S$25,000, within the year. But, of course, S$0 annual fee credit cards exist.

From experience, my self-service fee waiver requests (i.e. those performed without speaking to any customer service representative) were typically successful.

In general, the more often you use your credit card, the more you spend on it, and the more consistent you are in paying your credit card bills in full punctually, the higher chances you have in getting the annual fee waived. Also, if you have to speak to a customer service representative, be nice so they’re more inclined to help you instead of shutting you down with a big, flat ‘no’.

What to do if your credit card annual fee waiver request fails

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Ask the customer service representative nicely if there’s any way they could help you appeal against the bank’s rejection. If that’s also unsuccessful and you feel you can do without that credit card of yours, consider cancelling it. Plus, there are benefits to cancelling your credit card!

But, before you do cancel, check for possible rewards points, cashback or miles. Make sure to redeem them. You do not want to forfeit those hard-earned credit card rewards.

It also doesn’t hurt to check if your recurring bills and insurance premiums are being charged to this soon-to-be cancelled credit card. If so, set up new recurring payment arrangements to avoid late payment charges and policy lapses.

Why some people pay their credit card annual fee

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#1 You get something in return
Some people choose to pay their credit card annual fees because they get something in return, in the form of rewards points or bonus miles, depending on the credit card they hold.

For miles chasers like myself, it’s a no-brainer to pay the annual fee because it would have required way more spending at the rate of earning 1.2mpd or 2mpd to bag that 10,000 miles.
#2 You don’t really have a choice
While I must say that American Express offers one of the best customer service experiences in the vast world of credit cards, it is tough to get them to waive the annual fee for you.

With American Express credit cards, it’s likely that you have to pay the annual fee if you want to continue using your card. That’s just the way it is.
#3 For the sake of your credit score
Another common reason why some people pay their credit card annual fee? It’s their only credit card or their oldest credit card. A long credit history is always great news for your credit score, especially if things like late payments and partial payments have nothing to do with you!

In case you didn’t already know, a good credit score goes a long way in helping you get approved if and when you decide to take out a major loan, such as a home loan, car loan or education loan.

Credit cards with perpetual annual fee waivers

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There are credit cards that offer perpetual annual fee waivers if you know where to look. For one, CIMB credit cards all come without annual fees!

The Standard Chartered Smart Credit Card and HSBC Revolution Credit Card also let cardmembers enjoy S$0 annual fee for life, so long as their credit card accounts are in good standing.

This article was first published on SingSaver.