I have two credit cards: A Chase Freedom (1% cash back plus quarterly 5% bonus categories) and a CapitalOne Rewards (1% cash back with 50% bonus on rewards at the end of the year). The latter has a $39 annual fee while the former has no fees.
My CapitalOne card is approaching 1 year of activity (Chase only 5 months). One July 27 I earn a 50% bonus on my cash back and on July 31 I will be charged the $39 fee. I called CapitalOne yesterday to try to get my fee waived and they wouldn’t do it.
I am positive I can get another card that does not have an annual fee and gives 1.5% cash back without having to deal with the yearly bonus.
- Apply my bonuses on the 27th. Call them again on the 27th and tell them I am about to cancel unless they waive the fee.
If they waive it then, perfect. I don’t have to worry about things for at least a year.
However, if they don’t, I see a decision between two options:
- Take the fee. Keep the card which is my oldest credit card (1 year) and safely get my bonus rewards.
- Say “see ya.” I’m worried that my rewards will not get applied since they say it could take 1-2 billing cycles, though. My rewards are nearly $200. I’d have to be careful to not say “see ya” and lose my rewards.
In option #2 I would apply for the new credit card and life would be good and without annual fees. I take a hit on my average age of lines of credit, but a minor one I think. I have to be careful about losing those rewards obviously too.
Ugh. CapitalOne, you are not making me a happy customer. Any thoughts or recommendations?