Many consumers have several credit cards. We enjoy the waiver of the annual fee on the credit card for the initial few years.
We may not be aware about the expiry of this waiver period. They will renew it automatically and charge an annual fee (which can be quite hefty).
What can we do?
I suggest that you should check the expiry date with the credit card company and put a reminder in your diary or PDA. Prior to the expiry date, you should decide if you wish to renew it. If not, you can tell the bank.
Alternatively, you can write a letter to tell the bank that you do not wish to continue the card on its expiry.
I hope that the authority should require the issuing bank to get specific approval from the customer for introducing an annual fee on the expiry of the initial period. We should encourage fair business practice.
- ► 2013 (301)
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07/08 - 07/15
- Insurance company should set a good example
- Private medical practice
- Difficult to find a good law minister?
- Singapore system - good, bad and ugly
- Cycling on pedestrain walks
- Fuel economy
- Adviser gave misleading information
- Consumer information - from Australia
- Reduce offer for Excess and Loss of Use
- Profession or business?
- CASE to start a blog?
- Renewal fee on credit cards
- Questionable marketing practice
- Tribute to Dr Goh Keng Swee
- Get good value products from an adviser
- Voiding of warranty on car
- Insurance as a mutual arrangement to pool risk
- Invest in a low cost fund
- Ballet Under The Stars
- Buy a low cost product
- Liquidate 50% of your investments
- Higher interest rate in the future?
- Generic drugs
- Different types of Fat (in food)
- High distribution cost
- Structured products in a bear market?
- Computing a claim on a hospital bill
- Guaranteed renewable health insurance
- Poor return on capital guaranteed products
- Give good value to customers
- Interest rate linked structured deposit
- Cars under warranty
- Front end charge for regular premium ILP
- How the world has changed in a decade!
- Increase in air fares
- Find the right motor insurance
- Avoid high front end charge
- High expense to treat a premature baby
- Cost of insurance
- Talks and Interviews
- Buy term and invest the difference
- Express your views fairly
- Life cycle Fund
- The Madness of Crowds
- Expense ratio on long term savings
- Structured Investments
- Buy from NTUC Income
- My approach towards insurance
- ▼ 07/08 - 07/15 (48)
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- ► 2005 (159)