Credit cards are useful financial products that will help you to improve your cash flow and buy the things you need and want right away.
If you are a cardholder or are applying for credit cards, you probably have to pay an annual fee. To learn more about annual fees and how to waive them, read this article in its entirety.
What are annual fees?
Credit card annual fees are extra fees that are charged to you every year in order to use certain credit cards and benefit from their perks and rewards. Some are charged at the beginning or end of the year while select cards charge membership fees monthly.
Annual fees for BPI credit cards
The annual membership fees vary depending on which credit card you have.
|BPI Visa Signature Card||Php 5,500 per year|
|BPI Amore Platinum Cashback Card||Php 5,000 per year|
|BPI Platinum Rewards Mastercard||Php 4,000 per year|
|BPI Gold Mastercard||Php 2,250 per year|
|BPI Amore Cashback Card||Php 2,050 per year|
|BPI Blue Mastercard||Php 1,550 per year|
|Petron-BPI Mastercard||Php 1,550 per year|
|BPI Edge Mastercard||Php 110 per month|
|BPI Family Credit Card||Php 1,350 per year|
|BPI Corporate Mastercard||Php 1,700 per year|
How to waive the annual fee for BPI credit card
1st Method: Call BPI and request for them to waive your annual fee
You can simply call BPI’s customer hotline and ask them to have your annual credit card fee waived. Whether they approve your request will depend on how often you use the card and how much you have spent using your card.
They may ask you to spend an additional amount before they officially waive your annual membership fee.
2nd Method: Use your rewards points to pay for your annual fee
Another method you can use is to pay the annual fee with the rewards points you have accumulated. This method does not exactly waive the fee, but at least you won’t have to pay extra.
3rd Method: Tell BPI you plan to cancel your credit card
This is also a popular method people use to get their bank to waive the annual fee. Your business is valuable to them, and they would want to keep you on as a customer and cardholder.
Keep in mind that this method may not work and this will depend on your relationship with the bank and your credit card utilization.
Frequently Asked Questions (FAQs)
Why does my credit card have an annual fee?
Annual fees help banks pay for the costs of their rewards programs and customer support.
How can I avoid annual fees?
To avoid annual fees in the first place, watch out for promotions for No Annual Fee For Life (NAFFL) cards. You can also apply for a basic credit card instead which usually has no fees but also does not offer other perks such as points, cashback, or miles.
Try one of the methods above to waive the annual fee of your credit card. They have been effective for many people who manage to waive their fees every year.
Read these next:
- How to Activate BPI Credit Card: 3 Easy Steps
- How to Use BPI Credit Card Points: Free Gift Cards!
- How to Cancel BPI Credit Card: Complete Steps
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