How to waive the annual credit card fee? Check out the annual fee-free plans from major banks!
As competition for credit cards becomes increasingly fierce, banks are beginning to use various tricks to attract customers. As the annual fee is something that everyone is more concerned about, banks have also formulated different annual fee exemption plans. Some platinum cards can even waive the annual fee. Many friends still don’t know how to waive the annual fee, so let’s take stock of the annual fee-free plans of various banks!
1. Bank of China
Regular card and gold card: annual fee is waived in the first year, and the annual fee for the next year is waived by swiping the card 5 times.
Platinum Card: The annual fee is comprehensive in the first year. The next annual fee will be waived if you make 12 transactions of 20,000 yuan or more, and you can also use 100,000 points to deduct it. Applicable card types: including UnionPay Platinum Card, dual-standard card Platinum Card, Urban Colorful Platinum Card
2. Agricultural Bank of China
Common Card, Gold Card: Annual fee is waived in the first year of opening the card, and annual fee is waived for the following year if the card is swiped 5 times or more.
Platinum Card: The annual fee for the following year will be waived if you swipe the card 30 times in a year.
3. China Construction Bank
Common Card and Gold Card: Annual fees for the following year are waived for 3 annual transactions (consumption/cash withdrawal).
Platinum Card: If you make 10 purchases or cash withdrawals in a year, the annual fee for the next year will be waived.
4. Industrial and Commercial Bank of China
General card and gold card: the annual fee is waived in the first year, and the annual fee for the next year is waived if the cumulative consumption is 5 times or the consumption amount is 5,000 yuan.
Platinum Card: The annual fee is waived for the next year if you spend a total of RMB 200,000 with the card, and you can waive the annual fee for life if you spend RMB 4 million with the card.
5. China Merchants Bank
Principal Card and Gold Card: If you accumulate 6 purchases of any form or 5,000 yuan in a year, the annual fee for the next year will be waived, and you can make online purchases.
Platinum Card: 10,000 points can be used to offset the annual fee. Although it is only 1 point for 20 yuan, you will get 10 times the points on your birthday.
6. China CITIC Bank
Regular card and gold card: If you swipe the card once within one month of opening the card, you will be exempted from the annual fee for the current year, and if you swipe the card 5 times, you will be exempted from the annual fee for the next year.
Platinum Card: The annual fee is not waived in the first year, but can be deducted with points in the following year. For example, the i Platinum Premier Card can be purchased with 450,000 points or 220,000 points + 1,000 yuan.
7. Shanghai Pudong Development Bank
Principal card and gold card: If you make one purchase with the card within 2 months, the first year will be waived. If you make 5 purchases with the card or have a foreign currency purchase, you will be exempted. The following year.
Little Platinum: A first-year annual fee is required after activation. The annual fee for the next year will be waived if there are 18 valid transactions or an amount of RMB 50,000.
Here we introduce to you how to waive annual fees for credit cards. Some annual fee-free plans are only for certain card types. You can ask customer service for specific annual fee standards and plans.
How to waive the annual fee on a credit card, and what counts as consumption?
1. The annual fee of a credit card means the usage fee of the credit card, which refers to the service fee charged by the bank for providing credit card services to cardholders. In addition, the annual fee of each bank’s various credit card products The annual fee standards are public, so you can check the relevant information on the official website.
2. Under normal circumstances, regular credit cards and gold cards are free of annual fees in the first year, so as long as you swipe the card a certain number of times in the year you open the card, you can be exempted from the annual fee in the next year. However, the number of credit card swipes required for annual fee exemption is different for each bank. The specific situation must be based on the standards announced by the credit card issuer.
3. If you don’t use the card after applying for it, you will have to pay the annual fee. This is certainly not cost-effective. However, the annual fee-free rules vary among different banks, making it easy for cardholders to incur annual fees unintentionally.
Cardholders generally believe that credit card agencies adopt the practice of waiving the annual fee in the first year and waiving the annual fee in the following year if the card reaches a certain standard, but this is not the case for all cards. For example, ICBC credit cards do not waive annual fees in the first year. Instead, they need to swipe the card a total of 5 times or spend more than 5,000 yuan to be exempted from the annual fee. China CITIC Bank stipulates that only swiping the card once in the first month after the card is issued can be exempted from the annual fee in the first year. .
As for the rules for exempting the annual fee for the following year, some banks stipulate that as long as the card is swiped more than three times, it will be free of charge, such as China Construction Bank [6.203.85%] and China Everbright Bank; some banks stipulate that the number of card swipes is relatively high. For example, the Shenzhen Development Bank Credit Card requires 18 swipes to waive the annual fee for the following year. Most banks adopt the policy of waiving annual fees 5-6 times, such as ICBC, Agricultural Bank of China, Bank of China, Bank of Communications, China Merchants Bank, etc.
Yinsu.com Financial Planner pointed out that since annual fees are not the main source of income for domestic credit card issuers, banks generally stipulate that annual fees must be waived after a certain number of card swipes, but there is no limit on the amount. However, there are some banks that impose restrictions on the amount of consumption. For example, Shanghai Pudong Development Bank stipulates that the annual fee for the next year can be waived only if the consumption reaches 2,000 yuan or more.
It is also worth noting that the bank’s annual fee exemption rules are not static. A staff member of the Bank of Communications Credit Card Center told reporters that the annual fee for a credit card is based on the collection time of the first year's annual fee, and is pushed back 12 months to the collection time of the next year's annual fee. Bank of Communications credit card annual fee exemption rules will generally be notified to cardholders by text message at the end of the year or the beginning of the next year. Cardholders need to pay attention to whether the annual fee exemption rules have changed.
4. Generally speaking, only ordinary credit cards can enjoy the annual fee exemption rule, while the annual fees for gold cards, platinum cards, diamond cards and other cards are usually not exempt. Also, some high-end platinum cards and unlimited cards do not have an annual fee exemption policy for the first year. Even if they are not activated, they will still be charged an annual fee. As long as they are approved, the annual fee will be credited to your account immediately, so you must pay it back in time. payment.
How to waive annual fees for credit cards
Some banks stipulate that the annual fee can be waived if you use it six times, some banks stipulate that the annual fee can only be waived if the cumulative consumption reaches 5,000 yuan, and some banks stipulate that the annual fee reaches 3,000 yuan. Points can waive the annual fee. Faced with the various annual fee rules for credit card applications from different banks, cardholders should first ask how high this "potential cost" is when applying for a card.
Banks are not allowed to charge annual fees before the credit card is activated by the cardholder. Different types of credit cards have different annual fee exemption methods. Regular cards and gold cards can generally directly waive the annual fee for the first year. The annual fee is also waived when the cardholder swipes the card a certain number of times. However, high-end credit cards such as platinum cards have relatively high annual fees, and the reduction method must be subject to the regulations of the card issuer.
Credit card consumption is a non-cash transaction payment method. There is no need to pay cash when consumption, and repayment will be made on the billing date (BillingDate).
Credit cards are divided into credit cards and quasi-credit cards. Credit cards refer to credit cards in which the cardholder has a certain credit limit and can consume within the credit limit and then repay; quasi-credit card It refers to a quasi-credit card in which the cardholder deposits a certain amount of reserve fund as required. When the reserve account balance is insufficient to pay, the cardholder can overdraw within the specified credit limit. The so-called credit card generally refers to a credit card only.
Starting from January 1, 2021, the credit card overdraft interest rate will be determined independently by the card issuer and the cardholder through independent negotiation, and the upper and lower limit management of credit card overdraft interest rates will be cancelled. The daily interest rate is 0.7 times 5/10,000).
On May 25, 2021, the Supreme People’s Court issued and implemented the “Regulations of the Supreme People’s Court on Several Issues Concerning the Trial of Bank Card Civil Cases.”
Product Origin:
Credit Card The earliest credit card appeared at the end of the 19th century. In the 1880s, the British clothing industry developed so-called credit cards, and the tourism and business sectors followed suit. However, the cards at that time could only be used for short-term commercial credit, and the money still had to be paid as and when used. Long-term arrears were not allowed, and there was no credit line.
A credit card is generally a special carrier plastic card with a length of 85.60 mm, a width of 53.98 mm, and a thickness of 1 mm. The name of the card issuer, validity period, number, cardholder name, etc. are printed on the front, and there is a chip on the back. Magnetic strip, signature strip. Cardholders can use their credit cards to shop and spend money with special entities and deposit and withdraw cash from banks.
It is said that one day in the 1950s, American businessman Frank McNamara was entertaining guests for a meal in a New York hotel. After the meal, he found that he had forgotten his wallet and had to call his wife to bring cash. McNamara came up with the idea of ??starting a credit card company because he felt embarrassed about paying the bill at a restaurant. In the spring of 1950, McNamara and his friend Schneider invested US$10,000 to establish the "Diners Club" in New York, the predecessor of Diners Club. Diners Club provides members with a card that can prove their identity and payment ability. Members can use the card to record their purchases at 27 designated restaurants without having to pay cash. This is the earliest credit card. This kind of credit card that does not require bank processing is a commercial credit card.
How many times the Bank of China credit card is used to make purchases is free of annual fees
The Bank of China Credit Card Jinpu Card is free of annual fees for the first year and free of annual fees for the following year if swiped 5 times. The first annual fee for the Platinum Card is waived, and the annual fee for the following year will be waived if the cumulative number of card transactions reaches 20,000 yuan and reaches 12 transactions.
The above content is for your reference, please refer to actual business regulations.
If you have any questions, please feel free to consult Bank of China’s online customer service.
You are sincerely invited to download and use Bank of China Mobile Banking APP or Bank of China Cross-border GOAPP to handle related businesses.
How much does it take to swipe the annual credit card fee to get the annual fee waived?
Generally, the lowest level credit card can swipe the card 3-6 times a year to waive the annual fee for the next year. However, please note that some high-level credit cards have strict annual fee exemption policies. For example, a platinum card requires 20 purchases and the amount exceeds 80,000 yuan to be exempted from annual fees; there are also platinum cards that are not exempt from annual fees even if they are consumed
Under normal circumstances, if the bank stipulates that the annual fee can be reduced or exempted as long as the number of card swipes is reached, there is usually no requirement for the amount of card swipes, but only the type of annual fee-free transactions. Many of them Yes, it is required to pay by card, and cash withdrawal is not supported. The details are subject to the regulations of each bank.
Take Guangfa Bank as an example, such as POS machine swiping card consumption/online consumption/Alipay consumption/international consumption/payment/cash withdrawal/cash for gifts/instalment deduction/withholding fee/withholding charity donation and other transaction types, all of which are in line with the number of annual fee-free transactions.
In addition, there are also bank credit cards that are free of annual fees, but the condition is that a certain amount must be swiped, but the number of card swipes is not required. Anyway, the amount and number of card swipes are usually not required at the same time, otherwise it would be really difficult to do it.
A reminder here is that although credit cards can reduce or reduce the annual fee based on the number of credit card swipes or the amount, there are some things that must be paid attention to. For example, you need to understand clearly the credit card annual fee settlement cycle and meet the credit card payment requirements within the specified period. If you do not meet the standard and incur an annual fee, you can call customer service after repayment to ask if you can make up for the annual fee.
In short, there is no annual fee for credit card swiping. If the number of swipes is specified, the amount will not be required. If you are really unclear, it is recommended to call the credit card service hotline of the card issuer and be transferred to a manual customer service to inquire about the specific requirements and ask whether the conditions for annual fee exemption have been met.
1. Bank of China
Regular card and gold card: annual fee is waived in the first year, and the annual fee for the next year is waived by swiping the card 5 times.
Platinum Card: The annual fee is waived in the first year. The next annual fee is waived when you make 12 transactions of 20,000 yuan or more. You can also use 100,000 points to deduct it. Applicable card types: including UnionPay Platinum Card, Dual Card Mark Platinum Card, Urban Colorful Platinum Card.
2. Agricultural Bank of China
General card and gold card: annual fee is waived in the first year of card opening, and annual fee is waived for the following year by swiping the card 5 times.
Platinum Card: The annual fee for the following year will be waived if you swipe the card 30 times in a year.
3. China Construction Bank
Common Card and Gold Card: Free of annual fees for the following year for 3 annual transactions (consumption/cash withdrawal).
Platinum Card: If you make 10 purchases or cash withdrawals in a year, the annual fee for the next year will be waived.
4. Industrial and Commercial Bank of China
General card and gold card: The annual fee is waived in the first year, and the annual fee for the next year is waived if the cumulative consumption is 5 times or the consumption amount is 5,000 yuan.
Platinum Card: The annual fee is waived for the next year if you spend a total of RMB 200,000 on the card, and you can waive the annual fee for life if you spend RMB4 million on the card.
5. China Merchants Bank
Principal Card and Gold Card: If you accumulate 6 purchases of any form or 5,000 yuan in a year, the annual fee for the next year will be waived, and you can make online purchases.
Platinum Card: 10,000 points can be used to offset the annual fee. Although it is only 1 point for 20 yuan, you will get 10 times the points on your birthday.
6. China CITIC Bank
Regular card and gold card: If you swipe the card once within one month of opening the card, you will be exempted from the annual fee for the current year, and if you swipe the card 5 times, you will be exempted from the annual fee for the next year.
Platinum Card: The annual fee is not waived in the first year, but can be deducted with points in the following year. For example, the i Platinum Premier Card can be offset with 450,000 points or 220,000 points + 1,000 yuan.
7. Shanghai Pudong Development Bank
Principal card and gold card: If you make one purchase with the card within 2 months, the first year will be waived. If you make 5 purchases with the card or have a foreign currency purchase, you will be exempted. The following year.
Little Platinum: A first-year annual fee is required after activation. The annual fee for the next year will be waived if there are 18 valid transactions or an amount of RMB 50,000.
Can I ask how much Bank of China credit card consumption is free of annual fees?
Currently, Bank of China will not charge any fees if the card is not activated. During the year of using the credit card, the accumulated card consumption of the local and foreign currency accounts in the year meets the following conditions. , the annual fee for the current year can be reduced or exempted, except for special card types:
1. The personal Gold Card is exempted from the annual fee in the first year, and 5 transactions are exempted in the following year; the annual fee reduction policy for supplementary cards is the same as that for the main card;
p>2. From 2017 to 2018, new platinum card customers will be exempted from the first-year annual fee. Old customers and new customers need to pay 12 annual fees for the next year and a minimum of 20,000 yuan will be waived, or use 100,000 transaction points to redeem Annual fee; the annual fee reduction and exemption policy for supplementary cards is the same as that for the main card;
3. All-currency international chip series gold, regular and platinum credit cards: There is no annual fee for applying for the card before December 31, 2018.
4. World Elite Card/New Infinity Card + Diamond Card: Since 2017, World Elite Card/New Infinity Card + Diamond Card strictly implements the annual fee collection policy, and in principle all customers are charged Annual fee or the customer can use 400,000 transaction points to redeem the annual fee.
5. Unlimited card dual-currency card: 2018 policy, in principle, an annual fee is required; the annual fee for the following year requires customers to use 400,000 transaction points to redeem.
6. American Express Private Card: New cards issued in 2018 will be given a first-year discount policy; the annual fee for the next year requires customers to use 800,000 transaction points, 480 exclusive points or 400,000 transaction points + 240 points Enjoy points redemption.
The above content is for your reference, please refer to actual business regulations.
If you have any questions, please feel free to consult Bank of China’s online customer service.
You are sincerely invited to download and use Bank of China Mobile Banking APP or Bank of China Cross-border GOAPP to handle related businesses.
This is the end of the introduction about the annual fee-free credit card consumption and whether the credit card must be swiped for the annual fee-free credit card consumption. I wonder if you found the information you need?