getting my house

Cancelling CC after annual fee assessed

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Just noticed that orchard assessed the annual $39 "membership" fee - Called to find out if it is for 2009 or 2010 - they say 2010 - Used it for one purchase this holiday season - payment is posting tomorrow.

They say it should have been assessed on Nov 28 but it didn't post til 12/21 (8 days ago) - No email, nothing - go figure.

So my question is what are the chances of canceling and NOT paying the annual fee since it is for 2010 and I will cancel on 12/30.........

Off to research some more

Thanks

Gail

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I would look at the terms written on the back of your statement...you may find the info there.

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Even with my "paperless" statements for CrapOne, I can download a "statement" from the website in PDF form.

I'm surprised that isn't available to you. :cool:

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I can download a "statement" from the website in PDF form. I'm surprised that isn't available to you. :cool:

I'm pretty sure it is available. I have had both CrapOne and Orchard. Eventually canceled both as my credit improved.

I'd call and talk to someone about it. Orchard Bank waived my annual fee three years in a row after I told them I would cancel their card over it. They may waive it. If they won't then ask them when that annual fee goes into effect. CapOne had told me that as long as I canceled the card before the fee went into effect then I didn't have to pay it.

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I recently cancelled a CrapOne card, and you have to cancel no later than 30 days after the Member Fee was assessed. Additionally, the entire balance has to be paid off no later than 90 days after cancelling the account.

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thanks to all of you for the info. I never thought to look at the online pdf statements - I will check that tonight - I will also call and see if they will waive the fee and then cancel.

I have worked SOOOO hard to bring my scores up and rebuild my credit that I do not want to mess it up BUT I also DO NOT want to pay $39 for a card I want to cancel.

Thanks again - will post results

gail

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Annual Fees are typically pre-paid and paid 30 days prior to their effective start date.

For example, on a December statement, you may see an Annual Fee charged for the period of January through December.

Any reputable card issuer will rebate the fee if you close the card prior to the first day when the fee becomes effective. Most companies also will not hold you to the fee if you close the card within the first 2 months of the fee being effective.

Many companies will waive the fee if you ask them to or transfer you to a product that does not carry a fee. [Although, this practice may be less likely to occur going forward... we'll have to wait and see]

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Orchard waived my $59 annual fee permanently last year when I asked.

Bank of America refused to waive my $29 annual fee a few weeks ago. "Well, that is what you agreed to when you signed up." I fired them. An $800 CL with no rewards program and no prospect for future CLIs doesn't do me much good when I have other cards with four-digit limits and no AF.

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Bank of America refused to waive my $29 annual fee a few weeks ago....I fired them.
Being the boss is a beautiful thing. I've fired creditors a few times over the past couple of years. It feels great to be able to tell dictate the terms you want- and then make them take it or leave it.

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