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Today various banks and NBFCs in India offer different types of credit cards to allow customers meet their various needs. There are various other benefits which come with the usage of a credit card, one of them being a waiver of the annual fee.
Your annual fee is waived off if you spend a certain amount on your credit card and clear the amount on time. For the new financial year, the bank looking at your history of spending on your card and how regularly you have cleared may choose to waive off the annual fee they may otherwise charge you.
Since this is a good saving option, there are certain steps you can follow to ensure you get your annual fee waived off. We will have a look at them.
If you spend up and above a certain amount on your card during the current year, then you can get your annual fee waived off next year too.
Not every credit card charges an annual fee. In some cases, there is no annual fee charged. It depends on the type of credit card you are availing of and the benefits it offers.
No, generally the bank will not levy any other hidden charges in case your annual fee is waived off. However, you must confirm this with your bank regarding them charging any other hidden amount if your annual fee is waived off.
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