Must Read – If you want to save your $395 + annual fee on your credit card?

The Ritz Carlton Rewards Card

 

 

$395 Annual Fee Credit on Ritz Carlton Credit Card

$395 Annual Fee Credit on Ritz Carlton Credit Card

No need to pay for Your Expensive Credit Card Annual Fee

This is a secret that not a lot of people aware of.  I was doing web browsing couple months ago and found this rule and regulation that we can apply to avoid the expensive annual fees on some credit cards.  I decide to try it and make sure it works before I share with my Miles Fans.  

The rule read:

If the terms of a credit card account under an open end consumer credit plan require the payment of any fees (other than any late fee, over-the-limit fee, or fee for a payment returned for insufficient funds) by the consumer in the first year during which the account is opened in an aggregate amount in excess of 25 percent of the total amount of credit authorized under the account when the account is opened, no payment of any fees (other than any late fee, over-the-limit fee, or fee for a payment returned for insufficient funds) may be made from the credit made available under the terms of the account.

 

I applied my Ritz Carlton Rewards card last year in February, with a $5,000 credit limit. I called Chase customer service last month and asked them to lower my credit limit for my Ritz Carlton Rewards card to $1,000 and moved the existing credit limit of $4,000 to my Chase Freedom card.

After I took the action, in less than one week, they refunded my $395 annual fee that I paid last year.  By reading the text, the rule should only applicable for first year.  My anniversary is February and so far I did not get charge for my second year membership fee.

Hey, not bad.  I earned their 140,000 Ritz Carlton Bonus and $300 travel credit with no annual fee. I will keep this card so I can benefit for $300 travel credit and FREE Lounge Club membership every year if it does not have any ongoing annual fee. 

Lounge Club

Free Lounge Club Membership by Ritz Carlton Rewards Card

I also have an American Express Platinum card that I paid $450 annual fees, but American Express has no preset limit on their cards so I am not able to apply the same rule that I did on my Ritz Carlton card.  If anyone run into a great idea to save the $450 annual fee, please share with us.

How to use Ritz Carlton Rewards Card $300 Travel Credit?

Although there are some limitation on what you can use for travel credit and some people run into trouble on reimbursement, it was smooth and easy for me.  As long as your transactions are coded with airlines name, I would say all of your transactions should be able to claim as travel credit because usually they do not ask and they do not give you a hard time.  My secret is be nice to all the representatives and you should be fine.

 

 

 

 

 

 

 


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One thought on “Must Read – If you want to save your $395 + annual fee on your credit card?

  1. Anonymous

    This should work for American Aadvantage Executive card and Citi ThankYou Prestige.

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