Grace Period to Avoid Yearly Fee?

Discussion in 'General Discussion | Credit Cards' started by NorthtoAlaskaa, May 13, 2013.  |  Print Topic

  1. NorthtoAlaskaa

    NorthtoAlaskaa Active Member

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    hello,

    is there a grace period once a yearly fee is posted to a statement?

    i'd like to call the bank once i see the fee posted and threaten to cancel if they can't make it worthwhile for me to stay with them. but, am i stuck once the fee is on the statement?

    thanks so much.

    -nta
     
    miles and smiles likes this.
  2. sharris503

    sharris503 Silver Member

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    You should keep track of when the fees are coming due and call before it posts. I usually call about a month before. But yes some will let you cancel before the end of the billing cycle when the fee is due.
     
  3. miles and smiles
    Original Member

    miles and smiles Gold Member

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    I'm pretty sure you have one month after the fee posts within which you can cancel without any penalty. Certainly you can cancel without penalty at anytime before the fee is actually due.
     
  4. thepointstraveler

    thepointstraveler Silver Member

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    Which bank? There is usually a grace period of 30-60 days after the fee posts and some banks will even do a pro-rated refund after that. However, your best bet is to call and ask what the grace period is as these things can potentially change.

    But like Miles & Smiles and sharris503 said, if you just call before the fee bills you won't have to worry about it.
     
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  5. ab3i
    Original Member

    ab3i Silver Member

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    is your intention to cancel the credit card, or to call and threaten to see if they offer a retention bonus? I have called the bank and asked fr the fee to be waived - but that has usually involved either cancelling the card (actually cancelling not threatening to, and they waived the fee) or downgrading to a non-fee card on the same number.
     
  6. dayone
    Original Member

    dayone Silver Member

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    One billing period.
     

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