Hack Your Credit Card: How to Escape those Pesky Annual Fees

Let's face it, credit cards are like the ultimate financial BFF – they've got your back with points, cashback, and maybe even access to those swanky airport lounges. But annual fees?  Those are the worst kind of party crasher. The good news is, you don't always have to just accept them and let them mess up your credit card fun. Here's how to potentially sidestep those fees and make sure your card is working for you, not the other way around.

Annual Fees: The Lowdown

These fees are basically the bank's way of recouping some of the costs associated with all those sweet rewards they offer you. Think about it: travel insurance, cashback bonuses, airport lounge access – those perks don't come out of thin air! The catch is, fees can vary wildly depending on your card's level and the value of its perks. A basic cashback card might have a lower annual fee than a premium travel rewards card that unlocks fancy airport lounges and gives you statement credits for hotel stays. So, the more bells and whistles your card has, the higher the fee you can expect to pay.

Become a Fee Waiver Ninja

A little effort can go a long way. Here's the deal:

• Get Prepped: Know the ins and outs of your card – those fancy benefits, and definitely the fee amount. You've got to have this info ready!

• Timing is Everything: Don't wait till you're already charged. Request that waiver around the same time your annual statement hits.

• Sweet Talk Your Way In: Call that hotline or find those online options to ask nicely (but firmly) for a waiver. Tell them how much you love the card and that a fee break makes sense. Highlight your awesome payment history!

Your Spending = Your Power

Banks want to keep you happy, which means your spending habits matter:

• Hit That Sweet Spot: Some cards drop the fee if you hit a certain spending amount in a year.

• Loyalty Matters: If you rock their rewards program or are a long-time customer, that gives you serious leverage.

When a Waiver Seems Impossible…

Okay, sometimes a "no" happens. If that's the case, take a step back and ask: Does the card earn back more than it costs in that fee? The right card can be absolutely worth it, fee or not!

The Bank-by-Bank Breakdown

Banks change their minds, but here's the general vibe on fee waivers right now:

Bank	Process
American Express	You can request a fee waiver via the chat function on the AMEX app. Alternatively, you can call the hotline specific to your AMEX card.
Bank of China	You can call their hotline to request a fee waiver by dialing 1800 338 5335 and following the prompts.
CIMB	CIMB does not charge annual fees for any of their credit cards.
Citibank	You can call the hotline at 6225 5225 and follow the prompts to request a fee waiver.
DBS/POSB	You can request a fee waiver through the DBS digibank app or DBS website by following these steps: Log in to your DBS digibank app or DBS website. Click on the icon for the DBS digibot. Type in "Fee Waiver" and then authenticate yourself. Select "Credit Cards Fee Waiver". Choose the credit card you want to request a waiver for. Review and confirm your request. Alternatively, you can call DBS phone banking at 1800 111 1111 (from Singapore) or +65 6327 2265 (from overseas) and follow the prompts.
HSBC	You can call the hotline at 1800 4722 669 and follow the prompts to request a fee waiver.
Maybank	You can call the hotline at 1800 629 2265 and follow the prompts to request a fee waiver.
OCBC	You can request a fee waiver through the OCBC Digital app, OCBC internet banking website, or OCBC phone banking service. Here are the steps to follow for the OCBC Digital App and OCBC Online Banking: Log in to your OCBC Digital app or OCBC website. Navigate to "Request fee waiver" or "Credit card fee waiver". Select the card you want to request a waiver for and submit your request. You can call OCBC phone banking at 1800 363 3333 or +65 6363 3333 from overseas and say "credit card fee waiver" when prompted.
Standard Chartered	You can request a fee waiver via Standard Chartered's mobile app or online banking service by following these steps: Log in to the app or online banking service. Select "Help & Services" and then navigate to "Service request by category". Select "Card Management" followed by "Credit Card Fee Waiver". Choose up to five cards for the waiver request. Select "Next" and agree to the terms and conditions. Select the annual fee transactions you want waived. Check your request details and submit.
UOB	You can request a fee waiver via the UOB TMRW app by following these steps: Go to the UOB TMRW app. Tap on “Accounts". Select the card you want to request a fee waiver for. Tap on "Settings" and then "Waive Fees”. Select "Annual Fee" and confirm. Alternatively, you can call the hotline at 1800 222 2121

Smart Money = Happy Wallet

See? Fee waivers aren't some mystical secret. It's about working with your bank, understanding your card's value, and having your financial ducks in a row.  A little hustle now can mean more rewards and way less stress later on!