in our free newsletter.

Thousands benefit from our email every week.

1. Get a banking plan that waives your annual fee

Many Canadian banks offer banking plans that waive the annual fee on a selection of their premium credit cards. For example if you get TD’s All-Inclusive Banking Plan ($29.95 waived with a $5,000 monthly balance), you can also get the annual fee rebated for your choice of one of 5 premium credit cards, including the TD® Aeroplan® Visa Infinite* Card‘s $139 annual fee. The BMO Premium Checking Account, RBC VIP Program, CIBC Premium Plan all waive the annual fee of their premium cards.

Shopping online? Let Capital One Shopping find and apply the best coupons for you. No hassle, just savings. Install now, save always.

Learn More

2. Call and ask for your annual fee to be waived

You know the old saying “squeaky wheels get the grease”? It’s true. As our very own Wayne Gretzky said, “you’ll miss 100% of the shots you never take.”

In that spirit, if you’ve been a long time customer, or you’re spending a prince’s ransom on your credit card every year, call your credit card issuer and ask them to waive your annual fee. You may not have a checking account with the bank, but your loyalty and/or spending level may still make you deserving of a fee waiver.

If nothing else, let them know you’ve received an offer with a fee waiver from a competitor, or that your checking account with your retail bank waives the annual fee for one of their premium credit cards.

3. Get a credit card with a first year annual fee waiver

You don’t buy a new pair of jeans without first trying them on do you? Why pay for a new rewards credit card before trying it out for a year and seeing if it works for you i.e. enjoy the online experience, easy to redeem, good value, good credit line, good customer service, etc…

Some of the best credit cards in Canada waive the first year annual fee to make switching a little easier for you. With so much fine print in the industry, credit card issuers should have to earn our trust, before we shell out a dime.

  • Automatically finds you the best coupons to use
  • Compares over 1000 merchants to give you the best price
  • Notifies you when your favorite items go on sale

Learn More

4. Downgrade your card

If you have a premium credit card and you find it’s not worth the annual fee, you may be able to ask for a downgrade to one of the credit card issuers no fee cards. You may not want to cancel the card, because you want to keep the credit line available for a rainy day, or you may simply want a no fee back-up card, in case your primary card gets lost, stolen or frozen.

5. Cancel your card

If you found yourself another premium credit card, it may not make sense to have multiple credit cards with annual fees at the same time. That’s especially true if you’re focused on exploiting welcome bonus offers throughout the year.

There are a few things to take into consideration before you cancel your card. For example, some people will argue that cancelling cards may lower your credit score because it increases your credit utilization ratio (total balances to credit line). However, if you’re cancelling a credit card and replacing it with another one, you should be fine. Moreover, if you’re not maintaining a balance, credit utilization shouldn’t be as much of a factor either.

Lastly, if you are applying for new credit cards, some of your new issuers may assign you a small line of credit, if they see you a large number of unsecured lines of credit on your file. Getting rid of those lines, gives more room for your new issuers to assign you a higher line themselves.

Automatically apply coupon codes for free - it’s kinda genius

Capital One Shopping’s browser add-on automatically applies coupon codes as you shop online. It also alerts you whenever there's a better deal available from another retailer. It’s absolutely free – plus it takes only two clicks to install.

Add the Capital One Shopping browser extension today and start earning discounts of up to 50% on the things you already buy. Your bank account will thank you

About the Author

Money.ca

Money.ca

Money.ca Editorial Team

The Money.ca Editorial Team is a group of passionate financial experts, seasoned journalists, and content creators who are deeply committed to providing unbiased, relevant, and accurate financial information. With years of combined industry experience, our team is dedicated to maintaining the highest journalistic standards and delivering informative and engaging content. From personal finance and investing to retirement planning and business finance, we cover a broad range of topics to suit the financial needs of our diverse readership. You can trust the Money.ca Editorial Team to empower you with the knowledge and tools necessary to make wise financial decisions.

What to Read Next

Disclaimer

The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.