Nov 12 2023, 09:30 PM
QUOTE(cybpsych @ Nov 12 2023, 08:55 AM)
annual fee is imposed by bank only. usually they can waive it as the fee is not bound by any laws/regulations.
annual fee is forward-charging (aka prepaid). af is charged for next 12 months of using the cc facility (like a subscription fee).
if you have stopped using the card before af is charged, and then requested to cancel, that means you did not want to continue using the card. so, bank would require to cancel/reverse the AF, then terminate the cc facility (card).
if you continue to use the card after AF is charged, that deemed you've agreed for the af. bank may decide not to waive it.
So does it mean we can wait until bank charge us AF then we call them to waive? If they dont allow to waive, we can cancel the card without paying the AF even it already appear at our transaction provided we dont do any transaction after the AF charged appear at our transaction? Sry for so many questions as I just get approved for SCB CC application recently annual fee is forward-charging (aka prepaid). af is charged for next 12 months of using the cc facility (like a subscription fee).
if you have stopped using the card before af is charged, and then requested to cancel, that means you did not want to continue using the card. so, bank would require to cancel/reverse the AF, then terminate the cc facility (card).
if you continue to use the card after AF is charged, that deemed you've agreed for the af. bank may decide not to waive it.
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