Annual Fee waiver in credit card

[FinoGuy]

Many of the credit cards have fee waiver on certain spend amount in a year.
My credit card has fee waiver on 2L spends
1)for considering spends based fee waiver, are monthly statement amount(spends - amount prepaid before bill generated) considered or actual spends(regardless of statement, refunds prepayments etc) ?
2)how do I know for sure that my coming year annual fee is waived off after achieving this criteria? Is there a way to know before they charge annual fee?

 

[Slayer]

Many of the credit cards have fee waiver on certain spend amount in a year.
My credit card has fee waiver on 2L spends
1)for considering spends based fee waiver, are monthly statement amount(spends - amount prepaid before bill generated) considered or actual spends(regardless of statement, refunds prepayments etc) ?
2)how do I know for sure that my coming year annual fee is waived off after achieving this criteria? Is there a way to know before they charge annual fee?

Total Spends minus refunds and reversals

 

[bugmenot]

If it's cashback card, do we need to consider cashback also in calculation of net spends?

 

[hks789]

Total Spends minus refunds and reversals

Do they really consider refunds?
I got milestone vouchers for spends that were refunded.
Chat bot shows total spends (including the refunded transaction)

 

[BMR]

E

Do they really consider refunds?
I got milestone vouchers for spends that were refunded.
Chat bot shows total spends (including the refunded transaction)

which bank ?

 

[Slayer]

Do they really consider refunds?
I got milestone vouchers for spends that were refunded.
Chat bot shows total spends (including the refunded transaction)

Magnus?

 

[hks789]

Magnus?

SBI SimplyClick

 

[FinoGuy]

Total Spends minus refunds and reversals

How to check if next year fee is waived off or not?

 

[panu24]

You can check with ILA on SBI app, if you see your total spend crossed the required annual fee reversal then your fee will be waived off after you see its charged in your statement by calling SBI customer care.
I think SBI always charge you annual fee in statement and you need to call them to reverse it.

 

[Lakshya Mahani]

You can check with ILA on SBI app, if you see your total spend crossed the required annual fee reversal then your fee will be waived off after you see its charged in your statement by calling SBI customer care.
I think SBI always charge you annual fee in statement and you need to call them to reverse it.

Do they reverse the charges easily?

 

[007]

Do they reverse the charges easily?

They charge but automatically reverse in next statement if you met the criteria.
Refer this:

SBI Simplyclick Credit Card Annual Fee Reversal

I have SBI Simplyclick CC which was charged Rs. 499 + GST eventhough I met the annual fee spends for fee reversal of 1 lakh in one year. Does SBI charge the Annual Fee and reverse it later? Has anyone faced this issue with SBI Cards?

www.technofino.in

 

[Lakshya Mahani]

They charge but automatically reverse in next statement if you met the criteria.
Refer this:

SBI Simplyclick Credit Card Annual Fee Reversal

I have SBI Simplyclick CC which was charged Rs. 499 + GST eventhough I met the annual fee spends for fee reversal of 1 lakh in one year. Does SBI charge the Annual Fee and reverse it later? Has anyone faced this issue with SBI Cards?

www.technofino.in

What if i don't meet the criteria, Then also can i request them for fee reversal?

 

[FinoGuy]

Tried ILA:Got a reply on total Spends but in disclaimer which is written below it states : "the spends mentioned here may not be used for calculating eligibility for spend based fee reversal or milestone rewards "

You can check with ILA on SBI app, if you see your total spend crossed the required annual fee reversal then your fee will be waived off after you see its charged in your statement by calling SBI customer care.
I think SBI always charge you annual fee in statement and you need to call them to reverse it.

 

[Wealth is my birth right!]

If it's cashback card, do we need to consider cashback also in calculation of net spends?

No the CB amount credited into the next statement cycle is a feature of card and it wont be considered.
Only txn reversals and card fee are not added for yearly spends

 

[panu24]

Tried ILA:Got a reply on total Spends but in disclaimer which is written below it states : "the spends mentioned here may not be used for calculating eligibility for spend based fee reversal or milestone rewards "

Try contacting customer care then. I had a bad experience of contacting them. In Sept, I tried to ask them same about my annual spend but they gave me amount till june end only and said that is what they can tell me. I even went to nodal officer but they also told me same they don't have real time spend of my card and I need to wait till the total spend amount get updated at their end. The only thing I understood from this experience is that wait till annual fee gets charged, call them, they will check then total spend on my card and then reverse it if it satisfied waiver spend amount.

 

[007]

What if i don't meet the criteria, Then also can i request them for fee reversal?

Not sure about that, not tried personally (can let you know next year though! 😁).
But no harm in trying, right!?

 

[22tarush]

best way IMO is to calculate the total bill apid by you.
for eg - Jan + Feb + Mar and so on and see what the total comes out to be.

Secondly, whenever the Fee waiver criteria is met, they'll send you an email/sms.

 

[Wealth is my birth right!]

best way IMO is to calculate the total bill apid by you.
for eg - Jan + Feb + Mar and so on and see what the total comes out to be.

Secondly, whenever the Fee waiver criteria is met, they'll send you an email/sms.

Oh good to hear so if someone spend 2lakh in cash back card will they get sms for next yr charges

 

[sasha]

Tried ILA it didn't calculate reversals.
How to check annual spends with Axis?

 

[22tarush]

Oh good to hear so if someone spend 2lakh in cash back card will they get sms for next yr charges

On my other SBI Card i got the SMS and mail when the criteria was met, same with Axis, HDFC and Citi card.
So SBI Cashback card should send the message too.