Annual payment fee

calseymoneyspmrtforum

Hello All, I have a Capital one credit card. I noticed on my last statement that I was charged £18 for an annual membership fee. I have had this credit card for several years and I will be honest this is the first time I have noticed the charge lol.


I don't remember when I first signed the terms and conditions whether the annual membership fee was part of the agreement or not. Anyhow, my question is can this membership can be cancelled? Or, is it just a standard charge that all credit cards use and I have to pay it? Thanks

[Deleted User]

You can cancel the card. Most cards don't have annual fees.

calseymoneyspmrtforum

Deleted_User wrote: »

You can cancel the card. Most cards don't have annual fees.

Thanks zx81. I just want to cancel the membership fee not the card itself. So, if I contact Capital one and ask to cancel the membership fee it shouldn't be a problem no?

nomoneytoday

One way to find out

molerat

Some Cap1cards come with the fee and offer benefits in exchange. You will probably need to cancel the card or swap for a fee free one which will not carry the benefits.

Nick_C

I have a Cap One card with the £18 annual fee. The annual fee is paid on the anniversary of the account being opened. There is also a £10 annual cashback bonus paid in January, which effectively brings the fee down to £8 a year.

My card gives me 1% cashback on everything I spend. That is well worth the £8 fee for me.