I have a couple of credit cards that I don’t use but rather keep for emergency times. One of the cards belongs to the bank where I also keep my personal account. While checking my personal account online, I saw that this credit card was charged $60 and when I looked at the activity I noticed that the 60$ were charged as the annual fee for the card.
Last year I used that card quite frequently since I was able to save miles with Lufthansa, the German airline and the annual fee was justified but ever since they discontinued this service I didn’t use the card again. So when I noticed the annual fee I decided to call the bank, cancel the card and ask for a refund.
Rather than procrastinating this phone call I took care of it immediately and I was really surprised when I heard the bank representative say, “Oh I am sorry but this credit card doesn’t charge an annual fee. I will immediately refund the amount to you.”
Wow, if I hadn’t noticed the charge and called the bank, I would have been required to pay an annual fee that wasn’t even justified.
How often does it happen to you that you don’t check your bank or credit card statement but just pay the amount requested? Go through your accounts – whether they are credit card accounts, insurance accounts, utility accounts, investment accounts etc and take a look at the fees that you are constantly charged. I am sure there are institutes that overcharge you without correcting it.
I saved $60 by making a 5-minute phone call. Another way of getting financially ahead.
Iris Grimm
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