[Credit Card] Annual Fee: To pay or not to pay?

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Just got off a happy call with American Express staffs (Best customer service in my opinion across all banks.) over my American Express Platinum Credit Card annual fee and decided to close it as annual fee benefit is not fantastic. (25,000 points which converts to 13,500 miles for SG$321. Earn rate? 42.056 miles per SG$1.) By closing this credit card, I can consolidate my split credit limit to my American Express Singapore Airlines KrisFlyer Gold Credit Card (When you have 2 credit cards with American Express, they split up your total credit limit among 2 credit cards and is not shared like other banks.) and this credit card has also helped me waived off annual fee for my American Express Singapore Airlines KrisFlyer Gold Credit Card. Besides that, I can always wait 6 months to get this credit card again for free.

Amex Platinum

Bye Ameican Express Platinum Credit Card! See you again in 6 months time!

So you may ask this golden question on which credit card should you be paying annual fee for? In my current credit card arsenal, there are 3 credit cards that I will pay annual fee for:

PremierMiles

Citibank PremierMiles Visa Signature Credit Card

Altitude Visa

DBS Altitude Visa Signature Credit Card

Altitude Amex

DBS Altitude American Express Credit Card

These 3 credit cards charge an annual fee of SG$192.60 and give you 10,000 miles each. (Earn rate of 51.92 miles per SG$1. Versus SG$321 for 13,500 miles for American Express Platinum Credit Card. Why should I pay SG$128.40 more for 3,500 miles? That is too little.) By combining these 3 credit cards together, you earn 30,000 miles which is sufficient for return economy saver redemption on Singapore Airlines for Taipei.

Below is a table to summarize how easy or difficult it is to get your credit card annual fee waived based on my understanding and experience.

Bank Note
UOB
  • Easiest to get credit card annual fee waiver.
  • Punch in credit card number over voice system to get instant decision. (Update 5 March 2016: No longer an instant decision over system. Need to talk to staff over phone.)
  • Low or no usage requirement for credit card annual fee waiver.
Citibank
  • Easy to get credit card annual fee waiver.
  • Speak to staff over phone for instant decision.
  • Low or no usage requirement for credit card annual fee waiver.
DBS
  • Easy to get credit card annual fee waiver.
  • Speak to staff over phone for instant decision.
  • Low or no usage requirement for credit card annual fee waiver.
Standard Chartered
  • Easy to get credit card annual fee waiver.
  • Speak to staff over phone for instant decision.
  • Low or no usage requirement for credit card annual fee waiver.
American Express
  • Not so easy to get credit card annual fee waiver.
  • Speak to staff over phone for instant decision and options.
  • Usage requirement for credit card annual fee waiver.
OCBC
  • Damn difficult to get credit card annual fee waiver.
  • Take damn long to be able to reach a staff over phone for discussion.
  • SG$5,000 annual usage requirement for credit card annual fee waiver.
  • Inconsistency: Heard some of my friends getting credit card annual fee waived by OCBC even though they never use their OCBC credit card at all.

Disclaimer: Use credit card responsibly.