Which Banks Are Most Likely to Waive Credit Card Annual Fees?

Which Banks Are Most Likely to Waive ?

Introduction

Credit card annual fees can be frustrating.

You may like the card, but not enough to pay $95, $250, $550, or more every year. So the obvious question is:

Which banks are most likely to waive credit card annual fees?

The honest answer is: there is no guaranteed public ranking. Banks usually do not publish exact annual-fee waiver approval rates. But based on common retention-offer behavior, relationship banking programs, no-annual-fee card options, and issuer flexibility, some banks are generally better targets than others.

The banks most commonly worth trying first are:

1. Citi
2. Bank of America
3. Wells Fargo
4. Chase
5. U.S. Bank
6. American Express

But the outcome depends on your card, spending history, customer relationship, payment record, and whether the issuer has retention offers available.

But for a detailed information on Credit Card Annual Fees read 7 Best No Annual Fee Credit Cards 2026

Experian explains that you may be able to get a credit card annual fee waived by contacting your issuer and asking for an annual fee waiver or retention offer. It also recommends calling before the annual fee posts or shortly after it appears.

1. Citi

Citi is often one of the better issuers to call for a retention offer or annual fee adjustment.

Why Citi is worth trying:

• Citi has a history of retention-style offers on some cards.
• Citi offers multiple card products, including no-annual-fee options.
• Citi may allow product changes on eligible accounts.
• Citi has relationship banking tiers like Citigold and Citi Priority, where certain banking fees may be waived, though those waivers are not automatically the same as credit card annual fee waivers.

What to ask Citi:

“I’m reviewing whether this card is worth keeping. Are there any retention offers, statement credits, or annual fee waivers available on my account?”

If Citi will not waive the fee, ask about:

• Statement credit
• Bonus points
• Product change to a no-annual-fee Citi card
• Downgrade option

2. Bank of America

Bank of America can be worth trying because it has strong relationship-banking incentives.

Its Preferred Rewards ecosystem can make certain Bank of America credit cards more valuable through rewards bonuses, depending on qualifying balances. Kiplinger notes that Bank of America Preferred Rewards can provide up to a 75% bonus on card rewards based on combined Bank of America and Merrill balances.

That does not mean Bank of America automatically waives every annual fee. It means customers with broader banking relationships may have more leverage when asking for account concessions or card alternatives.

What to ask Bank of America:

“I’m considering closing or downgrading this card because of the annual fee. Are there any fee waivers, retention offers, or no-annual-fee product change options available?”

Bank of America may be a strong option if:

• You already bank with them
• You have Merrill balances
• You qualify for Preferred Rewards
• You want to downgrade instead of cancel

3. Wells Fargo

Wells Fargo is useful because it offers a visible lineup of no annual fee credit cards, including cash back, travel, and balance transfer options.

That matters because even if Wells Fargo does not waive your annual fee, it may offer a path to a no-fee card product instead.

Wells Fargo may be a good target if:

• You want a no-annual-fee alternative
• You already have a banking relationship
• You want to keep account history without paying a fee
• You are willing to product change instead of cancel

What to ask:

“Can I move this account to a no-annual-fee Wells Fargo card instead of closing it?”

This is important because a product change may help you avoid the annual fee while keeping the account open.

4. Chase

Chase is worth calling, especially on travel and rewards cards, but fee waivers are not guaranteed.

Chase often works better for:

• Retention offers
• Bonus points
• Statement credits
• Product changes
• Downgrades to no-annual-fee cards

For example, some Chase card families have no-annual-fee downgrade paths. A downgrade may be more realistic than a direct annual-fee waiver.

What to ask Chase:

“Are there any retention offers available, or can I downgrade this card to a no-annual-fee version?”

Chase can be strict, so do not assume the first representative will offer the best option. If the card’s annual fee recently posted, call promptly and ask what choices are available.

5. U.S. Bank

U.S. Bank can be useful because it has both rewards cards and relationship-based programs.

Kiplinger notes that U.S. Bank Smartly can provide up to 4% cash back for customers with qualifying account balances over $100,000.

That is not the same as a universal annual fee waiver, but it shows how some banks reward broader customer relationships. If you already have deposits, investments, or multiple products with U.S. Bank, you may have more reason to ask for a retention review.

Ask:

“Based on my relationship with U.S. Bank, are there any annual fee waivers, retention credits, or product change options available?”

6. American Express

American Express is well known for retention offers, but direct annual fee waivers can be inconsistent.

Amex may offer:

• Statement credits
• Bonus Membership Rewards points
• Spending-based retention offers
• Downgrade paths on some cards
• Military annual fee benefits for eligible servicemembers

For premium cards, Amex may prefer offering credits or points instead of simply removing the fee.

Ask:

“Are there any retention offers available to help offset the annual fee?”

Do not frame the call as begging. Frame it as a value review.

Special Case: Active-Duty Military

If you are active-duty military or an eligible military spouse, annual fee waivers may be much stronger because of issuer policies connected to SCRA and MLA protections.

A 2025 Military Money Manual guide lists Amex, Chase, Citi, U.S. Bank, and Bank of America among issuers that waive credit card annual fees to $0 for active-duty servicemembers and military spouses.

This is a special category. It does not apply to everyone, but if you qualify, ask the issuer directly about military benefits.

Best Banks to Try First

Based on practical likelihood and flexibility, try in this order:

1. Citi — strong retention-offer target
2. Bank of America — good if you have relationship banking or Merrill balances
3. Wells Fargo — useful for no-annual-fee product change options
4. Chase — good for retention offers or downgrade paths
5. U.S. Bank — stronger if you have broader banking relationship
6. American Express — strong for retention credits or points, less predictable for direct waivers

The cleanest answer: Citi, Bank of America, and Wells Fargo are probably the first three to try, but “most likely” is not guaranteed.

What Makes a Bank More Likely to Waive the Fee?

Your chances improve if:

• You pay on time
• You use the card regularly
• You have good credit
• You have other accounts with the bank
• You have had the card for years
• You are willing to downgrade instead of cancel
• The annual fee recently posted
• You have not asked for too many concessions recently
• You can point to lower-cost competing cards

Retention offers vary. WalletHub notes that retention offers may include bonus points, statement credits, waived annual fees, or reduced APRs, but not all issuers have retention offers and issuers often do not publicly disclose their policies.

What to Say When You Call

Use this script:

“Hi, I’m reviewing whether to keep this card because the annual fee is coming up. I like the card, but I’m not sure the benefits justify the cost this year. Are there any retention offers, statement credits, bonus points, or annual fee waivers available on my account?”

If they say no, ask:

“Is there a no-annual-fee product I can switch to while keeping the account open?”

If they still say no:

“If I close or downgrade, will the annual fee be refunded or prorated?”

Stay calm. Do not threaten aggressively. The goal is to sound like a valuable customer reviewing options.

When a Waiver Is Unlikely

A bank may refuse if:

• The card is new
• You barely use the card
• You have missed payments
• You recently received a retention offer
• The card has strong built-in benefits
• The issuer does not offer fee waivers for that product
• You are asking too long after the fee posted

In that case, consider a product change to a no-annual-fee card.

Bankrate notes that no-annual-fee cards can be paired with other reward cards, and some issuers allow reward combining within the same issuer ecosystem.

Conclusion

The banks most likely to waive or offset credit card annual fees are usually the ones with strong retention departments, relationship banking programs, or no-annual-fee downgrade options.

Start with Citi, Bank of America, and Wells Fargo. Then try Chase, U.S. Bank, and American Express depending on your card and customer relationship.

But do not assume a waiver is guaranteed.

Ask for a retention offer. Ask for a statement credit. Ask for bonus points. Ask for a no-annual-fee product change.

The strongest move is not simply getting the fee waived. It is keeping the value of the account while avoiding a fee that no longer makes sense.

Want the exact script to call your bank and get your annual fee waived? I Will Teach You To Be Rich by
Ramit Sethi includes word-for-word phone scripts for negotiating with banks and it works.