Which Bank Accounts Waive Credit Card Fees?

Big banks like to encourage you to do more business with them. Whether it’s more products, more expensive products, or more deposits, they want more, more, more, to earn your loyalty and dependence.

As consumers in our own pursuit of more, we can benefit from this integration ourselves. The more you put into a bank, the more awards you can get out – the trick is making sure you’re still getting ahead as you increase your commitment.

Indeed, following this “pay-to-play” model, many of the best credit card bonuses come with the highest cardholder fees. As premium credit cards form the backbone of a strong Miles & Points strategy, annual fees are a necessary evil, and it’s well worth minimizing them by any means possible.

One key way to do so is by opening a premium bank account at the same institution that issues the credit card, many of which provide an annual fee rebate for one card at the popular Visa Infinite or Mastercard World Elite tiers. Let’s see how we can use these accounts to boost our credit card gains.

All About Premium Bank Accounts

Every big bank offers a package of perks to its premium clients. Top-tier chequing accounts come with a suite of benefits, such as unlimited free transactions, ATM withdrawals, cheques, money orders, bank drafts, or even a safety deposit box.

Some clients will see real value in these features and choose premium banking irrespective of the credit card angle.

What’s the appeal for travellers?

Even if you have no need for the other features of a premium banking package, credit card enthusiasts may find enough value in the annual fee waiver alone. In particular, this is valuable as you seek to decrease the associated costs for any cards you plan on keeping long-term.

After all, First Year Free isn’t forever, and there are more considerations to keep in mind than merely a welcome bonus.

Avid travellers can rely on their credit cards for travel insurance. If you book a trip far in advance, you want to ensure that you’ll hold the card you booked with through the duration of the trip, so that the insurance remains valid. It’s wise to designate a keeper card for this purpose.

Also, it’s good for your credit file to keep your oldest cards open, even if they don’t give you much everyday value anymore. If any of these are premium cards which you can’t or don’t want to downgrade, you can eliminate the annual fee while…