Non-renewal of credit card

Last year, my bank charged me $700 as annual fee for the renewal of the credit card. This was the first time that the annual fee was imposed, as I was given the free use of the credit card for the previous years. They bank did not notify me in advance of this fee. I could have easily overlooked it in my statement.

I telephoned the hotline of the bank. Before I could ask about the annual fee, the bank officer offered to waive the fee and to restore the forfeited points, as he noted that I had used the credit card extensively for my payments (for which the bank did earn a commission). I thanked him for the kindness.

As the year is ending, I have just faxed this letter to the bank:

"I wish to inform you that I do not wish to renew my credit card on its expiry. Please acknowledge this instruction by reply to me at kinlian@gmail.com. I thank you for the wonderful service that you had rendered to me for the past years."

I feel that it is dishonest for the bank to try to levy a hefty annual fee, without getting the prior agreement of the customer.

Tan Kin Lian