![]() For other cards, a front-line customer service representative might be able to help you. With Amex, you can also use the chat feature online or on the mobile app. Some, like American Express, have a dedicated retention department to which you can ask to be transferred. Instead of saying, “I’d like to close my credit card” and hoping the agent makes you an offer, you need to say, “I’m considering closing my card,” or, “I’m not sure I want to keep paying the annual fee on my card.” I’ve heard horror stories of people who said they wanted to close their card and the automated system shuttered the account before they could ever speak to a human being about it.Įach issuer handles retention offers differently. With more companies using automated phone systems, how you phrase your request is very important. Related reading: My Amex Platinum retention bonus: 20,000 Membership Rewards points It’s true that you’ll generally have the most success asking for a retention offer right around the time your annual fee posts (since that’s when many people decide to cancel a card), but you can try your luck at any time. One common misconception about retention offers is that you can only get them if you’re trying to close a card. ![]() (Photo by Tashdique Mehtaj Ahmed/Getty Images) How to ask for a retention offer While you’re not guaranteed to get a retention offer just because you ask for one, it’s not uncommon to receive one when you know how to do it.Ĭard issuers sometimes offer certain incentives to keep a customer, especially on cards with high annual fees. One TPG reader told us they were able to get an offer for $95 credit after spending $95 on the Citi Premier® Card (see rates and fees). ![]() These offers can take the form of bonus points, statement credits or even reductions or outright waivers of an annual fee - anything that helps persuade you to keep the card open (and, in the issuer’s eyes, keep spending on the card).įor example, multiple cardholders of The Platinum Card® from American Express have reported the $695 annual fee (see rates and fees) being partially waived with a statement credit, or they were offered a points bonus when they call to tell a representative that they are considering canceling. ![]() So some (but not all) issuers will extend targeted retention offers to encourage customers to keep a card open longer. If you close your card after only a year or two - especially if you aren't using it regularly - the issuer will likely lose money on you. Once a credit card issuer has spent hundreds of dollars (with a welcome bonus in cash back, points or miles) to entice you to open a card, it needs to find a way to recoup that investment. New to The Points Guy? Want to learn more about credit card points and miles? Sign up for our daily newsletter. Here's what you need to know about these valuable incentives to hold onto your top credit cards. However, before you make a final decision to cancel or downgrade as your card renewal approaches, you should talk to a customer representative to see if you can score a retention offer that makes the card worth keeping for another year. If you’re paying an annual fee, a card that you no longer use may not be worth keeping. And, other times, bonus categories can become less (or more) valuable if there’s a shift in your spending habits. Sometimes, cards you may have opened for specific benefits stop being useful. It’s wise to periodically take a look at the credit cards you hold and gauge the value they provide. Editor’s note: This is a recurring post, regularly updated with new information. ![]()
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