![]() ![]() 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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