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Ive been reading lately about calling creditors to try and get retention bonuses soon after an annual fee has posted.
Wondering if this is something some of you do annully when your annual fees come up for renewal?
When you call can you just say " i noticed my annual fee was just billed and I was wondering if I have any retention offers on my account" or is it better to say something along the lines of " im thinking about canelling my card as the annual fee no longer makes finacial sense, can you offer me any incentives to keep the card open?"
I have alot of cards with annual fees that I put alot of usage on so was thinking about making the rounds with them today to see what retention offers I might get.
I know from reading the Arrival card seems to be dificult to get any offers on but I want to try with my United ME as well as my PRG.
You have to say that you want to cancel the account. They will ask why, and say that your annual fee just hit or is about to hit and that you are not desiring to keep the account open as you cannot justify the annual fee. Something around those lines. I have always gotten my AF waived or I have received a point/statement credit bonus for all of my cards but the Arrival + or CSP
@IWOL wrote:Ive been reading lately about calling creditors to try and get retention bonuses soon after an annual fee has posted.
Wondering if this is something some of you do annully when your annual fees come up for renewal?
When you call can you just say " i noticed my annual fee was just billed and I was wondering if I have any retention offers on my account" or is it better to say something along the lines of " im thinking about canelling my card as the annual fee no longer makes finacial sense, can you offer me any incentives to keep the card open?"
I have alot of cards with annual fees that I put alot of usage on so was thinking about making the rounds with them today to see what retention offers I might get.
I know from reading the Arrival card seems to be dificult to get any offers on but I want to try with my United ME as well as my PRG.
Flyertakj has threads on current retention offers (including nothing) for various cards, so good place to look.
Exactly what you say partially depends on if you really want to keep the card if they don't offer anything. Numerous cases where people have said something like "I am thinking of cancelling" and then find the CSR just cancels the card, so some recommend your second version. Or even more vague, "I'm not sure that the annual fee is worth it for me, is there anything that can be done"
Certainly varies with the card, your record with the lender and probably the CSR. Many say that they have never paid an AF on the cheaper Citi AA cards by phoning each year. And some cards it's almost impossible to get the fee waived, but you might get a fairly unattractive spending offer (X points if you spend Y in the next three months)
I see heyarnold suggests the opposite. I think that's fine if you don't mind possibly losing the card.
@longtimelurker wrote:I see heyarnold suggests the opposite. I think that's fine if you don't mind possibly losing the card.
Yeah, I haven't come across a situation where a CSR closed the account. They have always asked why and then they offer something or transfer me over to the retention the department. At least that's from my experience. Either way should work for most cards
See below link for the bonuses many of us are getting from Barclays, we presume these to be retention offers.
People have been receiving all sorts of things. Lower APR's, CLI, temporary reduction in APR (almost as if they had just gotten the card new), and PC's...all with soft pulls.
Thank you for the tips.
Just got off the phone with Chase and I was able to get a $100 statement credit on my United Explorer card to offset the $95 annual fee. One down 5 more to go.
@IWOL wrote:Thank you for the tips.
Just got off the phone with Chase and I was able to get a $100 statement credit on my United Explorer card to offset the $95 annual fee. One down 5 more to go.
Good luck! This sounds like fun!
@IWOL wrote:Thank you for the tips.
Just got off the phone with Chase and I was able to get a $100 statement credit on my United Explorer card to offset the $95 annual fee. One down 5 more to go.
Good job! Keep going!