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Calling Creditors for retention bonuses

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IWOL
Established Contributor

Calling Creditors for retention bonuses

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.


Message 1 of 15
14 REPLIES 14
heyarrnold
Valued Contributor

Re: Calling Creditors for retention bonuses

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

Message 2 of 15
longtimelurker
Epic Contributor

Re: Calling Creditors for retention bonuses


@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)

Message 3 of 15
longtimelurker
Epic Contributor

Re: Calling Creditors for retention bonuses

I see heyarnold suggests the opposite.  I think that's fine if you don't mind possibly losing the card.

Message 4 of 15
B335is
Moderator Emeritus

Re: Calling Creditors for retention bonuses

Citi usually has the best retention offers. As others have said just tell them you want to cancel. Amex will either offer something or more likely, won't. BoA has never offered me a retention bonus but I've only closed one Alaska card (which was done to open a Virgin Atlantic card). Comenity will just close the acct, their CSRs don't know the definition of retention.
Message 5 of 15
heyarrnold
Valued Contributor

Re: Calling Creditors for retention bonuses


@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 Smiley Happy

Message 6 of 15
SecretAzure
Valued Contributor

Re: Calling Creditors for retention bonuses

See below link for the bonuses many of us are getting from Barclays, we presume these to be retention offers.

 

http://ficoforums.myfico.com/t5/Credit-Card-Applications/The-BarclayCard-CLI-Soft-Pull-thread/td-p/3...

 

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.

"Show your thanks with action! Hit the "Kudos" button (the stripe with the star) for every post you find helpful to show your appreciation to the community of great individuals who help you on these forums" -Me

Active Cards: Chevron Texaco, Amex BCE, Barclays Ring, Chase Freedom, Chase Freedom Unlimited, Best Buy Visa, Marvel MCMust garden until 2/1/2022 to hit my goal AAOA. Smiley Indifferent
Message 7 of 15
IWOL
Established Contributor

Re: Calling Creditors for retention bonuses

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.

 

 


Message 8 of 15
SecretAzure
Valued Contributor

Re: Calling Creditors for retention bonuses


@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!

"Show your thanks with action! Hit the "Kudos" button (the stripe with the star) for every post you find helpful to show your appreciation to the community of great individuals who help you on these forums" -Me

Active Cards: Chevron Texaco, Amex BCE, Barclays Ring, Chase Freedom, Chase Freedom Unlimited, Best Buy Visa, Marvel MCMust garden until 2/1/2022 to hit my goal AAOA. Smiley Indifferent
Message 9 of 15
Anonymous
Not applicable

Re: Calling Creditors for retention bonuses


@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!

Message 10 of 15
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