Threatening CC company for CLI

[chnceit]

I have never done it because they might just say one second please and close the account. 

[Volpes]

True

If you are in my position, you honestly would not loose sleep over closing that particular CC, I suppose its not a bad thought. Just be polite. . .

[Brusilov]

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@Kutuzov wrote:

I did with Cap1, I call and went directly to the cancelation dpt, I told the rep to cancel and explained my CL was not goot (500) and no rewards, he told me how he could make me a happy customer I told him I wanted rewards and a CLI of at least 1k, they denied so I cancel.

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Didn't you try the "Modify Your Features" option?

....  I kid, I kid.

[longtimelurker]

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@Volpes wrote:

True

If you are in my position, you honestly would not loose sleep over closing that particular CC, I suppose its not a bad thought. Just be polite. . .

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Yes.   I think perhaps "threaten" is the wrong word, more "I've been reviewing my credit cards and the CL/APR/rewards on your card are really.....   Is there a way to fix this as otherwise I can't justify keeping this card open."   (Possibly too weak for US people, my wife thinks my UK background makes me over-polite in these situations!)

I've done it over an APR with Citi, and they happily closed my card, Barclays over CL and conversion to World and they closed the card, but has worked with rewards and CL on Capital One (EO) and Citi over an AF.

But the basic rule is be prepared for them to close unless you know you are especially valuable to them.  In the Barclays and Citi case I had planned to close anyway, so no great loss.

I have also asked to cancel various cards (Chase, Barclays) hoping for a retention offer and getting closed, so the same rule applies there.

[FinStar]

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@navigatethis12 wrote:

Depending on how much money they are making off of you, they may not care. If they are only making $100 off of you they won't try to keep you. I know you can argue that you don't spend more because the limit is low, but that won't change their mind. What is the reason for not getting an increase? Whatever the reasons are, fix them and they will give you the increase. Threatening won't cause them to throw their policies out of the window and it may get your account closed before you know it.

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+1

Any more these days, CC lenders have profitability models available to their fingertip that provides a "walk away" scenario based on your account relationship.  Hence why a variety of lenders will not hesitate to close the account, regardless of "threat".  If you are about building "relationships" and understand how to make them work, then it should be no issue in getting the lender to understand your needs and determine what is feasible.

[darkpearl]

I threatened to close my US Bank card when I applied for the Cash+ with >700 score and got the flexperks card instead. Totally worked, they switched the card after it had been open for a month. But I was definitely pissed enough to close the card if they would not switch it.

[FinStar]

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@darkpearl wrote:

I threatened to close my US Bank card when I applied for the Cash+ with >700 score and got the flexperks card instead. Totally worked, they switched the card after it had been open for a month. But I was definitely pissed enough to close the card if they would not switch it.

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While that may have worked for you, we're talking about the general consensus.  Some lenders have leeway in specific scenarios and everyone's experience will differ and it really depends whether the consumer is also willing to work with the lender - it's a two way street.

[myjourney]

Interesting thread

[Open123]

This would work if your tagged as a highl profitable customers, but would otherwise result in an instant account closure.  Never threaten unless you stand prepared to follow through.

Nothing more pathetic than "the boy who cried wolf" syndrome.

[FinStar]

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@Open123 wrote:

This would work if your tagged as a highl profitable customers, but would otherwise result in an instant account closure.  Never threaten unless you stand prepared to follow through.

Nothing more pathetic than "the boy who cried wolf" syndrome.

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+1

Exactly.