Called Chase About CSP Retention Offer...

yowhatimean · ‎01-04-2018

So my AF on my CSP just came up, so I called the number on the back of the card to see about retention offers. I called them to tell them that I'm not using the card as much as I would like and was wondering if they would waive the fee so that I could continue keeping the card. She said I had a couple of options. The first one being, that I could PC to a regular Sapphire and second would be to just cancel the card. She said that sometimes they offer $60 account credits, but there was nothing showing up on my account at this time as it is done through marketing to post the retention offers. They normally don't waive the entire $95 fee she said. She then went on to talk about the benefits of the card and what not. So I told her I would think about it and left the conversation at that. I guess it's time to try HUCA. Anyone have any advice on getting a retention offer or when to call back and see if a different rep could help me out better?

1st year anniversary, 10k yearly spend.

Anonymous · ‎01-04-2018

HUCA for sure. Lots of data points as recent as 11/17 on $60 offer being made.

longtimelurker · ‎01-04-2018

@yowhatimean wrote:
So my AF on my CSP just came up, so I called the number on the back of the card to see about retention offers. I called them to tell them that I'm not using the card as much as I would like and was wondering if they would waive the fee so that I could continue keeping the card. She said I had a couple of options. The first one being, that I could PC to a regular Sapphire and second would be to just cancel the card. She said that sometimes they offer $60 account credits, but there was nothing showing up on my account at this time as it is done through marketing to post the retention offers. They normally don't waive the entire $95 fee she said. She then went on to talk about the benefits of the card and what not. So I told her I would think about it and left the conversation at that. I guess it's time to try HUCA. Anyone have any advice on getting a retention offer or when to call back and see if a different rep could help me out better?

1st year anniversary, 10k yearly spend.

Historically, Chase has been pretty unwilling to give retention offers on the CSP (I thought that might change with the introduction of the CSR, but maybe not). So you can certainly try again, but a) they may have kept a record of your call, and b) IMO, unlikely to work.

ETA: I'll defer to the ABCDs comment, if they are frequently giving $60, worth a try, if you think keeping the card is worth $35....

CreditCuriosity · ‎01-04-2018

Doubt you will get an offer to be honest at 10k spend. That isn't much on the CSP in Chase's eyes. You certainly can keep trying though. Best of luck

Anonymous · ‎01-04-2018

@CreditCuriousity wrote:
Doubt you will get an offer to be honest at 10k spend. That isn't much on the CSP in Chase's eyes. You certainly can keep trying though. Best of luck

Good point. $10k annually is just $833 per month.

No AF the first year means Chase may have made a whopping $200 on swipe fees in a year. OP probably got the SUB worth $625 in travel, and if they spent $10k entirely on travel they also got $250 in travel rewards plus the cost of whatever other perks used. Assume they got $1000 in benefits on the card and paid $0 AF and made Chase maybe $200 in swipe fees earned for a net loss of $800 for the year.

I'd also assume denial on any retention offers. For Chase to profit in the next calendar year, OP would likely need to spend more than $10K even with the $95 AF and no comparable SUB in year two.

yowhatimean · ‎01-04-2018

@Anonymous wrote:
@CreditCuriousity wrote:
Doubt you will get an offer to be honest at 10k spend. That isn't much on the CSP in Chase's eyes. You certainly can keep trying though. Best of luck
Good point. $10k annually is just $833 per month.

No AF the first year means Chase may have made a whopping $200 on swipe fees in a year. OP probably got the SUB worth $625 in travel, and if they spent $10k entirely on travel they also got $250 in travel rewards plus the cost of whatever other perks used. Assume they got $1000 in benefits on the card and paid $0 AF and made Chase maybe $200 in swipe fees earned for a net loss of $800 for the year.

I'd also assume denial on any retention offers. For Chase to profit in the next calendar year, OP would likely need to spend more than $10K even with the $95 AF and no comparable SUB in year two.

I actually spend a lot more with the CFU then any other card I have. Was hoping to keep the CSP to take advantage of the UR portal since I have a wedding and honeymoon to plan for in the next few months.

EAJuggalo · ‎01-04-2018

Then I'd pay the fee if you have travel plans. I'm thinking about keeping mine after the first year just to keep the rental insurance and the ability to move my UR to Southwest.

EX700 TU 704 EQ 694 4/03/22
Cap1 QS-$4,500 Chase Freedom Flex- $800 Chase Freedom Unlimited- $1,000 Victoria's Secret- $1,200 Citi DC- $800 Amazon Store Card- $3,500 AMEX Hilton Honors-$1,000 Discover It-$1,000 Wal-Mart MC $290 Chase Sapphire Preferred-$5,000 NFCU Flagship $13,800 AMEX BCE-$1,000 AMEX Gold-$5,000 AMEX Delta Blue $1,000 Lowe's $5,000 Navy Platinum $17,000 AMEX BBP $2,000

Anonymous · ‎01-05-2018

@yowhatimean wrote:
I actually spend a lot more with the CFU then any other card I have. Was hoping to keep the CSP to take advantage of the UR portal since I have a wedding and honeymoon to plan for in the next few months.

Seems like you just need to "do the math" then and see.

CSP redemption of URs = +25% more than FU/F alone. CSP AF = $95, right?

So FU = 1.5% but redeemed for travel w/ CSP = 1.875%.

$95 / 0.0025 = $38,000 in spend on the FU or ~$3200 per month to cover the AF on the CSP straight, but if you buy ANY travel/dining, then the 2%->2.5% CSP will redeem the AF at a lower spend level based on your expected travel/dining purchases.

So take your expected dining/travel spend for the next 12 months (2.5% in travel rewards versus 1.875% in FU travel rewards spend = 0.625% more on CSP) to figure into it.

Anonymous · ‎01-05-2018

I agree that $10K just isn't enough to waive the annual fee. Based on what you wrote I'd just cancel.

yowhatimean · ‎01-06-2018

@Anonymous wrote:
@yowhatimean wrote:
I actually spend a lot more with the CFU then any other card I have. Was hoping to keep the CSP to take advantage of the UR portal since I have a wedding and honeymoon to plan for in the next few months.
Seems like you just need to "do the math" then and see.

CSP redemption of URs = +25% more than FU/F alone. CSP AF = $95, right?

So FU = 1.5% but redeemed for travel w/ CSP = 1.875%.

$95 / 0.0025 = $38,000 in spend on the FU or ~$3200 per month to cover the AF on the CSP straight, but if you buy ANY travel/dining, then the 2%->2.5% CSP will redeem the AF at a lower spend level based on your expected travel/dining purchases.

So take your expected dining/travel spend for the next 12 months (2.5% in travel rewards versus 1.875% in FU travel rewards spend = 0.625% more on CSP) to figure into it.

Thanks so much for showing the math for me. It seems to make sense to me. It looks like I'm at about the breaking even point. I will probably just hang on to the card for another year then have my fiancee sign up for it, get the referral bonus and the new sign up bonus. I did try calling up again yesterday only to be told there are no offers available on my account.