@wasCB14 wrote:
@jdbkiang wrote:A savvy cardholder or MF'er, knowing this, could simply concoct whatever reason to close the card. I'm not implying that the question should remain unanswered to drag the call out. Just say, "Oh, my new AODFCU card has a 7.49% APR, why is my CSR 18.49%? And all this with a $550 AF? Please close the card." The CSR can't access any offers until after they begin closing the card, so as much as they can spend their time talking about the new Doordash credit, they can't change your AF, so they'll just be like, "Oh, well, let me close the card and see if I can find any offers for you." That's all that needs to happen. Your card gets closed, fine. Call back later and reopen it. Your card has some offers, go ahead and take them. Fairly simple.
If you think you've found a loophole, try it out. The details of any change will need time and guinea pigs to become clear. But if you complain about the APR (instead of the AF, lost perks, or nerfed rewards), they might give you 6.99% for 6 months or something like that...not very useful for a PIFer who really just wants points or cash.
I can't do much with my Chase cards. I made my CSR a second Freedom, so the only two with AFs are closed to new apps and I'm not eager to put them at risk.
I understand this. I've closed exactly one Chase card and, while I would've liked a retention offer, I'm not one to seek them out as a habit. Definitely am not the type to call every quarter looking for an offer, so this doesn't actually affect me too much. I'm simply pointing out that either they won't allow us to un-close our cards anymore, or that this rule change probably won't accomplish much for those savvy cardholders out there who make calling every bank asking for retention offers a quarterly habit (who I assume are the people they're trying to avoid in the first place). The only thing I can think of that would help, is to keep an internal record of the people who called about retention offers in the past. But if they were already doing that, then they could simply stop offering retentions to that group of people. I don't know. Just thinking out loud here.
[2/2019]
I feel like I only barely got approved for my chase cards to begin with, and I'm certainly not making them much money since I don't carry balances on them.
If I tried to get a retention offer for one of my cards, it would likely go something like this:
Me: "I'm thinking about closi..."
Chase: "All your accounts are closed now, have a nice day."
Total Loan Balance: $43k / $65k
Total SL: $78k
@coreysw12 wrote:I feel like I only barely got approved for my chase cards to begin with, and I'm certainly not making them much money since I don't carry balances on them.
If I tried to get a retention offer for one of my cards, it would likely go something like this:
Me: "I'm thinking about closi..."
Chase: "All your accounts are closed now, have a nice day."
Yea some don't realize calling their bluff means opening yourself up to AA actions as well. I've seen too many horror stories to even waste my time trying. Maybe when I'm 48 months out of bonus for the CSR I'll look into sign up offers, but other than that I'll just stay to myself not attracting attention from anyone lol
@Anonymous wrote:
@jdbkiang wrote:
@wasCB14 wrote:
@kdm31091 wrote:
@jdbkiang wrote:Ah. What I meant by "re-open" was that you can "un-close" the card within 30 days of closing. So say I ask for a retention offer, they close the card without offers, I'd be able to call later and un-close/re-open that same card account. So like I said, unless this rule has changed recently, yeah, they might close your card, but you'd be able to undo that within 30 days.
It would be not out of the question for them to refuse to reopen accounts that were closed for "no retention bonus", but who knows.
I don't know what the practices are, but it would kind of defeat the purpose of calling a bluff if the call can itself be called as a bluff.
Customer: Waive my AF or I'll close the card!
Chase: Ha! No retention offer for you, and we just closed your card!
Customer: Ha! I think you really want to keep me as a customer after all!
Chase: Darn it, you're right! Your account is back open.
Customer: Now waive my AF or I'll close the card!
As hilarious as that may sound, Chase has allowed reopening of cards within 30 days for as long as I can remember. Also, there really isn't a way to tell if someone closed the card for no retention offer. You're supposed to act like you want to close it and they're supposed to try to persuade you to stay with the retention offer. If there isn't one, the card is already closed and that's that.
Like I said, I don't know if Chase has changed their un-closing policies, but if not, then this would be rather pointless.
CSRs leave notes about customers. I'm sure a bank as big as Chase has customer relationship management software and every CRM I have ever seen has a place for notes. CSRs get trained to check them or they pop up automatically when an account is pulled up. *cust called looking for retention offer - no offer available, closed card*
When I worked at Comcast, we would leave notes if you were abusive, which let any rep who picked up your call later know not to do a thing for you (and those notes were made permanent so that any time you had an account tied to your social, that note would be there); if someone tried to lie to get a refund for PPV charges, notes were made; customers calling for loyalty (retention) offers were noted what they were offered; etc.
If the bank wants to track it, you can rest assured that they do track it, and they make sure it's done through QA. Not leaving notes on a customer's account was one of the worst things you could do for your QA (we called it CQE - Comcast quality experience) score. It could bring an otherwise perfect call down almost to the level that being rude would have so we all got in the habit of doing our notes real fast.
That said, I don't really see a problem with allowing a customer re-open the card within 30 days and just telling them that next time they cancel, they can't get it back.
I would agree with this observation. As a manager at Verizon, accounts were notated with everything. Serious issues were even highlighted in another color on screen. They were called HOT remarks!!
Then there were FLAGGED accounts. If you were a troublemaker, some customers weren't allowed in stores. Could only deal with phone CS.
I'm sure Chase is notating these retention calls. Alerting reps to frequency of calls and all other account actions.
@sarge12 wrote:
@Anonymous wrote:
@sarge12 wrote:
@woodyman100 wrote:Just read a story about Chase calling your bluff when fishing for retention bonuses.
Basically you can no longer hint at a retention offer.
If you say you might want to cancel then the CSR initiates the action.
If during that process a retention offer pops up then you have the option to accept and keep the card.
Otherwise you are now minus a card.Wait...what? You mean to tell me people have been calling the CSR threatening to close a card, and getting added bonuses similar to a SUB??? How have I not been aware of this? Would a card issuer possibly bribe me in spite of the fact I have never ever paid them 1 cent in interest, or would that be unlikely? Do thay do a hard pull to determine if you are creditworthy enough to wish to retain you? As long as I have been on these boards how in the heck have I been ignorant of another method of getting more cash from the issuers? I thought I was extracting every possible penny. Would the perhaps do that on my 1% cash back cards that have not had any activity in a year? Is it even a little possible to extract 100 bucks from the TD bank card that I have been expecting AA for non-use? As a strict transactor who always pays every card in full, would it be too risky to rock the boat? Need more info, because I have several cards in the proverbial sock drawer that I have been expecting closure of. This thread has definitely gotten my attention.
To answer one of your questions: I don't know how you are not aware of it! (As a side note, anyone who thinks they know all the tricks is probably wrong. Except for me) Flyertalk has subforums dedicated to data points on recent retention offers per card for example.
In general, high spend is the key. But a common example used to be Citi's AA cards, they would nearly always give offers to offset the AF, usually with some spend requirement, spend $100 a month for 6 months and we will give you a bonus 9500 miles or whatever, even on accounts with no spend in the previous year. These things are constantly changing (hence the FT forums!) and what worked for one person might not work for someone with an apparently similar profile.
Perhaps I had heard it before but knew my profile would not qualify. I don't have but 1 card with an AF, the blue cash preferred that AMEX bribed me to upgrade to from blue cash everyday. The bribe was 300 dollars and it increased the grocery rewards to 6%. I think with helping my Sister on some groceries, it is probably getting me more than the 89$ AF in savings from the extra 3%. That would require 3000 dollars a year in groceries to get 180 dollars rewards, because the everyday would get me 90 dollars. It is not a huge difference either way, but the 300 bribe made it a no-brainer. It appears that I would never get a retention bonus, and once trying brought to their attention the fact I have never payed them a penny in interest it might have the opposit effect. In any case with all the SUBS, rewards, and even that 300 buck PC bonus, I am making out like a bandit so perhaps I should fly under the radar. I keep expecting them to tire of paying me so much to use their money interest free anyway. For some time I have gotten at least 3% on everything, 5% on amazon, and 6% on groceries. The HSBC had 12 months at 3% and State Farm has 3% on insurance. Chase Amazon prime and the AMEX blue cash preferred completes that. In 6 months I may take another 3% offer. If I was not disabled and never travel, I would have long ago gotten one of these premium travel cards like the CSR. Now if I could just talk my mortgage holder into taking credit cards I would be set, because that is practically the only thing I don't put on a card. Due to this virus, even my tax office is waiving the convenience fees to pay the property taxes on vehicles.
Re: mortgage. Have you heard about this nifty little service called Plastiq? 
@sarge12 wrote:Heard of it, but the only reason I would pay my mortgage with a credit card is to get rewards. I feel certain that paying plastiq to pay my mortgage will have a fee at least as high as my rewards. It might be good for someone who's objective is to delay a house payment by paying with a credit card, but since plastiq will have to pay the swipe fee, they surely would charge enough of a fee to cover that.
That's what I assumed as well with Plastiq. I haven't looked into it recently, but I recall it charging something like a 3% fee. Assuming it would work for SUBs, the fee for paying my mortgage would be a decent trade-off for a SUB if I wasn't able to obtain it by regular spend. For example, I can't usually hit the $4-5k over 3 months ones unless I have big purchases coming up. I was a little worried about my $4k CSP when I app'd for that, but I made it. Anyway.... doing it just for rewards, I'd either break even on a 3% card or go negative on any other.
