Chip Lupo, Credit Card Writer
@CLoop
You can get a credit card retention offer by contacting your credit card issuer’s customer service department, letting them know that you’re considering closing your account, and asking about any retention offers if the representative doesn’t make you an offer first. It may not work, but it’s worth a try. More than 3 of 4 people who’ve asked a credit card company to improve their account terms or risk losing them as a customer have been successful, according to WalletHub’s most recent credit card customer service survey.
Credit card retention offers are incentives that credit card issuers may have available to persuade existing customers to keep their accounts open. These offers might include bonus points, statement credits, waived annual fees, or reduced APRs. Not all issuers have retention offers, and those that do tend not to publicly disclose details regarding their policies.
How to Get a Credit Card Retention Offer
1. Contact the issuer’s customer service department.
Calling customer service is the most common approach when requesting a retention offer, as you’ll be speaking with a representative, which could make it easier to negotiate.
2. State your intention to close your account.
Emphasize the reason(s) you’re planning on closing the account. For example, the card’s annual fee may be up for renewal, and you’re not sure you want to pay to keep the card for another year. Or maybe you found another card with better rewards, a lower interest rate, or a higher credit limit.
3. Discuss possible retention offers.
The customer service rep may transfer you to the issuer’s dedicated retention line, if there is one, or they may present you with an offer to keep your account open. If there is no offer, request one yourself, preferably one favorable to your situation, such as a statement credit, a reduced APR, bonus points, or a lower annual fee.
Amex Reportedly Has the Best Credit Card Retention Offers
Online credit card forums suggest that American Express has the most generous credit card retention offers with a variety of incentives, including statement credits, bonus Membership Rewards® Points, or other incentives. Citi is also known to give out solid retention bonuses, often in the form of bonus points or statement credits. Issuers such as Chase rarely offers retention bonuses, but may occasionally award a statement credit.
If there is no retention offer or if the proposed offer is not what you’re looking for, be prepared to close the account. Try to bring the account to a $0 balance before you close it, as interest will still accumulate until the balance is paid off. Also, any unredeemed rewards will expire once the account is closed, so be sure to use them beforehand.
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