Have you ever had a credit card that you just weren’t sure if you wanted to keep or not? Whether the annual fee was just something that wasn’t that affordable anymore, or you’re not getting value from the benefits, there is one step you should always take before closing any credit card. You should always ask for a retention offer first! That way, if you were borderline about getting value from the card, it’s very possible that you come out with positive value, or break even. Either way, better than negative value without asking!
In recent years though, people that have had no intention of actually closing the card, would call in to the retention departments asking for a retention offer. The phone representative didn’t even have to get to a point where they started the process of closing the card, they would just see the offers available. Chase is making a change that I’m sure they hope will curtail some of that attitude.
Moving forward, it looks like you’ll actually have to start the closing process with the phone representative before any sort of offer will show up.
Calling in for retention offers, whether it be for Chase, American Express, or even your internet provider can lead to some very nice offers. I’ve always had the opinion that if you do call in the retention department, you do actually have to accept the possibility that the phone representative may just oblige to your cancelation request without any additional input from you. With this new system in place for Chase, I’d say something like that is even more likely now.
Hopefully you can still get those offers. Just be careful!
What is the best retention offer you’ve received? Let us know down in the comment section below!