If you have any cards with any annual fees it’s always a good idea to call in and ask for a retention offer before paying that annual fee or cancelling the card. Normally you can just say something along the lines of ‘I’m thinking of cancelling this card because I don’t get enough value to justify the annual fee’ and then the phone representative will come back with an offer or two. The upside to this is that you can get these offers even if you have no real intention of cancelling the card.
MtM shared a story where somebody asked for a retention offer, the representative stated that no offers were available. The cardholder then asked for the card to be cancelled and during the shut down process a pop up appeared letting the phone representative offer a $100 statement credit. The downside to this sort of change is that you have to actually be willing to cancel the card to check to see if you have any retention offers.
To be honest I’m a bit surprised that credit card issuers haven’t done something like this sooner. It’s a relatively easy way to cut costs and in the long term your retention rate is going to stay the same regardless.
