Posted by William Charles on March 24, 2020
Credit Cards

Published on March 24th, 2020 | by William Charles

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Credit Card Annual Fee Due? Remember To Ask For A Retention Offer Before Cancelling

As people look to reduce expenses one of the things worth doing is looking at your credit cards with annual fees and cancelling ones that don’t make sense to keep. Before you cancel, it’s worth asking for a retention offer to keep the card. We’ve got a full guide on retention offers here. Keep in mind at the moment a lot of cards offer benefits that are of no use, for example the American Express Platinum card offers centurion lounge access but those lounges are currently closed. This is leading to some higher than normal retention offers and also offers on cards where they normally wouldn’t be offered.



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BS
BS

DP: Got $300 for 4K spend on Amex plat. Got a retention offer last year as well so I’m not sure if I should have been eligible. I was actually going to cancel but COVID didn’t make benefits worth it, but the retention offer worked.

Kuso29
Kuso29

When did you call last year? i.e. when the fee posted or before?
heard that you needed to wait 13 months for a retention offer to appear.

NG
NG

My annual fee hit on 02/24. Called to let Amex know that I’m considering closing the account due to the Coronavirus situation, as well as the fact that the Centurion Lounge is closed/it is difficult to use the airline credits. Inquired about a retention offer that could help change my mind. Was offered 20K MR points (approximate value – $400) or a $200 credit for spending $3K in 3 months. Accepted the 20K MR offer.

mark
mark

20k MR = $400?

Avi
Avi

I thought the same thing, but I think we’re in the minority. As far as I’m concerned, points are worth what you’re willing to pay for them. If you aren’t willing to pay 2 cents for a MR point, it ain’t worth 2 cents.

Evan
Evan

Right in time. I am gonna ask annual fee to be waived on my CSP. Anyone had luck recently?

Matt Katakis
Matt Katakis

Be the data point you want to see in the world!

Alex
Alex

I called for a CSP retention offer last December and was told I have no offers.

I’ve never read anyone getting the annual fee waived for a CSP.

I know one guy who got his CSR annual fee waived though (he’s not military). He’s not keen on sharing the details though. I don’t blame him for it, I’ve never heard of anyone getting that AF waived without being in the military and if he starts saying how he got it then it’ll spread and it’ll be pretty much useless. Chase loses money on the CSR and a lot of people have flocked over to the CSP so with an increased user-base… yeah, maybe you have a chance.

Kent
Kent

Not really relevant given that was December. With Covid-19 it makes little sense to pay an annual fee for a travel card right now, so it would be smart if Chase offered to waive annual fees – but it sounds like they aren’t doing that.

HChris
HChris

Called yesterday and was told “no offer” and I should consider PC to FU, Freedom or non AF Sapphire. However, I also had very limited spend on it (just a few hundred above the minimum spend for the bonus), so that might have played a role in their decision that I’m not a very profitable customer.

JP
JP

Every year I call for retention knowing the answer for my ink plus card. I hear staunch no and I thank them. Card is just so much worth that I don’t feel bad at all. No harm in trying right? 😉

Jo
Jo

What’s the definition of insanity again?

David
David

Each new time you try, it is different. Time has passed and entropy has increased

Cal Ripken Jr.
Cal Ripken Jr.

I’ve got a CSR Chase Sapphire Reserve card that is up for renewal in May.. it’s my first Sapphire card. I heard that you can get an extra 30 days after renewal charge to try to double dip on the annual travel credit? Is that true?

I was also wondering.. should I do something with my Ultimate Reward points before I downgrade the card? Do the UR points lose value after you no longer have the card?

I’m also curious about the Lyft and DoorDash benefits. I haven’t been able to use any of the benefits yet because I’m stuck overseas and no chance to use Lyft or DoorDash.. but those benefits I either need to “use or lose” is that right?

Does anyone know the answers to these questions? These were on my mind because I know the renewal is coming up fast.

Tommy
Tommy

not sure about the double-dipping. The points don’t go down in value perse but you lose the CSR’s power to redeem them for travel at 1.5x rate. The Lyft and DoorDash credit is used it or lose it. They come in statement credits so, if you don’t have the hard anymore you lose them. Although I am not sure if they deactivate your Lyft Pink and DashPass memberships.

Cal Ripken Jr.
Cal Ripken Jr.

thanks for the info.. so transferring UR points to United, etc. stays at the same ratio even if you no longer have a Sapphire card?

The statement credit for Lyft and DD.. it posts after the end of the statement? So in other words, if you no longer have the card.. then you cannot receive the statement credits at all? Or would Chase still “owe” the credits to you, and mail you a check, etc.? Just curious if you or anyone else knows

Yeah, I don’t think they will deactivate the Lyft Pink and DoorDash membership.@Tommy @etc.

Tommy
Tommy

If you plan to downgrade to the Shappire Prefered card, then you can still transfer at a 1:1 ratio to travel partners but if you downgrade to the no annual fee Freedom card, you will have no option to transfer out anymore.

The statement credits come in a few days after the charge is made, just like travel credits. It’s use it or lose it. They definitely not send you a check for any unused portion of any credits.

Cal Ripken Jr.
Cal Ripken Jr.

Thank you for the info Tommy

wow, so it really makes sense to transfer the points to a travel partner before downgrading the card. Because the points should be more valuable than just a statement credit.

However, with everything happening with COVID-19, it’s confusing to decide which airline would make more sense to transfer to.. I’ve narrowed down to Emirates, United, or Singapore Airlines.. but I dunno which of these airlines might go out of business or resume flights after COVID-19.. and I guess I only have less than a month to decide before needing to downgrade.

Sounds like I won’t be able to even use the Lyft or DoorDash credits and that is too bad while stranded overseas. I asked a friend if they want me to send them some food.. but they said no thanks.. and I asked my Dad too but he’s a picky eater.. oh well.. those are credits I won’t get to enjoy.

Tommy
Tommy

Yea, definitely better to transfer than use as statement credit. But you can always keep your points idle and then upgrade back to CSR when you think you can use the full benefits again. That is what I might do. Downgrade to the Freedom Unlimited and then back to the CSR in a year when all this stuff is hopefully under control and I can travel again.

k.m.
k.m.

hello. i was offered 20000 points for $3000 spend in 3 months with the amex platinum. my reasons for calling were not planning on traveling due to coronavirus concerns and the amex platinum being a card centered around travel. i have had the card since march 2017 and this is the first time i received a retention offer.

Kuso29
Kuso29

did you get one last year?
I called and got one last year and mine is AF is due to post soon so I wondered if I could get another due to the outbreak since travel is a no go for a long while

XC
XC

I’ve always received 50,000 MR no spend on at least one flavor of my Plats. When they don’t have any offers on the other plat, they always use the reason that I got an offer last year, so they don’t do it for 2 years consecutively even though I’ve had that happen with my other Amex cards. Not really sure what their exact policy is?

Slidellian
Slidellian

When did the Barclays Arrival+ card get taken down?

Parts Unknown
Parts Unknown

months ago

Slidellian
Slidellian

First time finding that out. I’ve been out of the loop for a few months. Thanks.

Tim
Tim

Many of us who have had CSR will be getting hit with the annual fee next week. Curious to know data points. I’m going to call this week, report back my experience

Tim
Tim

I called this morning. Rep told me no rentention deals or deferments bc of covid. Suggested I could drop down to no annual fee sapphire and then go back to CSR

Jacob
Jacob

Got furloughed at my job and am reducing my spending as much as possible, has anybody had experience asking for a downgraded retention offer with lower spend if what they offer is too high to comfortably spend?

Parts Unknown
Parts Unknown

Probably not. Downgrade to a no AF version if possible, you can always upgrade it back if your finances allow at a later date (CSR to a Freedom, etc)

sdsearch
sdsearch

Most retention offers are pre-generated, and the agent you’re talking to is only looking them up, not creating them for you. So it’s unlikely that any you can talk to on the phone has the power to change those offers, just to look up if there are any alternative offers already. Some customers at some banks may get two or more offers to choose from, such as one offer being a credit toward part of the annual fee, while another offer being a spend offer for bonus points/miles/whatever. But not all banks do this, and not all customers get this, and not even all customers get any retention offer.

debit
debit

Are people paying off their credit cards or are they holding out for a handout?

I should get half my balance waived and a thank you massage. Should i call the card or work with Congress directly?

Jimm
Jimm

Just wait until the economy gets turned back on in a couple of weeks, you should be good to go then…

Jeffrey
Jeffrey

I wouldn’t pay a dime now. Wait for the bailout package from the Republican Congress. You are a big corporation right?

Pat
Pat

DP: CSP has given me a $60 credit every year I’ve called since 2016. Citi Premier did not have any retention offers (called in late Jan to Feb) so upgraded to the Prestige to receive $100 credit for pre-check/global entry, $250 travel credit per calendar year to offset $495 annual fee

Evan
Evan

What kind of credit? What did you need to do?

Pat
Pat

Citi prestige comes with $250 annual travel credit and $100 for global entry or TSA precheck

Evan
Evan

Sorry, I meant for the CSP.

Kent
Kent

Approximately how much spend do you put on your CSP annually? Or if you prefer to be more vague, over $10k? $20k?

Mr t
Mr t

Called for my capital one savor. Got the $95 fee waived, super nice about it
I’ve read from doc that they usually waive it anyways

Kent
Kent

Given the soon-to-be-released US Bank Altitude Go, if Cap1 ever doesn’t waive the annual fee you should just change it to something else.

Anthony
Anthony

Are they giving out retention offers more freely with COVID-19?

Grant

I called US Bank today and explained that paying $400 for a travel reward credit card right now when no one is traveling was a bad idea. I also shared that I have a few other travel rewards CCs with US Bank and a checking account (thx DOC) and the rep offered 5,000 FlexPoints. I just need to make a small purchase to trigger the bonus.

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