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Let’s talk about Credit Card Retention Offers! A lot of people have asked me what do after the first year of opening a Credit Card and the welcome bonus has been met. Is it worth it to keep the card after the first year?
For me, I evaluate if I am still getting benefits from that card and usually the answer is yes but I still call and ask for a retention offer. A lot of times banks will offer you more points, statement credits or a discount on the annual fee.
When to ask:
The best time to ask is once the annual fee has hit your card. This has proven to be the best time over the past few years.
What to do/say:
- Call the card issuer.
- Explain that you’re considering closing the card.
- Wait for their response.
- Accept or decline the retention offer(s).
It is best not say “I am closing the card.” instead say “I am considering closing the card.”
There are No Guarantees:
While it is ALWAYS worth asking there are no guarantees that the credit card companies will agree to an offer. I have had offers and I have had hard no’s! I usually leave the card open because it can hurt my credit to close accounts since credit companies appreciate long history and usually I am maximizing all the benefits the card has to offer! I will close a card if I am eligible for the bonus again but more on that later!!
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Hi! I'm Aubree