(Hat Tip to Kenny @ Saverocity for the inspiration)
Good evening everyone, I am writing this blog post from The Hall, a bar/restaurant in SF as I wait for a few travel hackers to join me. This morning on BART, I read Kenny’s post about his recent Citi retention offers and I thought I would share my retention offer strategy and a few tips and tricks. I’ve probably mentioned these tips and tricks a few times on this blog, but a refresher is always welcome.
Let me recap my recent retention offer call to Chase regarding my Chase Ink Plus Business Credit Card. The $95 annual fee was going to post at the end of this month and I haven’t used this credit card in 6+ months (my Chase Ink Bold Business Credit Card get’s all my love).
I called the JP Morgan Chase department a week ago and asked if I could get matched to the higher Chase British Airways 100,000 Avios offer. I had applied for that card back in March and I was extremely skeptical that the rep would match the offer, and my doubt was correct. She told me I applied too long ago to get matched to the new offer. I then asked her if she could help me with my Chase business cards. She said yes (the JP Morgan Chase reps can do anything and everything). I told the rep, “the annual fee is coming due soon and I would like to have the annual fee waived.” The rep replied, “I’m sorry, we are unable to waive the annual fee, because (insert reason).” I responded, “I understand, would you be able to offer me a statement credit to offset the annual fee?” That usually does the trick and it worked in this case. If you still do not get the annual fee waived, feel free to ask if there are any retention offers that would offset the cost of the annual fee. If the rep does not have any offers or does not have any decent offers, you can keep the card and pay the annual fee, downgrade to a no annual fee version, or move the credit line to a different credit card and close the credit card.
With regards to my recent Citi retention/spending offer call, I like to call a few times during the year. I call around the first of the year and again around the beginning of every quarter. I also call a few weeks before the annual fee is scheduled to post. instead of calling up specifically asking about a retention/spending offer, I like to wait until I have a genuine reason for calling the credit card company (rewards inquiry, pending charge, late payment, etc). It’s very important to build rapport with the phone rep, then I gradually mention that “I have a few large purchases to make over the next few weeks and I am wondering if there are any targeted spending offers available on any of my cards.”
If you have several credit cards with the same credit card company, have those card numbers available since the rep might ask for the last 4 digits to identify the card on their screen. Hopefully by this point, you have decent rapport with the rep and he/she will find the best offers for you. The rep will probably read off 1-2 mediocre offers (0% interest on purchases or balance transfers). Politely decline those offers and ask if there are any other offers available. Usually the last offer the rep says will be the most generous. Politely accept that offer and wait for the rep to ask, “is there anything else I can help you with?” Then move on to the next card.
Make sure to write down the details of the offer, since it might be hard to remember later on if you hear several similar sounding offers on multiple credit cards. Go through the rest of your cards and see if you can get the best offer for each card. Thank the rep for his/her help and hang up. Most retention/spending offers are active immediately, but some may take a few days before they are activated. Try to max out every offer, but only if it makes economical sense. Wait for the statements to close and check that the retention/spending bonus posted correctly. If not, follow up with the credit card company for an explanation.
If you have any other tips or tricks, please share them in the comments below. If you have any questions, please leave a comment below. Have a great evening everyone!
Did you have any retention offer on Citi Double Cash Card?
Previously yes. $200 statement credit after spending $1,000. Great deal.
How recent was this? i’m interested haha
I got that offer probably 2-3 months ago. I have another Citi Double Cash credit card, but they did not offer me anything close to that spending offer.
What was the offer for the 2nd citi double cash? haha
No offer, the card was too new when I called in.
I had to try several times to get a $95 ink fee waiver but it did eventually work. Three months after paying it. Was very happy.
Good to hear, glad you got your $95 statement credit. Sometimes it is easy, and other times it takes a few calls.
Thanks Grant. They rejected my request for statement credit for my Ink plus last week so I am going to call again today.
Did you anytime got a credit for Barclays Arrival+ card? The rep was so rude.
Haha, Barclays’s hates me. They have never approved me for a card.
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Just called Chase, my third call to request a statement credit for the $95 Ink Plus fee. Three strikes and you’re out! I successfully got it on my Bold in the summer and the rep encouraged me then to call when the AF posted on the Ink. But no go. I was connected to a supervisor, but she also could find no offers.
I ended up converting to the Ink Cash which will get 5% cashback at office supply stores, etc. up to $25K. They refunded $85 of the $95 fee; I tried to get the full $95 but when you change products, they prorate rather than refund. It’s good enough. I can get it off my desk now!
I had the rep check all my other personal and business Chase cards, but no retention offers there either.
I asked why some people get the $95 statement credit on Inks and some don’t, and if it made sense to wait and try again. She said, “Honestly, no. In my experience we don’t give credits unless an acct is a few years old.” Now I have gotten 2 such credits on my Bold, including one when it was just a year old, so maybe it was more routine in earlier years, and now they are offering fewer customers such a credit.
On to CITI!
Thanks for sharing your experience. Honestly everyone gets different offers, so it’s very hard to get the exact same offers as others.
My Chase Bold business annual fee was due back in June this year, so I called Chase and asked for retention offers. Unfortunately, they wouldn’t be able to waive nor credit the annual fee, instead they offered me 10,000 chase ultimate points. I was happy with the 10,000 points, because it is actually worth more than $95.
Did you have to spend $5,000 on the card to get the 10,000 bonus UR points?
Yes, I almost forgot about that part. I had a big purchase coming up, so spending 5k on that card was fine. Now that I think about it, a statement credit is much easier. I am curious to see what kind of retention offers I will get next time the annual fee becomes due :)