wallet1
I recently received retention offers on The Marriott Bonvoy, Hilton Surpass and Platinum Card

Credit Card Retention Offers

Did you know that you can earn free points or a Statement Credit if you call your credit card company and say that you are considering closing your card?  I received offers totaling 90,000 points on a total of three American Express cards yesterday.  Certain credit card companies allow you to do this using their website’s online chat and others are only available over the phone.  An important note to make is NEVER say to an automated system that you want to cancel your card.  There have been reports of them instantly closing cards.  These promotions sometimes will give you points or a statement credit without a spending requirement and other times they may require you to spend anywhere from $500 to $5,000 and you could be required the keep your card open for 12 months after receiving the offer.

American Express Hilton Surpass Card

Anytime I am billed an annual fee on my American Express cards I will contact them through the online chat and say that I am considering cancelling the card.  The reason could be due to the annual fee or lack of benefits or overlapping benefits between other cards I have.  American Express will allow you to receive a retention offer via online chat for Personal cards but you need to call them to receive one for a Business card.  Since the annual fee was just billed to my Hilton Surpass card, I called yesterday and asked if there was a retention offer available.  They said they did not have any offers available and I said please keep my card open.  I decided to try the online chat and see if I would get a different answer.  I was offered 15,000 Hilton Honors points after spending $1,000 within 3 months.  I was planning on spending more than that on this card anyway because it earns a Free Night Certificate after spending $15,000.  That is one of the main reasons to get this card, which I mentioned in my post, The 5 Reasons to Apply for the Hilton Surpass Card.  This card has a $95 annual fee and Hilton Honors points are valued at .6 cents each, meaning that 15,000 Hilton Honors points are worth $90.  If I had the Hilton Aspire Card, I probably would have received a retention offer of atleast 50,000 points.

Hilton Retention Offer

American Express Marriott Bonvoy Card

I figured since I got one Retention Offer, I might as well try my other cards as well.  This card was the American Express Starwood Preferred card before Marriott merged with Starwood.  It has a $95 Annual Fee and is currently only available by downgrading from the Marriott Brilliant Card.  They offer an annual 35,000 Point Free Night Award after you pay the annual fee.  You can get a tremendous value out of a 35k Free Night.  For instance I booked The Straf, Milan Design Hotel for September using 2 Free Nights.  The current cash price of that hotel is $385 per night.

I told them on chat that I was considering closing this card because I have two of them and I also have The Marriott Bonvoy Business Card.  They benefits overlap and I am paying over $300 in annual fees collectively.  They mentioned the benefits of the card and I said I would like to see what retention offers they have.  They offered me 30,000 Marriott Bonvoy points after spending $1,500 within 3 months.  That is a great offer, I wasn’t planning on closing this card since the free night award doesn’t post to my account until November.  Marriott Bonvoy points are valued at .7 cents each.  That means 30,000 points are worth $210.  That more than covers two of my Marriott card annual fees.

Marriott Bonvoy Retention Offer

American Express Platinum Card

Now let’s talk about the Platinum Card.  This is the world’s best travel card.  It has a $695 annual fee.  There are many benefits that you can use to compensate for paying the high annual fee such as, a $200 Airline Fee Credit, $200 Hotel Credit, $200 Uber Cash, TSA Precheck/Global Entry Credit, Clear Credit, Lounge access and more.  I was considering downgrading this card to the Gold Card when the annual fee is billed next year.  I was offered 45,000 Membership Reward points after spending $4,000 over 3 months.  I accepted this offer and I am required to keep the card for atleast 12 months.  I don’t mind considering the vast collection of Airport Lounges this card gives me access to.   I recently had the opportunity to visit The Virgin Atlantic Clubhouse lounge at OR Tambo Airport in Johannesburg, South Africa.  The food was the best I have ever had in an airport lounge.  Membership Reward points are valued at 2 cents each, which makes 45,000 points worth $900.  I wasn’t planning on spending $4,000 on this card but I will make it my primary card and I shouldn’t have an issue reaching that by using it for my regular expenses.

Platinum Card Retention Offer

Conclusion

This is a no brainer, it is something you won’t get if you don’t inquire about it.  Credit card companies do this because they want your business.  They make money from interchange fee’s that they charge the merchants where you use your card.  On American Express cards, the fee’s can be as high as 3%.  So while I spent the required $4,000 on my Platinum Card, American Express could make $120 on those transactions.  Retention Offers are also available with most credit card issuers.  I have received them many times from Citi Bank before.  I highly suggest giving your credit card company a call and see if they can give you an incentive to keep your card.  Click Here to Apply for an American Express Card with my Referral link

Leave a Reply