Retention offers: why am I not getting any?

Discussion in 'General Discussion | Miles/Points' started by phonehome, Mar 24, 2011.  |  Print Topic

  1. phonehome
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    phonehome Active Member

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    I recently closed some credit cards, which I had never done before. They were the AmEx Gold Delta and the Chase United Visa. I wasn't using either of them much so I wasn't really hoping to keep them open with some retention bonus, but I had heard of people getting retention bonuses in the past. So I called to cancel and the reps did not even try to persuade me. They just closed both of the accounts, no questions asked.

    Was this just bad luck? Or is it because I wasn't using the cards much?

    My annual fee for the AmEx Gold MR is coming up next month, so I will have to close it, unless they offer me a good enough retention bonus. Is there any chance they will? I would really like to keep the MR card open...
     
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  2. Steven Schwartz
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    Steven Schwartz Gold Member

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    Hmmmm - could it be your recent bankruptcy?

    Kidding - from what I've read, some companies do and some don't. The question is whether of not the companies whose cards you are cancelling have a history of offering retention bonuses. If they do, you can try to word your call differently - "I hardly use this card and am thinking of cancelling. Is there any point/mile inducement to stay?"

    Good luck.
     
  3. Sweet Willie
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    Sweet Willie Gold Member

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    It could also be that the companies don't want you anymore. Something in their calculations have determined that you are not worth the risk &/or not profitable enough for them. If so, either way they obviously would not be concerned with you closing your accounts.

    I would try Steven Schwartz's approach, seems to me your best move.
     
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  4. JohnDeere19
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    JohnDeere19 Gold Member

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    Some people just ask for the retention department so they can "see what the current offers are to stay on board" or something along those lines.
     
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  5. jbcarioca
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    jbcarioca Gold Member

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    Both of these institutions have well-tuned profitability and capital allocation processes. Post-Basel II maintaining open unused accounts is costly for them, so they encourage closure of such accounts. if you want to be retained use the card!
     
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  6. bubb1
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    bubb1 Silver Member

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    YMMV of course, but I've never had a retention offer on an Amex charge card. I maybe read about one once, but I think that in general they stand their ground on the high annual fees.
     
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  7. miles and smiles
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    miles and smiles Gold Member

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    My understanding is that Citi is more likely to offer retention bonuses than other companies. And I have read that retention bonuses are rare with AMEX.
     
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  8. Toula
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    Toula Gold Member

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    We recently closed cards with Bank of America and Bank of Hawaii. Neither company could have been less interested in doing anything to retain us as customers. These were not cards that we had churned, but had been held for 5+ years with significant annual expenditure.

    I have noted that bonus points for spend have been rather lean the past 12 months as well. DH has had the BA Chase card since 2002 and regularly used to receive promo offers for spend so much in the next x months and earn bonus points. It's probably been over a year since he has had one of these. He used to be a high spender on this card but we dropped it back to next to nothing and still they are doing nothing to entice us.

    Makes me wonder if the big focus is on sign up bonus offers and screw the rest.
     
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  9. toddreg
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    toddreg Silver Member

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    Amex offered my wife a free Skymiles AMEX that will only get 1 point for each $2 spent when she called to drop her regular Skymiles card.
     
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  10. techboyds
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    techboyds Silver Member

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    If these were both Hawaiian Airlines cards, as I'm guessing, this isn't surprising because Bank of America actually services both cards (and FIA too).
     
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  11. DonV.Smith
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    DonV.Smith Gold Member

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    Well, that's a thrilling offer :rolleyes:
     
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  12. unroadwarrior
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    unroadwarrior Silver Member

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    I got the same offer. I took is as it has no annual fee and I could use it to keep my DL miles from expiring. Now that DL miles do not ever expire, the card is pretty useless to me. I am focussed on hoarding UA miles ;)
     
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  13. toddreg
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    toddreg Silver Member

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    That's what I thought :eek:, I told her she should have just told them to drop it anyway. Who knows, maybe then they would have gotten their heart right :(.
     
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  14. Kalboz
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    Kalboz Gold Member

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    The dreaded $65 SPG AMEX annual fee came up on my first anniversary with the card at end of July. I called and was transferred to "the retention dept." and was offered 1K SPG points!!! I presisted to get at least 5K SPG points to no avail, and, as a result, I canceled the card and got statement credit for the amount. Since paid off the balance. This morning, I applied using the 30K starpoints AMEX offer on the SPG page, and, lo and behold, I was approved! :D

     
  15. FLYERIL
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    FLYERIL Silver Member

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    Yes, but will you get the points. I don't believe you will, but good luck.
     
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  16. mattsteg
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    mattsteg Gold Member

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    Would have been better to switch from personal to business, as they are two different products and so you would legitimately be a new user. Still may have time to do so...
     
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  17. Kalboz
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    Kalboz Gold Member

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    Thank you for the wishes ... I'll let you all know either way :)
     
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  18. In my recent experience of closing about 3 cards in past 12 months so they also have no asked any questions when closing card. I think it is pretty simple. They look at your activity and see that you have not been using card for a while now and it was just laying around.

    However, if you would have been putting like 10k/month and then all of a sudden decided to close the card I bet they would offer you incentive. Still not guaranteed tho
     
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  19. Kalboz
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    Kalboz Gold Member

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    Thank you element7 for the input and welcome to MilePoint :)
     
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  20. Sweet Willie
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    Sweet Willie Gold Member

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    with that kind of offer, likely a smart move to simply cancel and move on.
     
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  21. spesalvi

    spesalvi Gold Member

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    I closed 3 (amex gold, United, SPG) cards this year too and was not offered anything either, no questions nothing, they just simply closed the card but the 4th card I attempt to close last month one of my AAvisa card they offered me a bonus of 5k if I were to spend 500 in the next 3 months so I kept it open for now (card will expire in Oct)
     
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  22. spesalvi

    spesalvi Gold Member

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    oh so you didnt wait long to apply again, I shouldve applied again when they had 30k offer, I thought we had to wait a year or so to try, I just closed my account few months ago!
    I called twice in hopes to see if they offer me any retention but no luck, first csr advised me to downgrade to a no fee amex and weeks later I called again, they just went ahead and close my acct.
     
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  23. Kalboz
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    Kalboz Gold Member

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    Canceled the old SPG AMEX on 8/2 and was offered the above mentioned ridiculous Delta AMEX card with no sign up bonus :eek: I declined and applied on 8/22 for the new card with the 30K SPG points bonus. Received the new card by UPS Express on 8/24. I called to activate and the 30K SPG points bonus offer on the card was confirmed. Will inform you all when the points post.

    My calendar is now marked that in 6 months (around 2/22/2012) I am applying for the HHonors AMEX with HH Gold status and 65K HH points.
     
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  24. jmui

    jmui Silver Member

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    i was offered 2k starpoints when i called to cancel one of my personal spg cards (had about 20k spend on the year). called to cancel my other personal card and was offered 4k starpoints or $40 credit (about 50k spent on that card). i took the points.
     
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  25. Sweet Willie
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    Sweet Willie Gold Member

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    Just a note of caution about closing cards, by closing credit cards you reduce your overall credit availability pool, so your overall credit utilization % might go up which can decrease one's credit score.
     
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