Whenever your credit card annual fee is due, you should always call the # on the back of the card to see what they will offer you if you are “considering” closing your account, even though you have every intention of keeping the card. (But they don’t know that)
So far this year this is what I have gotten or not gotten:
Southwest Chase: $59 annual fee-They offered me an additional 1,000 rapid reward miles in addition to the 3,000 miles I would already receive for renewing the card. This wasn’t the greatest offer but decided to keep it open anyways.
Capital One Visa Signature: $59 annual fee- They offered to waive the annual fee. I decided to keep it open to extend the average age of my credit cards to help my credit score.
British Airways Chase: $95 annual fee- They didn’t offer me anything, not even to waive the fee so I just closed the account. I should look into the business version now.
United Chase: $95 annal fee-They offered me either to waive the annual fee or 10,ooo United miles so I took the miles. Gets me closer to an award ticket plus I didn’t really want to close this account but good thing I called.
I am unsure how they come up with the offer but I wonder if it has to do with how much spend you put on the card if any at all. My British airways I hadn’t but any spend on it for most of the year and the United Card I had. Maybe for next time, I will try to put spend before the annual fee is due to see if I consistently get good offers.
What have you gotten for “considering” to close your account. Would love to know what offers are out there.
I would say you did pretty well! Chase offered me 3,000 extra points (for a total of 6,000 points) to keep the Southwest credit card open, if I would pay the $59 annual fee. I got nothing for the United card — live and learn.
Chase waived the annual fee on my Ink Bold. Great backup charge card!
What do you say exactly? No one has ever offered me anything to stay only the reason for going.
@Diane I say that I noticed the annual fee posted to my account and I am considering closing my card and want to know what are my options. They will then sometimes transfer you to an account specialist to give you your options. If they don’t offer you anything then it doesn’t hurt to ask if they can waive the annual fee.
Check out this post from someone who used to work in the retention group at a CC company. VERY useful insight into how to get the best offer available.
Great resource! Thanks for the link 🙂
There is no Chase BA biz card.
@hansGolden Drats you are right!