It is best to periodically evaluation the bank cards you maintain to gauge their worth. Typically, playing cards you’ll have opened for particular advantages cease being helpful. And different instances, bonus classes can change into much less (or extra) invaluable if there is a shift in your spending habits. If you happen to’re paying an annual price for a card you now not use, it will not be price retaining.
Nonetheless, earlier than you determine to cancel or downgrade as your card renewals strategy, it’s best to speak to a buyer consultant to see in case you can rating a retention provide that makes the cardboard price retaining for an additional 12 months.
This is what it is advisable to find out about these invaluable incentives.
What are retention gives?
As soon as a bank card issuer has spent a whole bunch of {dollars} (with a welcome bonus in money again, factors or miles) to entice you to open a card, it must discover a technique to recoup that funding. If you happen to shut your card after solely a 12 months or two — particularly in case you aren’t utilizing it recurrently — the issuer will seemingly lose cash on you.
In an effort to recoup that funding, some (however not all) issuers will lengthen focused retention gives to encourage clients to maintain a card open longer. These gives can take the type of bonus factors, assertion credit, reductions or outright waivers of an annual price — something that helps persuade you to maintain the cardboard open (and, within the issuer’s eyes, maintain you spending on the cardboard).
For instance, a number of cardholders of The Platinum Card® from American Specific have reported the $695 annual price (see charges and charges) being partially offset with an announcement credit score. Others have been provided a factors bonus once they known as or chatted through the app to inform a consultant that they’re contemplating canceling.
Associated: This is why it’s best to by no means shut your bank cards earlier than the one-year mark
The best way to ask for a retention provide
One frequent false impression about retention gives is that you would be able to solely get them in case you’re attempting to shut a card. Certainly, you will typically have essentially the most success asking for a retention provide proper across the time your annual price posts (since that is when many individuals determine to cancel a card), however you possibly can strive your luck at any time.
With extra corporations utilizing automated techniques, the way you phrase your request is essential. As a substitute of claiming, “I might like to shut my bank card” and hoping the agent makes you a suggestion, it is advisable to say, “I am contemplating closing my card,” or, “I am undecided I need to maintain paying the annual price on my card.”
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We have heard horror tales of people that stated they wished to shut their card, and the automated system shuttered the account earlier than they might ever converse to a human being about it.
Every issuer handles retention gives in another way. Some, like American Specific, have a devoted retention division to which you’ll ask to be transferred.
You can even use the chat function on-line or on the cellular app with Amex. For different playing cards, a front-line customer support consultant would possibly have the ability that can assist you. You’ll be able to adapt the script to fit your personal wants, however my calls or on-line chats often go one thing like this:
“Hello, I seen that the annual price on my ______ card simply posted, and I am actually undecided I can justify paying it for an additional 12 months. I actually like (insert your favourite advantages), however I am simply undecided about this annual price. I used to be questioning in case you may examine if there have been any retention gives accessible on my account that may assist me make up my thoughts?”
At this level, you possibly can anticipate the company advertising and marketing to kick in, and the agent will learn you some speaking factors about why the cardboard is so nice and value retaining. You will must deflect, which you are able to do by bringing the dialogue again to the annual price you do not need to pay.
Strive mentioning that you’ve different playing cards with comparable perks (particularly when you’ve got a number of Marriott, Delta or Hilton playing cards, for instance), or contemplate saying that you do not end up spending a lot on the cardboard. Bear in mind, at no level do you have to truly say, “I need to shut the cardboard” — solely that you simply’re enthusiastic about it.
That is purely anecdotal, however we have discovered American Specific to be essentially the most beneficiant with retention gives. Some TPG staffers have even acquired retention gives on a number of playing cards inside the Amex household lately.
Chase hardly ever offers them out (although it is extra frequent on cobranded Chase playing cards than the issuer’s Final Rewards-branded playing cards).
One TPG staffer was denied a retention provide on their Chase Sapphire Reserve® (see charges and charges) and in the end determined to downgrade it. Different card issuers might accomplish that, however a lot much less ceaselessly.
Associated: Is the Amex Platinum well worth the annual price?
What kinds of gives are there?
Relying on the issuer, there are three totally different gives you would possibly obtain:
- Annual price discount or waiver: Relying on the cardboard, this may be nearly as good as money. Even in case you do not plan to make use of the cardboard a lot, in case you get an annual price waiver, you possibly can maintain the cardboard open for an additional 12 months, which may increase your credit score rating. If you think about perks like assertion credit or elite standing, an annual price discount could also be sufficient to push the cardboard previous its break-even level.
- Bonus factors or miles: Typically you will be awarded factors for agreeing to maintain the account open, although as a rule, will probably be a suggestion much like an preliminary welcome bonus: spend a sure sum of money in a specified interval to earn bonus rewards.
- Assertion credit: Assertion credit can generally be utilized on to the account, however they extra typically include a spending requirement.
It goes with out saying that the extra you spend on a card, the extra seemingly you’re to obtain a suggestion. Issuers need to maintain their most dear clients.
Typically, you would possibly even be given a selection between an announcement credit score or bonus factors, wherein case you possibly can shortly pull up TPG’s August 2025 valuations and determine which provide is healthier.
For instance, one TPG staffer as soon as acquired a retention provide on their Amex Platinum after merely saying they did not really feel like they have been receiving good worth from the entire advantages to justify the excessive annual price.
After talking with a buyer consultant, the staffer was given the selection between 40,000 Membership Rewards factors after spending $3,000 within the subsequent three months, a $400 assertion credit score for $3,000 in spending or a $150 assertion credit score with no spending requirement.
TPG’s August 2025 valuations peg 40,000 Amex factors at $800, so it was a no brainer, and the staffer picked the 40,000 factors.
Another TPG teammates additionally shared some retention gives they’ve acquired:
- Marriott Bonvoy Sensible® American Specific® Card: “I received a suggestion of 20,000 factors for $2,000 in spending in three months — hoped for a bit extra since I used to be on the fence about retaining the cardboard however determined to maintain it for another 12 months!” — Becca Manheimer, senior director of promoting and communications
- Marriott Bonvoy Enterprise® American Specific® Card: “I used to be given the choice to earn a $200 assertion credit score for including a certified person and spending $2,000 on the cardboard within the subsequent six months — successfully a return of 10%.” — Nick Ewen, senior editorial director
- Amex Platinum: “I had only one provide, which was 50,000 Membership Rewards factors after spending $4,000 within the subsequent three months, so I instantly jumped on it!” — Danyal Ahmed, bank cards author
- Delta SkyMiles® Reserve American Specific Card: “I used to be on the fence about retaining my card after an annual price enhance and alter to advantages. I requested if there have been any retention gives accessible that would assist offset the annual price and provides me extra time to judge the cardboard’s worth. The agent provided me 30,000 Delta SkyMiles after spending $2,000 or extra on the cardboard inside the subsequent three months. Primarily based on TPG’s August 2025 valuations, the provide I acquired was price $360.” — Tarah Chieffi, senior author
Associated: 4 main issues earlier than upgrading your bank card
Backside line
Each time an annual price comes due on one in every of your playing cards, contemplate whether or not to maintain it open, downgrade or cancel it.
We advocate spending a couple of minutes on the cellphone with an issuer to see what kind of retention give you would possibly obtain; when it comes to pure return on time, there aren’t many higher offers.
Associated: The best way to use retention gives for further factors and miles
For charges and charges of the Amex Platinum, click on right here.
