The final word information to bank card retention provides

It’s best to periodically assessment the bank cards you maintain to gauge their worth. Typically, playing cards you will have opened for particular advantages cease being helpful. And different instances, bonus classes can change into much less (or extra) beneficial 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 protecting.

Nevertheless, earlier than you determine to cancel or downgrade as your card renewals strategy, you must discuss to a buyer consultant to see for those who can rating a retention provide that makes the cardboard price protecting for an additional yr.

This is what that you must learn about these beneficial incentives.

What are retention provides?

As soon as a bank card issuer has spent a whole lot of {dollars} (with a welcome bonus in money again, factors or miles) to entice you to open a card, it must discover a solution to recoup that funding. If you happen to shut your card after solely a yr or two — particularly for those who aren’t utilizing it repeatedly — the issuer will seemingly lose cash on you.

In an effort to recoup that funding, some (however not all) issuers will prolong focused retention provides to encourage clients to maintain a card open longer. These provides 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 had been provided a factors bonus after they referred to as or chatted by way of the app to inform a consultant that they’re contemplating canceling.

Associated: This is why you must by no means shut your bank cards earlier than the one-year mark

ask for a retention provide

One widespread false impression about retention provides is you could solely get them for those who’re making an attempt to shut a card. Certainly, you will usually 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 may attempt your luck at any time.

With extra corporations utilizing automated programs, the way you phrase your request is essential. As an alternative of claiming, “I would like to shut my bank card” and hoping the agent makes you a suggestion, that you must say, “I am contemplating closing my card,” or, “I am unsure I wish to maintain paying the annual price on my card.”

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 provides otherwise. Some, like American Specific, have a devoted retention division to which you’ll ask to be transferred.

You may also use the chat characteristic on-line or on the cellular app with Amex. For different playing cards, a front-line customer support consultant may give you the option that can assist you. You’ll be able to adapt the script to fit your personal wants, however my calls or on-line chats normally go one thing like this:

“Hello, I observed that the annual price on my ______ card simply posted, and I am actually unsure I can justify paying it for an additional yr. I actually like (insert your favourite advantages), however I am simply unsure about this annual price. I used to be questioning for those who might test if there have been any retention provides obtainable on my account which may assist me make up my thoughts?”

At this level, you may 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 price protecting. You may have to deflect, which you are able to do by bringing the dialogue again to the annual price you do not wish to pay.

Strive mentioning that you’ve different playing cards with related perks (particularly in case you have a number of Marriott, Delta or Hilton playing cards, for instance), or think about saying that you do not end up spending a lot on the cardboard. Bear in mind, at no level must you really say, “I wish to shut the cardboard” — solely that you just’re occupied with it.

That is purely anecdotal, however we have discovered American Specific to be essentially the most beneficiant with retention provides. Some TPG staffers have even acquired retention provides on a number of playing cards throughout the Amex household lately.

Chase not often offers them out (although it is extra widespread 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 achieve this, however a lot much less incessantly.

Associated: Is the Amex Platinum well worth the annual price?

What sorts of provides are there?

Relying on the issuer, there are three completely different provides you may obtain:

• Annual price discount or waiver: Relying on the cardboard, this may be nearly as good as money. Even for those who do not plan to make use of the cardboard a lot, for those who get an annual price waiver, you may maintain the cardboard open for an additional yr, which might 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 most of the time, 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 usually 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 wish to maintain their most dear clients.

Typically, you may even be given a selection between an announcement credit score or bonus factors, by which case you may shortly pull up TPG’s August 2025 valuations and determine which supply is best.

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 had been receiving good worth from all the 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 provides they’ve acquired:

• Marriott Bonvoy Good® American Specific® Card: “I bought 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 protecting the cardboard however determined to maintain it for yet one more yr!” — 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 licensed consumer 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 protecting my card after an annual price improve and alter to advantages. I requested if there have been any retention provides obtainable that would assist offset the annual price and provides me extra time to guage the cardboard’s worth. The agent provided me 30,000 Delta SkyMiles after spending $2,000 or extra on the cardboard throughout 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 concerns earlier than upgrading your bank card

Backside line

Each time an annual price comes due on one in all your playing cards, think about 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 sort of retention give you may obtain; by way of pure return on time, there aren’t many higher offers.

Associated: use retention provides for additional factors and miles

For charges and charges of the Amex Platinum, click on right here.