You must periodically evaluate the bank cards you maintain to gauge their worth. Generally, playing cards you’ll have opened for particular advantages cease being helpful. And different instances, bonus classes can develop into much less (or extra) useful if there is a shift in your spending habits. In the event you’re paying an annual charge for a card you now not use, it might not be value preserving.
Nonetheless, earlier than you determine to cancel or downgrade as your card renewals method, it’s best to discuss to a buyer consultant to see in the event you can rating a retention provide that makes the cardboard value preserving for an additional 12 months.
This is what it is advisable find out about these useful incentives.
What are retention presents?
As soon as a bank card issuer has spent tons of of {dollars} (with a welcome bonus in money again, factors or miles) to entice you to open a card, it must discover a approach to recoup that funding. In the event you shut your card after solely a 12 months or two — particularly in the event 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 prolong focused retention presents to encourage clients to maintain a card open longer. These presents can take the type of bonus factors, assertion credit, reductions or outright waivers of an annual charge — something that helps persuade you to maintain the cardboard open (and, within the issuer’s eyes, hold you spending on the cardboard).
For instance, a number of cardholders of The Platinum Card® from American Categorical have reported the $695 annual charge (see charges and charges) being partially offset with an announcement credit score. Others had been supplied a factors bonus once they referred to as or chatted by way of 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
Tips on how to ask for a retention provide
One frequent false impression about retention presents is which you can solely get them in the event you’re attempting to shut a card. Certainly, you will usually have essentially the most success asking for a retention provide proper across the time your annual charge 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 methods, 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 proposal, it is advisable say, “I am contemplating closing my card,” or, “I am unsure I wish to hold paying the annual charge on my card.”
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We have heard horror tales of people that mentioned they needed to shut their card, and the automated system shuttered the account earlier than they might ever communicate to a human being about it.
Every issuer handles retention presents otherwise. Some, like American Categorical, have a devoted retention division to which you’ll ask to be transferred.
You can too use the chat function on-line or on the cell app with Amex. For different playing cards, a front-line customer support consultant would possibly have the ability that will help 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 charge on my ______ card simply posted, and I am actually unsure I can justify paying it for an additional 12 months. I actually like (insert your favourite advantages), however I am simply unsure about this annual charge. I used to be questioning in the event you might verify if there have been any retention presents out there on my account which may assist me make up my thoughts?”
At this level, you possibly can count on 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 preserving. You may have to deflect, which you are able to do by bringing the dialogue again to the annual charge you do not wish to pay.
Strive mentioning that you’ve different playing cards with related perks (particularly if in case you have 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 really say, “I wish to shut the cardboard” — solely that you just’re fascinated about it.
That is purely anecdotal, however we have discovered American Categorical to be essentially the most beneficiant with retention presents. Some TPG staffers have even obtained retention presents on a number of playing cards throughout the Amex household lately.
Chase hardly ever provides 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 steadily.
Associated: Is the Amex Platinum definitely worth the annual charge?
What varieties of presents are there?
Relying on the issuer, there are three totally different presents you would possibly obtain:
- Annual charge discount or waiver: Relying on the cardboard, this may be pretty much as good as money. Even in the event you do not plan to make use of the cardboard a lot, in the event you get an annual charge waiver, you possibly can hold the cardboard open for an additional 12 months, which might enhance your credit score rating. Once you consider perks like assertion credit or elite standing, an annual charge discount could also be sufficient to push the cardboard previous its break-even level.
- Bonus factors or miles: Generally you will be awarded factors for agreeing to maintain the account open, although as a rule, it is going to be a proposal just like an preliminary welcome bonus: spend a sure amount of cash 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 proposal. Issuers wish to hold their Most worthy clients.
Generally, you would possibly even be given a selection between an announcement credit score or bonus factors, by which case you possibly can shortly pull up TPG’s August 2025 valuations and determine which supply is best.
For example, one TPG staffer as soon as obtained 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 charge.
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 presents they’ve obtained:
- Marriott Bonvoy Good® American Categorical® Card: “I bought a proposal 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 preserving the cardboard however determined to maintain it for yet another 12 months!” — Becca Manheimer, senior director of selling and communications
- Marriott Bonvoy Enterprise® American Categorical® Card: “I used to be given the choice to earn a $200 assertion credit score for including a certified 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 Categorical Card: “I used to be on the fence about preserving my card after an annual charge enhance and alter to advantages. I requested if there have been any retention presents out there that would assist offset the annual charge and provides me extra time to guage the cardboard’s worth. The agent supplied me 30,000 Delta SkyMiles after spending $2,000 or extra on the cardboard throughout the subsequent three months. Based mostly on TPG’s August 2025 valuations, the provide I obtained was value $360.” — Tarah Chieffi, senior author
Associated: 4 main concerns earlier than upgrading your bank card
Backside line
Each time an annual charge comes due on one in all your playing cards, contemplate whether or not to maintain it open, downgrade or cancel it.
We suggest spending a couple of minutes on the cellphone with an issuer to see what sort of retention give you would possibly obtain; when it comes to pure return on time, there aren’t many higher offers.
Associated: Tips on how to use retention presents for further factors and miles
For charges and charges of the Amex Platinum, click on right here.
