How to ask for a retention credit

Author: Matthew

April 24, 2024

Would you be willing to make a ~10 minute phone call for a chance to get a couple hundred dollars? I think most people would, but don't realize that the opportunity is right at their fingertips. For credit cards with annual fees, it never hurts to call or chat with the bank and request a retention credit. A retention credit can be given in the form of straight statement credit or points from banks for you to keep your card for another year. Sometime it also comes with a spend requirement, similar to a sign-up bonus. By making a quick ask, you could potentially save a couple hundred dollars on your credit card annual fees. In this blog post, I'll show you how.

And one last note, it's called a retention credit for a reason. After accepting the bonus, you'll have to keep the card for another year, so make sure the math makes sense!

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General Guidelines

What cards: Ones with annual fees

I have only read one Facebook comment where someone obtained a retention credit on a no annual fee card, and it wasn't with any of the major banks. Since no annual fee cards are free to keep, it's highly unlikely asking for a retention credit will result in anything. Even among no annual fee cards, some are not known to provide retention credits.

Chase - usually only the co-branded cards can offer a retention credit. The Sapphires used to when the annual fee was $450, but I haven't read or seen any success recently.
Amex - usually pretty generous with retention offers, almost guaranteed every other year, and maybe even every year.
Capital One - usually doesn't provide any sort of retention offer
Citi - similar to Chase where co-branded cards are more likely to see some retention offer.

When: After the annual fee hits

You could do it beforehand, but you wouldn't want to cancel before the annul fee hits anyways, so there isn't as much purpose. You also have around 30 days to cancel or downgrade the credit card to get the annual fee refunded at most banks. so that 1-30 day window is perfect timing to ask for a retention credit.

How: Call or Chat

The general script should go something like in the video on the right. You explain that you're thinking of cancelling the card because you're not getting the value out of the benefits. The customer service agent might try to highlight the benefits of the card or just go straight into cancellation. Either way, be clear in asking if they had any retention offers for you. If the answer is yes, you're set. If no, consider trying again using a different method or on a different day.

What you get: Statement credit or points

The retention offer usually comes in two different forms; direct statement credit or points offer like when you first sign up for the card. The methods to getting these can either be directly given, or the bank will ask for a minimum spend requirement (e.g., spend $3,000 on the card to get 30,000 points). If there's a spend requirement, you'll have to determine if it's worth it or not.

Some example credits I've received in the past year

American Express Gold: $250 annual fee. Received offer for 30,000 points after spending $3,000 [see screenshot below]
Chase United Quest: $250 annual fee. Received $100 statement credit

How Wuhoo Group Can Help

Have several credit cards with annual fees that you don't want to keep track of when to ask for retention credits on? Need help with a more specific script or even a guide to be with you when you call or chat with the bank? Request help from us, and Wuhoo Group will be happy to help in any way we can.

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