Credit Card Retention Bonus Offers: Rules & Tips

If you’re currently on the look out for worth=while retention offers and bonuses, then one suggestion I really can’t stress enough is you really have to enjoy talking on the phone, especially with Customer Service Representatives or at least grow fond of small talk to say the very least. The biggest tip I can give to individuals looking for retention offers are to be polite and courteous when speaking to a retention department representative.

Keep in mind that just because someone else you know received the retention offer, doesn’t mean that you’ll receive it as well. Also, note that the prominent goal of the retention department is to keep you as a customer considering that they pay good money for you to sign up for that credit card, as well as marketing costs, and referral costs.

Before talking to a representative, make sure you know that your spend on the specific credit card, overall value to the bank card issuer, and stage in your card membership you’re calling plays an important goal in getting the retention offer.

Retention Offers:

Now, there are some common fallacies attached to a retention offer such as they only offer it whenever your close to your annual fee post or you’ve had the card for a given 11 months or more already. It’s safe to say it’s false, you can start getting a retention bonus after your first cycle closes. Furthermore, I’ve received a retention offer as early 60 days from my application. When you call a Customer Service Rep., just ask to be transferred to the retention department. In doing so, just ask to see if there are any retention offers available, don’t threaten to close the card.

Odds are that they will mention that you’ve just received a sign-up bonus not to long ago; Be sure thank them for the bonus and ask them again if there is anything available. Use words such as “Goodwill Points” or “Long Time Customer” will help in most cases.

How To Earn Retention Bonuses:

1. Call the number on the back of your Credit Card
2. Know your portfolio; cards you must keep vs cards your prepared to trash
3. Don’t go off the bat saying you want to cancel if you first want to check retention bonuses; Be as Polite as possible.
4. You will have until 60 days after the annual fee is posted to cancel if you choose to
5. If you choose to close your account, don’t forget to transfer your points & credit limit

American Express:

American Express is quite known for their prowess in the Retention Department and time in-time out, American Express does offer some exceptional retention bonuses. I try to call Amex every 90 days or so, just to make small talk with their CSR. Early afternoons work best, because that’s when most of the more friendly CSR’s are working. Ask for Goodwill points or extra miles. Keep in mind that it helps having a longer relationship with them. The standard line is that they do not reimburse annual fees when your 1 year mark comes through. In doing so, be sure to ask them to make an exception and plead to talk to a supervisor. 3,000 SPG or 3,000 Hilton points or 3,000 Delta miles for a measly 5 minute call is definitely worth it.

Capital One:

Capital One doesn’t really have any retention bonuses. Of course, if you have a valid reason in hand, perhaps you could talk a representative into waiving your annual fee.

Chase:

I recommend calling Chase about 60 days after approval for a credit card. Chase’s CSRs usually conduct offer searches utilizing their computers. In past experience, the Ink gave me 10k UR points after $4k spend in 3 months at 60 day mark, and the United gave me 3,000 miles. At the 12 month mark, you should be able to do it again as Chase does tend to waive your annual fee if you ask politely. Keep in mind that this is YMMV.

Sapphire Preferred

Retention Bonuses aren’t quite that common on the Sapphire Preferred recently. Since Sapphire Preferred agents handle all the retention and cancellation, you won’t be transferred to Loyalty Services. If you’re thinking about cancelling your card, the most likely situation is that they’ll offer downgrade options w/out AF waiver.

• Spend $4k in the next 3 months for 10k bonus UR points.
• $100 statement credit.
• 10k UR points after $4k spend in 3 months.

Ink Bold 

• $95 annual fee credit or 10,000 points
• $95 annual fee waived
• 10,000 points after spending $5000 in 3 months
• 5000 points
• 2500 points

United MileagePlus Explorer

• $150 statement credit
• $150 statement credit or 15,000 United miles
• 15,000 United miles after $3000 spend in 1 month
• 10,000 miles after $2000 spend in 30 days
• $100 statement credit or 10,000 United miles
• $50 statement credit or 5000 United miles
• 5000 United miles

Citibank:

Currently, Citi is being quite aggressive in their efforts to put out worth-while retention bonuses. One of the best things about Citi is that they can overlook all of your offers on all your cards at once in a single phone call. (Business and Personal Cards are handled in different departments)

After opening a credit card with Citi, I recommend waiting it our and calling between these time intervals: 60 days span, 180 days span, new calendar years span and 360 days in span. CitiBank seems to be stacking their retention offers around these days mark. In fact, from past experience, I’ve received 3 offers on the same card within a given year. ( $95 Statement Credit + 1k AA Miles + 10,000 AA Miles + 3,000 AA Miles). Once you have agreed to an offer, be sure to repeat it back as you understand it to avoid any confusion on any sides.

Bank of America:

If you want extra miles, I recommend waiting an 180 days span before calling them for a retention offer. You’ll usually get a few thousands of miles. Now, getting your annual fee waived after the first cycle closes should be no problem. Pretty positive that the Alaska and Virgin Atlantic cards charges a fee upfront but once the AF Post, you can call BoA and have the AF waived.

Barclaycard:

Haven’t really seen any retention offers from Barclaycard, but they could possibly waive your annual fee depending on the card. I know that the Arrival Plus gets downgrade options quite frequently (not so much annual fee waiver though).

US Bank:

With a FlexPerk Card, US Bank will usually give you a satisfying amount of points to cover the AF. Just paying the Annual fee in cash could get you a better value than paying to redeem them for travel.  I’ve heard some 3,500 Offers going around for the FlexPerks card in early April.

Conclusion:

Of course, there are plenty of variables that come into play when it comes to getting retention offers for each specific card issuer; The stage in your card membership, spend on the specific card and your overall value to the bank card issuer. Keep in mind that the overall goal of retention offers is to keep you from cancelling the card. If you feel the strong urge to cancel a card, make sure that you transfer the points and credit limit to another card prior to cancelling.

If you don’t mind spending a bit of time talking to a rep, you could actually get some worth-while bonuses. Again, most of these offers are YMMV and may not yield you the same results as others. Also, find our complete list of Credit Card Promotions from our exclusive list!