At some point every year, for every credit card with an annual fee, you need to make a decision. Do you keep the credit card open? Do you downgrade the credit card? Or do you close the credit card? After the initial sign up bonus, some credit cards just do not have the value to justify the annual fee. Now, before you make a final decision, make sure you are not leaving valuable points and miles on the table. How? Reach out to the credit card issuer and ask for a retention offer.

Wait… What is a retention offer? And how can you get one?

What Is Retention Offer

Credit card issuers spend hundreds, if not thousands, of dollars marketing credit cards, offering lucrative welcome bonuses, and providing annual benefits. Given the significant investment, it is in an issuers best interest to retain customers as long as possible. How? Via retention offers. A retention offer is a one-time incentive a credit card issuer gives a customer to continue their financial relationship; either keep the credit card open or prevent a downgrade.

What Types Of Retention Offers Exist

There are three different type of retention offers:

• Bonus Points Or Miles. These offers often resemble the initial welcome bonus offer, but for far fewer points or miles. Spend a specific amount (i.e. $3,000), in a specific time (i.e. 90 days), and earn a specific quantity of points or miles (i.e. 30,000 points). In the best case, a bonus points or miles retention offer has no spend requirement.
• Statement Credit. This retention offer is exactly the same as the “Bonus Points Or Miles” above, except a cash credit is given instead of points or miles. The issues applies the cash credit directly to the credit card account.
• Annual Fee Waiver. While similar to a “Statement Credit,” an “Annual Fee Waiver” is slightly different. Instead of a credit to the account, the issuer simply waives the annual fee (i.e. it never hits the account).

How To Ask For A Retention Offer

The method for requesting a retention offer varies by credit card issuer. While AMEX has a dedicated customer retention team and allows for interactions via chat or phone, Chase requires a direct phone call to the general customer service line; and some other issuers only have an automated system. Regardless of the issuer, how you ask for a mention offer, and the language you use is crucial. Here is an example:

While the most popular time to ask for a retention offer is when the annual fee hits, retention offers are available at any point in the year.

Current Retention Offers

Credit card retention offers vary widely across customers. The specific offer depends on multiple factors, including, but not limited to: spend amount (both on an individual card and in total with the issuer), number of accounts, type of accounts, history with issuer, credit score, etc. While not a hard and fast rule, credit card issuers tend to hand out retention offers on frequently utilized credit cards. Why? Frequently utilized credit cards are the most financial beneficial for the issuer.

American Express

Here are real life examples of retention offers from American Express, organized by credit card.

American Express® Green Card

• 15,000 Membership Rewards points OR $150 Credit after spending $2,000 in 90 days.

American Express® Gold Card

• 15,000 Membership Rewards points after spending $2,000 in 90 days.
• 20,000 Membership Rewards points after spending $2,000 in 90 days.
• 20,000 Membership Rewards points after spending $3,000 in 90 days.

The Platinum Card® from American Express

• $400 Credit after spending $4,000 in 90 days.
• 20,000 Membership Rewards points after spending $3,000 in 90 days.
• 30,000 Membership Rewards points after spending $3,000 in 90 days.
• 30,000 Membership Rewards points OR $300 Credit after spending $3,000 in 90 days.
• 30,000 Membership Rewards points after spending $2,000 in 90 days.
• 45,000 Membership Rewards points after spending $4,000 in 90 days.
• 50,000 Membership Rewards points after spending $4,000 in 90 days.
• 55,000 Membership Rewards points after spending $4,000 in 90 days.

American Express® Business Gold Card

• $175 Credit with no spend requirement.

The Business Platinum Card® from American Express

• 40,000 Membership Rewards points after spending $4,000 in 90 days.
• 40,000 Membership Rewards points after spending $10,000 in 90 days OR $100 Credit with no spend requirement.
• 40,000 Membership Rewards points after spending $10,000 in 90 days.

Delta SkyMiles® Gold American Express Card

• 10,000 Delta SkyMiles after spending $1,000 in 90 days.

Hilton Honors American Express Surpass® Card

• $40 Credit with no spend requirement.

Hilton Honors American Express Aspire Card

• 10,000 Hilton Honors points after spending $1,000 in 90 days.
• 10,000 Hilton Honors points after spending $2,000 in 90 days.

Marriott Bonvoy Brilliant® American Express® Card

• 25,000 Marriott Bonvoy points after spending $1,000 in 90 days.

Marriott Bonvoy Business® American Express® Card

• $50 Credit with no spend requirement.
• 10,000 Marriott Bonvoy points after spending $2,000 in 90 days.

Capital One

There are currently no data points on retention offers for Capital One credit cards.

Chase

Here are real life examples of retention offers from Chase, sorted by credit card.

• $150 Credit with no spend requirement.

Southwest Rapid Rewards® Plus Credit Card

$70 Credit with no spend requirement.

Southwest Rapid Rewards® Priority Credit Card

$150 Credit with no spend requirement.

Southwest® Rapid Rewards® Performance Business Credit Card

• $200 Credit with no spend requirement.

World of Hyatt Credit Card

• $95 Annual Fee Waiver with no spend requirement.

Citi

Here are real life examples of retention offers from Citi, sorted by credit card.

Premier

• $95 Annual Fee Waiver after spending $3,000 in 90 days.
• 1,000 Citi ThankYou points AND Annual Fee Waiver after spending $1,000 per month for 3 months.

AAdvantage Platinum Select (Business)

• 7,500 American Airlines AAdvantage miles after spending $1,000 in 90 days.

Final Thoughts

Over the last two years, retention offers were almost a given, but in 2023, retention offers are less and less frequent. However, that does not mean you should not ask. A quick call or chat with a credit card issuer has tremendous upside (retention offer) and limited downside (a few minutes of time). As a reminder, you do not have to accept a retention offer. In the case where you either do not like your retention offer or are not offered a retention offer, hang up and call again. Retention offers constantly change and you may have better luck in a few days.