Get a Better Deal on Your Credit Card by Threatening to Cancel
Credit card companies spend a lot of money to grow your business, so they are usually willing to give you a special “hold” offer if you try to cancel your card and redeem it. Using a simple strategy, you can call to cancel your subscription, but instead get lower percentages, waiver of annual fees, free miles, and extra bonus points.
We’ve talked about this earlier in the context of cable TV and other companies , but the same goes for credit cards – just be aware that they may actually be bluffing you and you will have to either void the card or back out. This strategy works best if you actually void the card without better terms. Perhaps the annual fee is too high and you want to lower it, or perhaps you have had a bad customer experience and want the company to fix it. Both provide excellent ammo on “call cancellation”.
If a card company announces you are bluffing and actually voids your card, be aware that this could negatively impact your credit, so make sure you are willing to take that risk before calling.
For a step-by-step guide to successfully evaluating a retention offer, see the link below.
How much will credit card companies offer to support your business? | Credit.com