Can You Negotiate a Credit Card Signup Bonus?
Last fall, the Delta Skymiles American Express Card announced a new look and new cardholder benefits. It offered substantial sign-up bonuses for the entire set of cards if you signed up several months before the change took effect. But when January rolled around, some of the card subscription offers to new customers were noticeably higher than they were in the fall.
What got me thinking: can you negotiate a sign up bonus?
Through my work with credit cards, I’ve learned that you can negotiate almost anything, from interest rates to annual fees and late fees. Credit card companies want to keep your business and therefore (sometimes) back down to keep you happy.
But some negotiation points are more reliable than others. I remember so vividly the Oprah episode teaching me how to negotiate the credit card interest rate in 2009 – probably because it worked. We still recommend asking your issuer to lower your rate if you have good or improving credit.
But what about this bonus? I asked around with my network of loan officers and found out that you can certainly ask for the best bonus if you just signed up for a card and now see the best deal. But, as with most negotiations, your experience may be different.
“In my experience, Chase and Citi are the most lenient when it comes to increasing signup bonuses,” said Ted Rossman, industry analyst at CreditCards.com . “On request, both often give a higher number if the registration was recent. Over the past 90 days, this seems to be a typical decline. “
American Express used to meet higher bids more consistently in the past, but called it “less reliable these days,” Rossman said. But he still said that it would not hurt to ask.
But when I was looking for someone who asked their new card issuer for the best sign up bonus, I had a hard time finding success stories.
Kelly Wagoner, chief editor Finder.com , asked American Express to a more profitable deal when she signed the card Blue Cash Preferred. She wanted to upgrade with her blue card, which was her very first credit card.
She saw a $ 300 sign up bonus advertised online (after spending $ 1000 in the first three months), but after being approved online, she was only offered a $ 250 bonus. Problem: $ 300 was only available to new customers.
She started an online chat to ask if they could make an exception. The rep, although friendly and understanding, according to Wagoner, ended up telling her no.
“I’d be lying if I said I wasn’t disappointed,” Wagoner said. “This is my first new credit card in over 15 years and my first annualized credit card, so I didn’t take it lightly.” She said that since she has a good credit rating, she could look elsewhere for a better deal. “I was hoping my loyalty to Amex would be worth the extra $ 50.”
So, as usual, there is nothing wrong with asking, but don’t be surprised if you get rejected. And before you even call to find out how to get the best signup bonus, make sure you can meet the requirements in a reasonable manner. If you can’t justify spending the extra $ 1,000 over the same 90-day period to earn a few extra points, it’s probably not worth the effort.