Chase has some of the most popular rewards cards out there. MileagePlus, Rapid Rewards, Marriott, etc. Then there are the ever-popular Ultimate Rewards cards. Lately, I’ve been a lot more focused on increasing my bank account balance than my points accounts, and have been thinning out my credit card portfolio. Earlier this year, I parted ways with my Marriott Rewards card. Recently, IÂ decided it was time to close my Rapid Rewards Visa and an Ink card too, even with Chase’s 5/24 rule likely slowing my roll on any near term new applications.
What a Difference a Few Years Makes
Unlike my Marriott Rewards closure experience, the reps did not even make an attempt to remind me of the benefits of the card I was closing with the Rapid Rewards card or the Ink card. I was asked why I was closing the cards – in each case, my interest in annual fees is waning, especially when I have other ways to earn Ultimate Rewards. I was thanked for the information and the cards were closed. Period. No attempt at retention, not even a hint. I’m OK with that as I wasn’t really interested in holding on to either product. However, it does point to a very changed environment in the rewards card business, I think.
Speaking from past experience, I would have expected to be cajoled into keeping the Rapid Rewards Visa for sure, the Ink card, less so. Still, the whole experience speaks to a different credit environment, and a different environment in the rewards card landscape overall in my opinion. Oh well….onward.
Has anyone gotten a decent retention offer out of Chase lately?
-MJ, February 15, 2016
I think the biggest question is how engaged were you on the card? Were you using it regularly? Or was it dormant and tucked away in your drawer….
WN Card – sock drawered for months.
Ink – moderately used, monthly. No fancy MS tactics in the last year.
It seems to me CHASE should be doing exactly the opposite: extending generous retention offers. I’ll tell you why. If the big “hit” to the bank is the initial signup bonus, then that “cost” is irrelevant to a renewal. True, there may still be costs like perks: an anniversary night or points. But those are almost always far less than the signup bonus. And what happens if people do bail? First, they may end up comfortable with some other bank. That’s lost revenue to CHASE. AMEX has already softened their “one personal card per lifetime” rule. They’ll be ready and… Read more »
Tried to post on this blog and get mulptile errors. fix it.
Not sure I understand the purpose of this post. I have close a couple of Chase credit card and the don’t care or do anything to try to keep you. oh well
Last year they gave me 6K points to keep my Southwest Plus (on top of the 3K I’d get anyway). I guess I’ll be cancelling it for real this year.
My Ink card is on its way out, too.
I had the same experience recently. I didn’t even get a retention specialist.
SAME! For my Southwest Plus and Marriott rewards, nothing. I called a few times–nothing.