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Should you cancel or keep the American Express Gold Card? Find out how to get a retention offer and learn about different data points.
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43 comments
Does anyone know if US bank will do 1 or 2 hard pulls if I apply for 2 credit cards on the same day?
Do a video on the Capital One Savor card! Itās my current spend card for the $300 bonus and I love it! It also has a concierge service I used to find my iPhone pro in NYC when it first came out.
Very timely Seb. Thank you.
Thanks for the tip Sebby! I just called AMEX and told them I'm split between the Gold card and CSR card and hoping Amex can give some sort of retention. They gave me 15,000 for 2K spend. Hey its free money for only 5 minutes! š
Hi
What about in UK?
I have both the gold and platinum cards and I learned a lot from this vid. Thanks sebby!
Anyone else get a bunch of offers to upgrade to Platinum?
Been offered 60K MR few times now. And got a letter in mail today.
30k for 3k spend. Pretty good deal.
How far ahead of renewal should I call in for retention offers? Like a few weeks or more than a month. Thanks.
So If I paid $120 for a dinner including tips (20% tips), Iām going to get 20% back of that $120 so technically I got more than just the tips back.
In reference to what Sebby said regarding whether or not they track how often you call, I work in insurance. While insurance is very different from banking, I can guarantee you they keep notes on every time you call (with a timestamp of course) and what the call was regarding. Every major company does this for liability reasons. While it's true that some reps might not be as helpful as others, one rep might see that you spoke to someone else yesterday and asked for the same exact thing. This may prompt the second rep to give you the same response. Like when your manager tells a customer the same thing you just told them. My advice for getting your desired result is to understand that the reps are on your side and trying to help you. 99% of customers don't realize that the person you're talking to often has no say in the decision making process, and really does sympathize with you. If you can demonstrate that you know they're only trying to help, they may be willing to try harder for you if they can. They might be willing to call a higher up department and try to pull some strings for you (if possible). Some companies even have systems that allow them to give a limited amount of exceptions just to keep a positive reputation. You have to make them feel like you deserve that exception. Do not be that guy who feels entitled to an exception because you've "been a customer for 20 years!". ESPECIALLY if you're exaggerating that number. 9 times out of 10 we can see exactly how long you've been a customer and stretching that number will only make the rep less willing to help you. Just be sympathetic and take no for an answer. We always look back at the previous notes for every customer and if I can see that you've been a pleasure to speak to for the entire time you've been a customer, you'll be the first person to receive a benefit when one becomes available. Sometimes you have to lose a battle to win a war. These companies want to keep you as a customer. Don't give them a reason not to.
I find that black people and younger white woman tend to be the best for retention people on the phone. I always get retention from these people so I just call till I get someone which I think falls into those catagories above. If it's not those people don't say anything and hang up The foreign people abroad you will get. And also Asian reps tend to go by their policy exactly. Also I've found a lot of the white men will outright lie on the phone to you at amex so you won't cancel the card. Had one tell me I would loose all my points on my plat card the other day. While I have a business MR card and the amex everyday.
That is an interesting life-hack š
I will try it next year with my Hilton card.
I need to call… they didn't give me anything for my personal platinum this time around so I canceled it (I have a bank branded plat too, didn't need 2 but would have kept them both if there was a retention offer). I hope I get something for the gold.
15k points, 2k min spend within 3 months.
Hey Sebby, quick question. Iāve had the sapphire reserve card for a few years now and did not once call in for a retention offer; annual fee is about to hit, do you think if I called for the first time for an offer, would they offer?
So you just call customer service and say āIām considering canceling my card what can we do?ā
I tried once, they were utterly uncooperative, said they could do nothing other than offer me a downgrade to the green card. I havenāt gotten an offer in past… The guy wouldnāt even transfer me to retention, should I call back later?
Called Amex, told them that I was not happy with the card and debating if I receive any value from the gold card and that i wanted to know if I could be offered a retention offer. I was offered 15k MR points for 2k in spend in three months. Not bad considering its a cash value of 150 plus the 10 a month dining credit will allow to get positive expected value.
30k after 4K spend back in late August, already received the bonus.
Does the retention hurt or stay on the credit file?
15K MR for 2K spend in 3 months on Amex Rose Gold card offered on Initial Call that I accepted
Iāve been a member since 1994 and I donāt ever recall receiving a retention offer for any of my cards. I currently have 5 total cards ranging from personal platinum and gold to blue business plus.
Based on your video I called to inquire about a retention offer. I was offered $500 or 50k reward points on my platinum and 30k reward points after $4k spend in 3 months on my gold.
I didnāt want to get greedy so, Iāll wait until next year to try this on my Hilton Aspire card
Thanks again for your video
Thanks, Sebby! Just called and got a 30k retention offer on my Gold after spending $4k in the next 3 months! It did help that I spend a lot and I have an AMEX Platinum and AMEX Hilton Aspire. The whole process took 5 minutes!
Will amex issue a 1099 at the end of the year for the retention bonus?
I just called Amex today and asked for a retention offer on Gold as my AF will be due in November. They said there was no retention offer available for me. Ive spent around $15k on the card this year. They told me new offers may be available next mknth and to try again by calling back at the beginning of the month. Just a DP.
Hi ask sebby I just called amex, they offer me 10k $1500 in 3month, i guess is better than nothing š¤ thx sebby!!!
15k for 2k spend in 3 months
I got the gold card about 5 months ago. Is it too fast to call ?
Annual fee just showed up on my statement. Do I pay the $195 and then cancel or just cancel before paying the AF? I've made sure not to spend anything on the card this month so the only thing on my statement is the AF charge.
Simple advice. If you dont have the money to pay the 250 annual fee, dont bother applying. Also, this is a charge card, not credit(pay full amount)
30k points for 4k spend that's a great deal š thanks debby
FYI!!!! Also works for the Platinum card. 20k points to spend $3,000 in 3 months (10/29/19). The gentleman on the phone gave me a tiny bit of trouble but, mention the CSR and its ease in using the travel credits and it seemed to convince them.
They only offered my player 2 the 15k/$2k spend offer. I chickened out and didnāt ask for the 20k/$3k spend offer. Lol oh well.
I bit anyway.
Any tips for CSR retention? Do they offer anything at all?
This might be a stupid question but should I bother calling retention if I'm planning on cancelling a no annual fee cards?
Amex is the best company if you ask me
Thank you! This worked for me. They offered me a $100 statement credit after spending $2k and I asked them if they could offer me points instead.
Companies like this do have tracking systems that show every time youāve ever called.
It says what your stated issue was, what the rep did, and what the next steps are. Eventually if you call 3-5 times a day or only call for offers they will flag your account as āoffer abuseā.
I called they where telling me about companion gold card. What does that mean?
How do I get the 50k sign up bonus now?
I called 3 times today and they said there isnāt a retention offer for my gold card. They said the only option is down grade to the green card or cancel… š
I just got a 30k Point retention Offer for my AMEX gold, without any minimum spend