Back in 2013 I signed up for the Chase Sapphire Preferred card for the second time. I received a very solid 55,000 points (50K sign-up + 5K for adding an authorized user) as a signup bonus.
A couple of weeks back the steep $125 annual membership fee showed up on my monthly statement.
This left me needing to make an important call. There was no way I was going to just pay the fee so it was time to see if Chase had a retention offer for me before I went ahead and closed my account.
I called the Chase customer service number on the back of my card. The call was answered so fast that I don’t even think that I heard the phone ring. After being asked the last 4 digits of my account, it was time to get down to business.
The representative asked what he could do to me and I expressed my concerns about the annual fee and how I was thinking of closing my account. This comment was met with a response that I have 60 days to make a decision about what to do with my card.
The rep then mentioned that I had 5 Ultimate Rewards points left in my account and offered to move them. I was ready to laugh but instead I said that I didn’t think there was much I could do with them. I was surprised that he offered to move them. I gave him the last 4 digits of one of my business accounts and he said my points would be moved there.
I then cut in before he closed my account and asked about any retention offers or waiving the annual fee.
The rep then told me that he was unable to waive the fee due to all of the benefits offered by the card. I was offered to have my card switched to a no fee card. Thanks, but no thanks!
I asked one more time if there were any offers to keep my card open and I was told a simple no. This was a bit surprising to me but to be honest, I didn’t really care all too much. I’m looking to close out more of my cards in preparation of applying for new ones in 2015.
The rep asked me if I was sure that I wanted to close my account to which I replied yes. However, before he closed my card I asked if he could move my credit line to other accounts.
He was able to move all but around $1,000 in credit for me which I had split between two other cards.
With my Sapphire card closed I wonder if Chase is getting a bit stingy with offering retention bonus offers? Or is this just the case for Sapphire Preferred cards?
Have any of your received a retention offer or had the fee removed for a Chase Sapphire Preferred account?
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My CSP card is up for renewal next month. I called them two days ago to inquire about retention offer but received a simple and straight NO. I will wait until I receive 7% dividend and will close it. But I will stop using it by year end. I forgot the AF has gone up to $125. I will sign up for Citi Prestige in March or April which offers same or better benefits. Just read the Frequent Miler on this topic. It won’t be the best card to have in the wallet anymore like all bloggers raved about.
Rob- I think you are right and it would be nice of they’d offer some sort of retention bonus!
Drew B- That could be the case but the rep did mentioned 3-4 times that he hopes to do business with me again in the future so I’m not sure that they like when cards are closed.
P T- Thanks for letting us know.
Augias- Right and what do you feel makes the card worth $125? I’d rather close it and get it again in the future…
Mordy- I don’t check retention posts, I call for myself to see if anything might be available. You never know, right?
Patti- This is true.
Points With a Crew- It’s still worth calling in though just to be sure!
I spend about $3K a month on the card and was denied back in August and so was my wife. Looks like there is no love from Chase anymore. But with all of the benefits, this is my go to card. So I kept the card anyway.
I have had the same experiences with most of my Chase cards.
My experience is that they don’t offer retention offers on the CSP. On the United card they offered me and a family member 2 United club passes. Since Chase cards are churnable best to just cancel and reapply.
Check out the retention posts on FT or DansDeals and there are rarely any mentions of a retention offer for the CSP.
almost nobody has ever received a retention offer for the CSP, since they know it’s one of their best cards. It’s one of the few cards where the extra points I earn with it are worth well more than the $125 fee.
Same experience here.
They made it clear back in June that they wouldn’t do anything for me but close it or switch it. So I downgraded to the regular sapphire. I don’t think they need retention with so many desirable cards.
It appears that very few, if any, people have received retention bonuses from the CSP, however, I expect that to change after Chase phases out the 7% annual dividend.