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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