The $95 fee recently came up for one of my favorite credit cards, the Chase Ink Plus so I had a tough decision to make… Should it stay or should it go? My options were to cancel or try to keep my card.
If I closed my account, it wouldn’t really be the biggest deal since I still currently have an Ink Bold. The Bold offers the same 5X points benefits at office supply stores and cell phone & other telecom bills.
So what to do?
I called up Chase at the phone number on the back of my card. After inputting the last 4 of my card # as well as my zip code, I was connected to a customer service rep pretty quickly.
After going over the usual greetings, I was asked how he could help and then mentioned that I was thinking of closing my account.
The rep mentioned that he was sorry to hear that and asked if I still liked the benefits that the card offered? I mentioned that I did…
He then wanted to know then why I wanted to close my card so I mentioned how I didn’t want to pay the $95 annual fee.
I was immediately told that I was one of their best customers and then offered a courtesy $95 statement credit. I was asked if I was interested and accepted the offer.
In under two minutes from when I called, I was offered this fee credit. (I may have been on another minute or so since the rep had to read me the offer’s terms.) There was no telling me how great the card is or getting transferred to a supervisor. Quick and to the point.
I have to say that I like the way Chase handled this.
My only debate now is if I should’ve closed the Ink Plus. I’m still considering calling back to cancel so I could get the signup bonus again in the future. Thoughts?
Gerald- Sounds like a solid plan! I still might call to cancel my Ink Plus since I have the Bold.
Jake- Were you offered a statement credit also or only the 10K for $5k spend offer?
I did the same with this card but ended up just turning down the 10k for $5k in 90 days deal. Kind of regret not keeping it now that I know there are new rules on how many new cards you can sign up for.
Larry D- Tough decisions as I (and I’m sure you) don’t want to be without an Ink card!
JEM & Presley– I wish I knew too!
I have the Ink Cash, Ink Plus, and Sapphire Preferred. It seems to me that the Ink Cash when combined with the Sapphire Preferred gives me all the benefits of the Ink Plus with the exception of the higher limit for 5X at office supply stores ($25K for Ink Cash, $50K for Ink Plus). Before Chase changed their policy, I had no doubts about cancelling the Ink Plus when the annual fee is due. Even now I’m definitely leaning towards cancelling so I can eventually get the signup bonus again. I’m guessing that Chase will relax their restrictions within the next couple of years.
Given the new Chase rules rejecting applications from those with 5 or more new cards in 2 years, keeping the card may make sense, especially if you’re going to put $25K+ per year on the Plus. Of course, nobody knows how long that restriction will last.
Curious as to what range of spending makes one a “best customer”?
Curious as well on the spending threshold to be considered one of the best customers
Ditto to your experience. I had called to cancel the Bold in April and was offered 10000 bonus points if I spent $5k in 90 days. Okay, I decided to keep the Bold, and I’d cancel the plus when it renews in May. After all, I’d be eligible for a new sign-up bonus the next time I wanted to apply. Well, when I called up last month to cancel the plus, just like the blog stated, easy $95 credit offer (which posted within 2 days). And again, just like the blog stated, almost wished I could have canceled to be ready for the sign-up bonus again. Oh well, at least we know Chase rocks !!!!!