If you’re a frequent user of your Chase Ink credit card, and you’re a customer in good standing, you may be able to get a retention offer from Chase. Retention offers are less valuable than they used to be, but they can still be a good way to get bonus points with your credit card – especially if you’re seriously considering switching cards, anyway. Before you call Chase, though, understand these 5 things about your typical Chase Ink retention offer:
1. It’s probably dependent on spending
It used to be that banks would periodically offer customers retention offers. Or they might just give you bonus points for threatening to cancel your card. Once you got the points, you could cancel the account, anyway.
But it didn’t take long for banks to catch on to this strategy. So most retention offers today are spending-dependent – just like many bonus offers.
Some sources, including RunningwithMiles and Fishing4Deals have noted that Chase typically offers around 10,000 bonus points for something like $5,000 of spending over 90 days.
Bottom line: if you aren’t willing to spend, you probably won’t qualify for a bonus offer.
2. You should call after you get hit with the annual fee
You might try to call Chase before you’re charged that year’s annual fee. After all, the goal is to avoid the fee. You can always threaten to drop the card if they don’t give you a decent retention offer.
But you’ll probably get better results if you call after the annual fee has hit your account. Chase may agree to refund part of the fee, or may give you rewards that will wind up canceling out the fee all together. But you’ll have more luck if you call just after the fee hits, instead of before.
3. What you see is probably what you get
Bloggers familiar with this territory note that with Chase, the customer service reps are given an offer that they can offer you, and that’s that. You may be able to escalate the call to a supervisor, but chances are that the first deal you’re offered is the best deal you’ll get. It never hurts to ask, but it’s good to know this going in.
4. Your offers may vary
The offers you get on your Chase Ink card will vary, depending on how much you’ve spent, your current balance, and more. If you spend a lot of money on this card, you could get a really great offer. Spend a moderate amount, and you probably won’t get as many bonus points or as big a statement credit.
5. It’s not necessary to threaten to cancel the card
It may seem like a good idea to threaten to cancel your Chase Ink card if you don’t get a good retention offer. But this probably won’t do you any good. Instead, just be honest with the representative.
If you really are considering canceling the card because of its relatively high fees, then say so. But if you just want to see if you can get a good deal, say that, too. The offer that’s attached to your account should pop up the same either way, and could save you some money whether you’re ready to cancel your account or not.
Before you call, do some consideration on your part. Is the Chase Ink card right for you at the moment? Are the everyday rewards attached to your card enough? If so, just ask for a retention offer. If not, consider shopping around for another business card that might have a great introductory deal for you.