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Yahoo
01-08-2025
- Business
- Yahoo
What is a credit card retention offer — and how do you ask for one?
It makes sense to apply for credit cards if they'll provide value to you with their rewards and benefits, especially if you're able to earn a generous credit card sign-up bonus. However, you might find you aren't getting as much value from a new card as you hoped, particularly if a high annual fee has just posted to your account after the first year. Before canceling or downgrading to a no-annual-fee credit card, consider whether your card issuer might extend a retention offer to keep you as a cardholder. This could result in opportunities to earn rewards or statement credits, even if you weren't thinking of canceling, for simply asking for a retention offer. What is a credit card retention offer? A credit card retention offer is an offer a card issuer makes to entice a current cardholder not to cancel their card membership. You might want to cancel for various reasons, but credit card companies want to keep you on as a customer, especially if your card has an annual fee. For example, here's a retention offer I once received from an online chat agent for The Platinum Card® from American Express: 'As you are such a valued Card Member, you can earn 45,000 Membership Rewards points after you spend $4,000 or more on purchases on your Platinum Card account within 3 months of accepting this offer. The 45,000 Membership Rewards points will be credited to your account 8 to 12 weeks after the purchase requirement has been met. This is our way of saying thank you for keeping your Platinum Card account open today.' To receive the above retention offer of 45,000 bonus points, I would have had to spend $4,000 on my Amex Platinum card in three months. Related: Does closing a credit card hurt your credit? How credit card retention offers work A retention offer is designed to entice you away from closing your credit card account, so it must offer something worthwhile. That often means you're able to earn points, miles, or cash back for spending a certain amount on your card within a specified timeframe, similar to how new cardmember welcome bonuses work. You might also receive retention offers that don't require any spending at all. In these cases, the card issuer might simply give you a statement credit or an annual fee reduction to keep your account open. You might also receive a completely waived annual fee. Whether a retention offer is worth it depends on the potential value of the continued card membership, including the value of the offer. Types of retention offers These are common types of retention offers people have received from different card issuers: Rewards: You can earn points or miles for meeting a spending requirement on your card over the course of a few months or more. This is the same format as welcome bonuses for new cardmembers. Statement credit: You receive a flat statement credit, which may cover some or all of your annual fee. Waived or reduced annual fee: Your annual fee is reduced, or you receive an annual fee waiver for the upcoming membership year. Related: Best rewards credit cards How to ask for a retention offer If you don't think your card is providing enough value, you can call the number on the back of your card and ask to be transferred to the retention department. Some card issuers, like American Express, also have online chat agents who are authorized to extend retention offers. You can log in to your Amex account to chat with an agent. It's common to receive retention offers if you're asking to close your card, and many people call in to close their card after an annual fee posts to their account. However, there's no official guideline stating that you can only ask for a retention offer after a year or more; that's just a common time for people to ask for one. Here are some things to keep in mind when asking for a retention offer: You might have to call: I prefer speaking with chat agents, but not all card issuers have chat options. If that's the case, you'll have to call in. You typically want to ask specifically about retention offers: Depending on the agent, calling in and saying you want to cancel might get you exactly what you're asking for. Rather than talking about canceling, specifically ask for available retention offers associated with your account. You might have to explain why you're considering canceling: An agent will know you're considering canceling if you mention 'retention offers,' so you might get a few questions about why you want to cancel. In most cases, talking about the annual fee will move the conversation along, especially if you say you 'aren't getting enough value' from any card benefits or perks the agent might mention, like travel credits or airport lounge access. You want to keep records: If you receive a retention offer you're happy with, make sure you have some sort of record of the conversation in case the offer doesn't post later. For phone calls, get a reference number or ask if they can email you something about the offer. For chat conversations, you can ask for a reference number and take screenshots of the conversation (send them to yourself in an email). Related: How to safely cancel a credit card in 7 steps Credit card retention offer FAQs How often can you ask for a retention offer? There's no official time frame for asking for retention offers, but it likely doesn't make sense to continuously ask for offers week after week or month after month. A few times per year might make more sense. Should you take a retention offer? You should only accept a credit card retention offer if you're willing to keep your card account open and you think you'll get enough value from the card's benefits and the retention offer to more than offset the annual fee. What is an example of a credit card retention offer? An example of a credit card retention offer is your card issuer offering you a $150 statement credit to help offset your card's annual fee. Another example would be an offer to receive 20,000 points after spending $2,000 in three months on your card. Can you negotiate credit card retention offers? You can always ask an agent about any additional or better offers, even if they've just presented you with an offer. There's no harm in asking, and you might end up with a superior offer than previously extended. How do I get an Amex retention offer? If you have an American Express credit card with an annual fee, consider calling the number on the back of your card or using your online account's chat function to ask an agent about Amex retention offers. There's no guarantee that you'll have any offers available, but it doesn't hurt to check. Which credit card issuers provide retention offers? Many credit card issuers, including American Express, Bank of America, Chase, and Citi, have been known to provide retention bonuses to existing cardholders. Capital One isn't known for frequently providing retention offers. Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to the Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank's website for the most current information. This site doesn't include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.
Forbes
24-07-2025
- Business
- Forbes
Rakuten And Amex Launch New Credit Card With Up To 10% Cash Back
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Shopping online isn't just about convenience—it's a chance to save more on your purchases. Rakuten, a well-known cash back platform, has partnered with American Express to launch a new credit card that helps members earn even more rewards. Powered by fintech startup Imprint, The Rakuten American Express® Card * offers boosted rewards across everyday spending categories, including an extra 4% cash back on top of the cash back earned through Rakuten, on up to $7,000 in purchases per calendar year. Rakuten fans no longer have to limit their rewards to online shopping, as this new card brings those perks to in-store and restaurant purchases, too. The Rakuten American Express® Card * offers perks for shoppers looking to maximize their rewards. In addition to regular Rakuten cash back, cardholders earn an extra 4% cash back at more than 3,500 partner stores, whether online or in person, on up to $7,000 per calendar year. That means if you spend $100 at one of these stores, an extra $4 goes back in your pocket. If you love dining out, the card shines with a whopping up to 10% cash back at more than 22,000 Rakuten partner restaurants, thanks to an additional 5% back on top of base rewards. You'll also earn 2% cash back in popular spending categories like groceries and restaurant visits, and 1% on all other purchases. Alongside the cash back rewards, the card charges no annual fee, making it accessible for many shoppers. Plus, new cardholders can earn a $25 bonus after spending $500 in the first 90 days of account opening. If you're looking for a simple, no-hassle rewards card that complements your existing Rakuten usage, this card deserves a close look. The Rakuten American Express® Card * works smoothly with the Rakuten platform, making it simple to earn cash back when shopping at partner stores. Plus, if you link your Rakuten account to American Express Membership Rewards® , you can earn Membership Rewards points instead of cash back—giving you more flexibility in redeeming your rewards, including transferring them to Amex's 15-plus travel partners . If you want to squeeze every bit of value from this card, start by installing Rakuten's browser extension or using its app. It automatically applies cash back deals and coupons when you shop online. Also, try to do most of your shopping during big sales, such as upcoming back-to-school or holiday promotions. That way, you can get both the sale price and plentiful cash-back rewards. Finally, routinely check your Rakuten and American Express accounts for limited-time deals or bonuses—these can add up over time. For a card with no annual fee, The Rakuten American Express® Card * offers strong rewards, especially if you prefer to earn cash back as a check or PayPal deposit—the current payout options Rakuten supports. However, if you're not already a Rakuten user or don't often shop or dine with its partner retailers and restaurants, you may want to explore other credit cards that offer shopping rewards . Take the Bank of America® Customized Cash Rewards credit card , which earns 6% cash back for the first year in the eligible category of your choice, 2% cash back at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), and unlimited 1% cash back on all other purchases. After the first year from account opening, earn 3% cash back on purchases in your choice category and 2% cash back at grocery stores and wholesale clubs up to the quarterly maximum. $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed. One of the categories you can choose to earn 6% cash back in with this card for the first year is online shopping. Factoring in its $2,500 quarterly maximum for these rewards, you could earn 6% cash back on up to $10,000 in your first year on online shopping spending (this rate drops to 3% after your first year), which may trump the 4% or more cash back you'd earn on up to $7,000 in purchases annually with Rakuten's partners using The Rakuten American Express® Card * . Overall, The Rakuten American Express® Card * still stands out for loyal Rakuten users, offering strong cash back potential within the shopping platform. For American Express customers, the ability to turn Rakuten cash back adds flexibility to explore redemption options beyond just cash.
Forbes
24-06-2025
- Business
- Forbes
This Amex Platinum Offer Could Score You As High As 175,000 Bonus Points
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. There's a massive The Platinum Card® from American Express (Terms apply, see rates & fees) welcome bonus floating around, but it's playing hard to get. If you've been eyeing the Amex Platinum, you might want to check your personal offers ASAP. The Platinum Card may flash a bonus of 175,000 points, but whether you get it depends on what's behind the velvet rope. Unlike the standard 80,000-point public offer, this one is all about personalization. You'll see the biggest number up front, but your actual welcome bonus might be lower depending on your credit profile, card history and other mystery metrics. That means some applicants will receive a personalized offer as high as 175,000 Membership Rewards® Points after spending $8,000 on eligible purchases on the card in the first 6 months of card membership (approval required, welcome offers vary and you may not be eligible for an offer). Others might see a lesser offer or may not qualify for anything. Here's how to find out where you land. There are a couple of ways to see if you qualify for the new Amex Platinum offer. The easiest way is to use a special link that includes the 'as high as' language, which has been emailed to Amex customers, on the Amex website, or from the application link on this page. Once you click through, you'll land on the Amex Platinum offer landing page, where you can click 'Apply Now' to fill out a short form with information like your Social Security number and income. Once you submit your information Amex will run a soft credit check to show you the specific welcome bonus you're eligible for, if any. This won't affect your credit score, and you're under no obligation to continue if you don't like what you see. If you're eligible, you'll immediately see your personalized welcome bonus. At that point, you can either accept your offer (which may impact your credit score) or hit 'Withdraw Application' and exit without any impact on your credit. If you accept the offer you will have to meet a spending requirement in the allotted time to receive the bonus. Let's not sugarcoat it, the $695 annual fee on the Amex Platinum card isn't cheap. But if you travel even a few times a year, the perks can be worthwhile. Lounge Life Goals Centurion Lounge? Priority Pass? Delta Sky Club (when you fly Delta)? Yes, yes, and yes. Cardholders can also expect free food, drinks, Wi-Fi and a quieter place to wait than the standard gate area. Stacked Statement Credits Earn back up to $200 in airline fees, up to $200 in Uber Cash, and up to $240 toward streaming services each year (terms apply, see rates & fees for details). That's nearly $650 in value, almost covering the annual fee right there. VIP Hotel Treatment Cardholders get elite status with Hilton and Marriott, plus luxe perks through Fine Hotels & Resorts like upgrades, free breakfast and late checkout. 5x Points on Flights and Amex Travel Flights and prepaid hotels booked through Amex Travel earn 5x points. Add that to a huge welcome bonus, and you're basically bathing in Membership Rewards. Other Extras Earn CLEAR credits, Walmart+ perks, purchase protection ¹ , return protection ¹ and concierge access for last-minute table reservations (you didn't plan ahead for). It's unclear how long the 'as high as' feature will be available or whether similar offers will roll out for other cards. If you do see the offer, it's worth checking your personalized bonus, since it won't affect your credit score unless you accept the offer which you're under no obligation to do. This card may be a good fit for frequent travelers who can take advantage of the lounge access, hotel perks and high-value travel credits. For those who fly several times a year, the benefits can outweigh the $695 annual fee. But if you don't travel often or don't typically spend much on flights and hotels, it may be harder to justify the cost or fully use the perks. Ultimately, this is one of the highest public offers currently available on a premium card—but whether it's worth it depends on your travel habits and how much value you'll realistically get from the benefits. To view rates and fees for The Platinum Card® from American Express please visit this page. ¹Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit for more details. Underwritten by AMEX Assurance Company.
CNET
24-06-2025
- Business
- CNET
This Amex Card's New Welcome Offer Has Me Scratching My Head. Here's Why
CNET/Getty Images A welcome offer is usually one of the main reasons people apply for a new credit card. But what if the issuer didn't disclose the offer until after you applied? American Express recently changed the language for the terms on The Platinum Card® from American Express without specifying the exact number of points you'd be eligible to earn with its welcome offer. A credit card's welcome bonus -- a lump sum of rewards you can earn, typically for reaching a certain spending threshold in a specified number of months -- is one of the biggest draws of luxury travel cards. The annual fee on an expensive credit card can usually be offset by the welcome offer you can earn. So, with a card that has a $600 annual fee and a welcome bonus of 100,000 points (depending on how much those points are worth), you know that fee is covered for at least a year. American Express didn't respond to a request for comment. So what changed with The Platinum Card? I'll explain. What changed with The Platinum Card's welcome offer? Here's how Amex changed its language: Old offer: 80,000 points for spending $8,000 in the first six months. 80,000 points for spending $8,000 in the first six months. New offer: You may be eligible for as high as 175,000 Membership Rewards® Points after you spend $8,000 in eligible purchases on your new Card in your first six months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Find out your exact welcome offer when you apply. It's a mouthful, I know. As someone who's covered credit cards for nearly a decade, it's a good reminder to read all of the terms carefully. Here's what you should pay attention to. Why you should read the offer carefully A few things to call out with this new language. As high as. Yes, 175,000 is a big number. However, they don't disclose the range. That leaves me to wonder what's the least amount you might earn on a card with a $695 annual fee. (See rates and fees; terms apply.) Welcome offers vary and you may not be eligible for this offer. This could mean that you may not qualify for the highest payout or, in the worst case, that you may not qualify at all. Either way, the wording is ambiguous. Find out your exact welcome offer when you apply. You're no longer told how much you're eligible to earn before applying. Let's say you're approved, expecting a 175,000 bonus, but instead only qualify for 60,000. At that point, you'd have to decide if the card is valuable enough to you to accept. On the plus side, Amex says your credit score is only affected if you accept the card -- not when you apply. Should you apply for the Amex Platinum? If you had plans to apply for the card, it might be worth holding off until the company clarifies the bonus -- perhaps that will come with its planned update to the card later this year. Otherwise, the welcome offer you receive may not match your expectations. It could be that the credit card issuer is putting this out now, ahead of the planned update in preparation for a rewards revamp. Amex might offer tiers of Platinum cards, each with a different welcome offer and rewards, but that's just speculation. Either way, the change in language and the lack of disclosure about the welcome offer give me pause. Similar to how the new Coinbase One Card won't disclose how many assets you need to qualify for the highest rewards rate, the new language strikes me as purposefully ambiguous to get people to apply, only to find out the benefits are much less than what they expected.
CNET
20-06-2025
- Business
- CNET
A New Welcome Offer for The Platinum Card® from American Express Gives Me Pause. Here's Why
CNET/Getty Images Would you apply for a credit card that costs hundreds of dollars if the issuer wouldn't tell you what the welcome offer was? American Express recently changed the language for the terms on The Platinum Card® from American Express without specifying the exact number of points you'd be eligible to earn with its welcome offer. A credit card's welcome bonus -- a lump sum of rewards you can earn typically for reaching a certain spending threshold in a specified number of months -- is one of the main reasons why people apply for luxury travel credit cards. The annual fee on an expensive credit card can usually be offset by the welcome offer you can earn. So, a card with a $600 annual fee and a welcome bonus of 100,000 points (depending on how much those points are worth), you know that fee is covered for at least a year. American Express did not respond to questions in time for publication. So what changed with The Platinum Card? I'll explain. What changed with The Platinum Card's welcome offer? Here's how Amex changed its language: Old offer: 80,000 points for spending $8,000 in the first six months. 80,000 points for spending $8,000 in the first six months. New offer: You may be eligible for as high as 175,000 Membership Rewards® Points after you spend $8,000 in eligible purchases on your new Card in your first six months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Find out your exact welcome offer when you apply. It's a mouthful, I know. As someone who's covered credit cards for nearly a decade, it's a good reminder to read all of the terms carefully. Here's what you should pay attention to. Why you should read the offer carefully A few things to call out with this new language. As high as. Yes, 175,000 is a big number. However, they don't disclose the range. That leaves me to wonder what's the least amount you might earn on a card with a $695 annual fee. (See rates and fees; terms apply.) Welcome offers vary and you may not be eligible for this offer. This could mean that you may not qualify for the highest payout or, in the worst case, that you may not qualify at all. Either way, the wording is ambiguous. Find out your exact welcome offer when you apply. You're no longer told how much you're eligible to earn before applying. Let's say you're approved, expecting a 175,000 bonus, but instead only qualify for 60,000. At that point, you'd have to decide if the card is valuable enough to you to accept. On the plus side, Amex says your credit score is only impacted if you accept the card -- not when you apply. Should you apply for the Amex Platinum? If you had plans to apply for the card, it might be worth holding off until the company clarifies the bonus -- perhaps that will come with its planned update to the card later this year. Otherwise, the welcome offer you receive may not match your expectations. It could be that the credit card issuer is putting this out now, ahead of the planned update in preparation for a rewards revamp. Amex might offer tiers of Platinum cards, each with a different welcome offer and rewards, but that's just speculation. Either way, the change in language and the lack of disclosure about the welcome offer give me pause. Similar to how the new Coinbase One Card won't disclose how many assets you need to qualify for the highest rewards rate, the new language strikes me as purposefully ambiguous to get people to apply, only to find out the benefits are much less than what they expected.
