Miles and Points Travel

A quick call, or chat, can put money and/or points in your pocket

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Success Twice This Month!

Credit card annual fees can feel like a necessary evil—especially if the card comes with great perks. But here’s the part many people don’t realize: annual fees are often negotiable. You don’t need a special script, elite status, or a perfect credit score. You just need to ask for a retention offer.

Yes, it really can be that simple.

I received two Annual Fee credits on 2 different cards this month. It really does work. Not every time, but it’s something you should be doing without fail.

What Is a Retention Offer?

A retention offer is an incentive a credit card issuer gives you to keep your account open. Banks would rather keep a current customer than lose them, so they’ll sometimes offer:

• A waived or refunded annual fee
• Statement credits
• Bonus points or miles
• Temporary spending bonuses
• Lower interest rates (sometimes)

Not every cardholder gets one—but many do.

When to Ask

Timing matters. The best time to request a retention offer is:

• Right after the annual fee posts to your account
• A few weeks before your renewal date

If the fee has already been charged, don’t panic. Most issuers will still refund it if you call within 30 days.

How to Ask (No Fancy Script Required)

Call the number on the back of your card or use the secure chat feature in your online account. When you reach a representative, keep it polite and straightforward. Something like:

“I’m reviewing my cards and the annual fee just posted. I like the card, but I’m not sure it’s worth keeping at this fee. Are there any retention offers available?”

That’s it. No threats. No drama.

What Happens Next

The representative may:

1. Put you on a brief hold to check available offers
2. Ask how you use the card
3. Present one or more options

If they offer a statement credit equal to the annual fee, congratulations—you’ve effectively kept the card for free another year.

If the offer is points or miles instead, do a quick mental check. Are the points worth more than the fee to you? If yes, that’s still a win.

If They Say No

Sometimes the answer is simply “there are no offers available.” That doesn’t mean you did anything wrong.

If that happens, you can:

• Thank them and keep the card if it still makes sense
• Ask if downgrading to a no-fee version is possible
• Hang up and try again another day (different reps sometimes see different offers)

Why This Works

Credit card issuers expect some churn. They also know many customers cancel without ever calling. When you call and express uncertainty—but not hostility—you signal that you’re open to staying if the value improves.

That’s exactly what retention offers are designed for.

A Few Final Tips

• Be calm and friendly—tone matters
• Don’t lie about canceling unless you truly plan to
• Keep notes on which cards offered what and when
• Even one waived fee per year can save hundreds over time

The Bottom Line

You don’t have to automatically accept annual fees as a fixed cost. Asking for a retention offer takes 10 minutes, costs nothing, and can pay off immediately.

Worst case? They say no.
Best case? You keep a great card—and your money.

That’s a phone call worth making.