FlexPerks - retention bonus
I have 20+ credit cards and many of them have annual fees after a year (most will have the annual fee waived the first year). People ask me if I pay all those annual fees or just cancel the card. I don't like to pay annual fees, but I don't always like to cancel a card if I like it. I don't really use my US Bank FlexPerks rewards credit card any more so when the $49 annual fee hit my account I didn't want to pay for it....So I called customer service
CSR: Hello, how can I help you (after verifying who I was)
Me: Um, I think I want to cancel my Flexperks credit card. There is an annual fee that is on my account and I don't want to have to pay it. (I don't just say I want to cancel the card because I want to give the them a chance to give me an offer to keep the card).
CSR: Okay, I can help you with that.
Me: Okay, thanks. Is it possible to waive the annual fee for another year?
CSR: Sorry, we can't do that....but I can offer you 5000 bonus points after your next purchase on the card.
Me: Ummm...okay, I think I would do that. Thank you
So I ended up keeping the card because I go the 5,000 retention bonus. I can use 3500 points to pay for the $49 annual fee and then I'll have netted 1,500 points in the end. For me I was fine with that, so I didn't cancel the card.