I admit it: I have CCSA. Credit Card Separation Anxiety. I get attached to cards even if the benefits I’m receiving aren’t necessarily worth the price I’m paying. I have at least three premium credit cards at the moment where the annual fee is $350 or above.
One of those cards, the American Express Platinum Business Card, is up for renewal. The $450 annual fee appeared on my statement. It’s a fabulous charge card, but I’m weighing whether it’s worthwhile for me to keep at the moment.
I made what is called a Retention Call to American Express. I told the representative that I was weighing my options on whether to keep or cancel the card and was wondering if there were any available offers.
I was connected to a Retention Specialist and she went over the benefits of the card with me. She was very pleasant – but informed me that unfortunately there were no offers available for me at this time.
Before we got off the phone, I asked her if she could check my other Amex cards and see if there was anything on them. She said that she was happy to do so, but could only check the business cards, not the personal ones. She proceeded to look at my SPG Business card and my Blue Business Plus card (FYI – the Blue Business Plus Card is a $0 annual fee credit card that earns 2X Membership Rewards points on business purchases up to $50,000).
I have good news for you, she said. She went on to tell me that there’s an offer on my Blue Business Plus Card, and offered me a $50 “loyalty statement credit” for keeping the card open. No spend was required. All she needed was my consent.
Uh . . . yeah!
That was easy.
To quote one of my friends, “Can I give you $50?” “Uh, yes!”
The lesson: when making retention calls to credit card companies, ask about offers on all cards, including those with $0 annual fee.
Which brings me back to the American Express Platinum Business Card. I still don’t know if I’ll keep it or cancel it. I have a few weeks to decide. In that time, I’ll probably try calling Amex a few more times.