Credit Cards – Renewals, Retention Offers, Cancellations and Mistakes

photo: pixabay

First, I Must Confess – I Have CCSA – Credit Card Separation Anxiety.

I had a busy few weeks with credit card renewals, retention offers and cancellations – I have a syndrome called Credit Card Separation Anxiety, so you must understand this is all very stressful (but therapeutic) for me.

American Express Business Platinum

My Business Platinum American Express was up for renewal. The annual fee is currently $450. It’s a wonderful card, but I decided that, at the moment, the Personal Platinum American Express card was better suited to my needs (and I like the $100 Saks Fifth Avenue Credit and $15 monthly UBER credit that the personal card offers in addition to the various other benefits that both cards offer). So, I applied for the personal Platinum American Express Card and the application was approved in like a nanosecond. Before canceling the Business Platinum Amex card, I called American Express and asked if there were any retention offers on the card. The answer was no. I canceled the card.

Chase Ink Preferred 

My Chase Ink Preferred card was also up for renewal. The annual fee is $95. This is a fabulous card, as it earns 3X Ultimate Reward points  for various purchases such as Internet, cable and phone services as well as travel and shipping. However, I already have the Chase Sapphire Reserve card which is my favorite go-to credit card, and my business spend has been less recently. I was leaning towards cancelling the card or downgrading it to a different business card. I phoned Chase to “explore what my options were.” I was offered a statement credit of $95 to keep the card – I quickly agreed!

Barclay American Airlines Aviator 

My Barclay American Airlines Aviator card was also up for renewal. In the past, Barclay was always very generous in offering statement credits or other incentives to renew a card, but this time, none were offered. I already have plenty of AA miles, and I have the Citibank American Airlines card, so I canceled this card.

Barclay JetBlue Card

Also up for renewal was the JetBlue card. I didn’t fly JetBlue as much as I’d hoped and wondered whether it was worth $99 to keep the card. I phoned Barclay and was offered a statement credit of 50% ($49.50) to keep the card as well as an offer to receive 5,000 JetBlue miles if I spent $1,000 in 3 months. I accepted these offers and kept the card.

Mistake: Kohl’s Card

I wanted a new Instant Pot and they were on sale at Kohl’s. There was an extra bonus for Kohl’s card holders, and everyone is always raving about their Kohl’s cards, so I jumped on the offer. However, I don’t live near a Kohl’s store, and in retrospect, I think that getting this card was a mistake.  On the positive, I’m now making some awesome soups in the Instant Pot (insert dumb smiley face).

So, What’s on your credit card horizon?