Chase gives $10 credit to keep your card

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robert.loehmann
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Chase gives $10 credit to keep your card

Postby robert.loehmann » Sun Aug 10, 2008 12:52 am

I have a couple credit cards I don't use anymore, probably like most Americans do.

One of them I called to cancel was the Chase Perfect card. It was a "Perfect" card a few years ago when it gave 5% cashback, but like many credit cards they stopped doing that.

When I called Chase to cancel my first card (Chase Perfect) the CSR on the phone went over the expected excuses as to why I shouldn't cancel... What will I do in emergencies... Accrued rewards will be lost... will no longer be reported to credit bureaus..

I said "That's fine go ahead" and then she said "Looks like there's a $10 credit that will be posting to your account. If you cancel you will lose that."

I didn't understand it because I know I didn't have $10 in cashback coming since I hadn't used the card in a very long time. The CSR said it was a only a gift and not a bribe to keep the card. I decided I'd keep the card for the $10 and didn't cancel.

Looking back I realized it was a smart retention trick. If the CSR would have said "We'll give you $10 to stay" it wouldn't have worked. But because she said I would LOSE $10 I didn't want to cancel it.

I don't care if it's a bribe. Either way it's a good thing I think. I can always spend the $10 and cancel the card after if I want.


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Mogul of Pineapples
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Postby Mogul of Pineapples » Sun Aug 10, 2008 4:30 pm

Funny I have that old Chase card too "Chase Perfect." I don't use it either anymore because there are better cards out there with better rewards, but I keep it open so it still reports to the credit bureaus and helps my credit score. But I should call them up and try and cancel to see if they do this. I'll take a free ten bucks any day.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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Floppster
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Postby Floppster » Sun Oct 05, 2008 8:39 am

robert.loehmann wrote:I have a couple credit cards I don't use anymore, probably like most Americans do.

One of them I called to cancel was the Chase Perfect card. It was a "Perfect" card a few years ago when it gave 5% cashback, but like many credit cards they stopped doing that. It still gives 3% but I decided to get the Chase Freedom card because it gives 3% in way more categories.

When I called Chase to cancel my first card (Chase Perfect) the CSR on the phone went over the expected excuses as to why I shouldn't cancel... What will I do in emergencies... Accrued rewards will be lost... will no longer be reported to credit bureaus..

I said "That's fine go ahead" and then she said "Looks like there's a $10 credit that will be posting to your account. If you cancel you will lose that."

I didn't understand it because I know I didn't have $10 in cashback coming since I hadn't used the card in a very long time. The CSR said it was a only a gift and not a bribe to keep the card. I decided I'd keep the card for the $10 and didn't cancel.

Looking back I realized it was a smart retention trick. If the CSR would have said "We'll give you $10 to stay" it wouldn't have worked. But because she said I would LOSE $10 I didn't want to cancel it.

I don't care if it's a bribe. Either way it's a good thing I think. I can always spend the $10 and cancel the card after if I want.


That is quite an interesting Story. I am well aware that banks don't won't you to cancel but as of today I have never been offered to get paid for staying, even when it is only $10 :eek: You must be a good customer to them :D
Intellectuals solve problems. Geniuses prevent them.
- Albert Einstein 1879-1955

bozell
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Postby bozell » Sun Oct 05, 2008 6:31 pm

or you could open up a new credit card and get a $50 or $100 signup bonus like some do now.

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Postby Multi-Purpose » Sat Nov 01, 2008 1:22 am

I've heard Chase stopped doing this.

I guess the word got out. Keep these things secret people!
[font=Comic Sans MS]Change will not come if we wait for some other person or some other time. We are the ones we've been waiting for. We are the change that we seek.
-Barack Obama[/font]



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