Chase gives $10 credit to keep your card - Credit Card Forum

robert.loehmann · 08-09-2008, 09:52 PM

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.

Mogul of Pineapples · 08-10-2008, 01:30 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.

Floppster · 10-05-2008, 05:39 AM

Quote:

Originally Posted by robert.loehmann

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

You must be a good customer to them

bozell · 10-05-2008, 03:31 PM

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

Multi-Purpose · 10-31-2008, 10:22 PM

I've heard Chase stopped doing this.

I guess the word got out. Keep these things secret people!

08-09-2008, 09:52 PM	#1
robert.loehmann Green Member Join Date: Aug 2008 Location: Toledo, Ohio Posts: 23	Chase gives $10 credit to keep your card 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.

08-10-2008, 01:30 PM	#2
Mogul of Pineapples Centurion Member Join Date: Jun 2008 Location: Where the smog from the 101 freeway coats my home's windows... Posts: 279	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. __________________ “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.” -Warren Buffett Current Cards: American Express: Blue Cash, Simply Cash Bank of America: Visa Financial Rewards Platinum Plus Chase: Rewards Visa, Amazon Visa Discover: More Current Everyday Card: American Express Blue Cash

10-31-2008, 10:22 PM	#5
Multi-Purpose Platinum Member Join Date: Apr 2008 Location: Somewhere in So Cal Posts: 76	I've heard Chase stopped doing this. I guess the word got out. Keep these things secret people! __________________ 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

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10-05-2008, 03:31 PM	#4
bozell Gold Member Join Date: Jun 2008 Location: c-town Posts: 33	or you could open up a new credit card and get a $50 or $100 signup bonus like some do now.