So basically it's my understanding that it's the law in Australia now that credit card companies can't allow you anything preferential to convince you not to cancel your card.
Is there any workaround on this? I do vaguely remember someone saying there was some way to still make it work.
Looking to cancel a card I wouldn't mind to keep if they could wave the annual fee for a year.
Me: almost 10 year on same amex and spend about 4k a month on it, anything you can do to keep me from closing?
Retention team: no
Me: So that's it after 10 years? So long, good luck?
Retention team: I don’t recall saying good luck
Surprising, back in the day Amex would always do credits for the annual fees to keep people on board from what I heard.
Tried that last year as I haven’t been on a holiday since 2018 - so was looking to change to another credit card. The $150 amex travel credit for me is worthless.
I do get about $200 or so of benefit out of the Amex promos (eg sony and Microsoft) that come and go sometimes though
Amex is the only one I have heard of still doing it (bonus points rather than fee waivers), and even then it is mainly on the Plat Charge and it is still hit and miss.
It is all about the wording, I've had success using pointhack guide
https://www.pointhacks.com.au/how-to-get-your-credit-card-an…
This is their template, adjust as suitable
My annual fee is due soon and I’m considering the various credit cards I currently hold. Before I make a decision to cancel this card, could you let me know if you can offer any incentives to keep it?
Cheers
Iv had my westpac black card fee waived every year for ever until the last one
Kept pestering and complaining and the only thing they would offer is a full refund of the fee if I decided to cancel it
I find the benefits are better when churning. I enjoy having over a year of my homeloan repayments ahead by forever balance transfering to a new 0% card.
Not many cards have rewards programs that return 6% PA of the balance back.
No point wasting your time - just ask directly. In my experience, it works more often than not.
Just say upfront - "I like the card and would definitely prefer to keep it, but the annual fee is higher than what I would be willing to pay". Either they try to retain you or they just say "no worries", and cancel you.
Ultimately it depends on how valuable a customer you are to them - i.e. how much you spend, amongst other things.
When I went to cancel my amex, they offered my money to keep it ($200-250 maybe?), so I said yes, used their money, then cancelled next month. Thanks amex ❤️
Living the dream
Absolutely 💯
been trying to cancel CBA CC since they changed $59/yr to $8/mth $96 equivalent
the app tells me to call them, haven't been able to figure that out (verbal issues), so still paying up
maybe they want a chance at retention, it's very rare i ever have to cancel anything verbally anymore
Put stone into vise.
Place blood collector below.
Turn handle hard…..
Just ask to speak to the retention team as you are planning on moving to another credit card provider.