Credit Card Annual Fee Waived - Retention Incentives Dead?
Last edited 24/04/2019 - 09:45 by 1 other user
ARE CREDIT CARD RETENTION INCENTIVES NOW DEAD???
I have heard of many instances where a bank would waive, reduce or credit the annual fee attached to a credit card in order to retain a customer who has indicated that they are considering cancelling the card.
However apparent recent federal government reforms to the National Consumer Credit Protection Act 2009 (Cth) have meant that banks can not offer annual fee waivers/reductions or other incentives to retain a customer who has indicated that they wish to cancel the card.
Has anyone had recent experience with requesting a annual fee waiver/discount this year (2019)? Has it worked?
Alternatively, has anyone tried different approaches/strategies in light of this? Which bank was it and what were you successful?
For context, the cards I hold are Westpac and AMEX.