Credit Card Forum
  1. #1
    robert.loehmann
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    Default 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.
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    Reply With Quote Reply With Quote     Aug 9, 08, 10:52 pm
  2. #2
    Mogul of Pineapples
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    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. Regardless, anything I say is my honest opinion.

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    Reply With Quote Reply With Quote     Aug 10, 08, 2:30 pm
  3. #3
    Floppster
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    Quote Originally Posted by robert.loehmann View Post
    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
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    Reply With Quote Reply With Quote     Oct 5, 08, 6:39 am
  4. #4
    bozell
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    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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    Reply With Quote Reply With Quote     Oct 5, 08, 4:31 pm
  5. #5
    Multi-Purpose
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    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.
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    Reply With Quote Reply With Quote     Oct 31, 08, 11:22 pm
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