Amex "I'm going to cancel my card" - bonus points given thread.

[robtemt]

Re: Amex "I'm going to cancel my card" bonus given thread.

Was offered 30,000 points to hold on to my Velocity Platinum. I was also told that if I were to cancel the card after accepting this offer, they will retrieve the points back as per the T&C. Crunching the number to see if its worth the $349 annual fees. Have a decent VA balance, VA plat for lounge access and am planning to retain my QF plat next yr. Decisions decisions.

Yikes! They didn't threaten me with that!

 

[get me outta here]

Re: Amex "I'm going to cancel my card" bonus given thread.

Yikes, how could they even reach into a VA account??

Yikes! They didn't threaten me with that!

 

[mmchow]

Re: Amex "I'm going to cancel my card" bonus given thread.

Yikes, how could they even reach into a VA account??

Makes me wonder too but that's what she said.

 

[robtemt]

Re: Amex "I'm going to cancel my card" bonus given thread.

Yikes, how could they even reach into a VA account??

I wouldn't think they can.... They transfer the points to Velocity FF, I don't believe that they have the ability to deduct, only deduct from what you have in your un-transferred balance. They aren't Velocity, they are (I believe) Citi or Suncorp.

Should've taken the points.

 

[mmchow]

Re: Amex "I'm going to cancel my card" bonus given thread.

I wouldn't think they can.... They transfer the points to Velocity FF, I don't believe that they have the ability to deduct, only deduct from what you have in your un-transferred balance. They aren't Velocity, they are (I believe) Citi or Suncorp.

Should've taken the points.

Were you charged with the annual fees before you take up the Charge? Just wondering what would happen if you have paid the annual fee and call to cancel.

My renewal is not up till the 19th August. Perhaps I should take the offer now, call and cancel before then?

 

[robtemt]

Re: Amex "I'm going to cancel my card" bonus given thread.

I did it before the annual fee.

 

[DC3]

Re: Amex "I'm going to cancel my card" bonus given thread.

... I was also told that if I were to cancel the card after accepting this offer, they will retrieve the points back as per the T&C ..

Did that follow any prompt from you at all? (i.e., what happens to the points if I cancel my card?)

 

[mmchow]

Re: Amex "I'm going to cancel my card" bonus given thread.

Did that follow any prompt from you at all? (i.e., what happens to the points if I cancel my card?)

Nope but suppose will call back and see what they say again.

 

[tirtytree]

Re: Amex "I'm going to cancel my card" bonus given thread.

Was anyone offered points to keep their card while holding another American Express card? I have the Velocity Platinum card which is due for renewal in the next two weeks. I also hold a Qantas premium card.

 

[mmchow]

Re: Amex "I'm going to cancel my card" bonus given thread.

Was anyone offered points to keep their card while holding another American Express card? I have the Velocity Platinum card which is due for renewal in the next two weeks. I also hold a Qantas premium card.

I hold a Platinum Edge and was offered 30,000 VA points to keep my Virgin Platinum just a few days ago.

 

[tirtytree]

Re: Amex "I'm going to cancel my card" bonus given thread.

What reason did you give for cancelling the card?

 

[Finale]

Re: Amex "I'm going to cancel my card" bonus given thread.

Was anyone offered points to keep their card while holding another American Express card? I have the Velocity Platinum card which is due for renewal in the next two weeks. I also hold a Qantas premium card.

I have Gold Accelerator and was offered 30k points to Keep Velocity Platinum. I declined and was told I had 60 days to take this offer if I change my mind or downgrade to a no fee card.

 

[a330j]

Re: Amex "I'm going to cancel my card" bonus given thread.

Rang up to cancel Amex Velocity Platinum card. No points offered but eventually they offered to waive fees ($349) which I accepted.

 

[hummel]

Re: Amex "I'm going to cancel my card" bonus given thread.

I hold a Platinum Edge and was offered 30,000 VA points to keep my Virgin Platinum just a few days ago.

That's now no1 on my list of things to do tommorow. Mine is up for renewal shortly and was thinking of transferring the balance and getting rid of the card.

Was hoping to go for the Plat Charge however I don't know if I can meet the income requirements.

 

[illumination]

Re: Amex "I'm going to cancel my card" bonus given thread.

I too am wondering what you guys tend to say, or how you tend to word it when cancelling.

I'd imagine the best way would be to say "I am calling up with the intention of cancelling", to try and bait an offer? As opposed to saying "I am calling up to cancel", because what if they offer you nothing? You then have to think of a way to choose not to cancel hahaha

 

[Aussie_flyer]

Re: Amex "I'm going to cancel my card" bonus given thread.

I too am wondering what you guys tend to say, or how you tend to word it when cancelling.

I'd imagine the best way would be to say "I am calling up with the intention of cancelling", to try and bait an offer? As opposed to saying "I am calling up to cancel", because what if they offer you nothing? You then have to think of a way to choose not to cancel hahaha

Well, just say you have another call coming in that you have to take, then disconnect.

 

[Plutonus]

Re: Amex "I'm going to cancel my card" bonus given thread.

I usually say something along the lines of "can you tell me how I can/what the steps are to cancel my card?". Sends the message of wanting to cancel without saying I want to do it right now.

 

[Daver6]

Re: Amex "I'm going to cancel my card" bonus given thread.

My approach has been to say something along the lines that I'm reconsider my credit card options and that the annual fee makes this card a little uncompetitive and I was wondering if there is anything that can be done.

 

[mini2]

Re: Amex "I'm going to cancel my card" bonus given thread.

My approach has been to say something along the lines that I'm reconsider my credit card options and that the annual fee makes this card a little uncompetitive and I was wondering if there is anything that can be done.

Tried that approach in previous years and the usual response is drop to a card with lower fees.

 

[robtemt]

Re: Amex "I'm going to cancel my card" bonus given thread.

I too am wondering what you guys tend to say, or how you tend to word it when cancelling.

I'd imagine the best way would be to say "I am calling up with the intention of cancelling", to try and bait an offer? As opposed to saying "I am calling up to cancel", because what if they offer you nothing? You then have to think of a way to choose not to cancel hahaha

Like many others on here, I just say "I want to cancel my card". Typically, all of the card issuers have retention teams, so you will be transferred to someone on the team. Their focus is keep customers from leaving.

The reasons I give is " I'm switching to a card that is offering bonus points and no annual fee". I make sure they know I'm interested in the points bonus, and that I don't want to pay a fee.... and it helps if there are some really good offers out there at the time. I like to make sure it's a good competitor of the bank or card (ANZ vs. CBA, Visa vs. Amex). I imagine the retention teams have different guidelines for what they can offer each month/quarter/etc. I would expect some sort of bonus structure, where they are compensated for how many cancellations they prevent, and how little compensation they give away (this is speculation, but would explain why I can call and get 30K points, and my partner can call 15 minutes later and get 5K or why you can hang up and get a different offer by calling right back).

Finally, I would assume, the retention offer is based on your value to them as a business. Are you a revolver or a transactor? There would be a formula to how much they earned off you as a customer vs. what they will pay the airlines/hotels/etc. for the points they give you.