No more card retention teams ?

[Tiki]

My Aussie cards I am down to only 2 with annual fees. Amex Plt Edge which is offset by the $200 travel credit. And NAB Velocity $95 fee which I have been getting waived for the last 5 years or so. I tend not to say "cancel". I just say that I am trying to figure out if this card gives me better value than a free Westpac card I have that gives points I can sweep to Velocity.

 

[desafinado74]

People need to accept personal responsibility and stop looking to blame others for making poor decisions. If some people cannot manage a CC wisely then they shouldn't apply for one in the first place. If you can't see the detriment of this regulation then it is very clear that you have failed to read this thread. The detriment is that banks feel constrained from offering incentives for cardholders to continue holding their cards in a market where the incentives are already heavily skewed towards rewarding new customer acquisition rather than continued loyalty.

I agree 100% . Why should people who do the right thing like me (Spend responsibly and pay off bills in full every month) gets disadvantaged just because some idiots don't take responsiblity with their own finances. (It is like people who willingly take drugs, drag race etc. Some people are a special kind of stupid and have to learn the hard way)It was also nice to be given credit limits without asking, but now, sigh.

 

[ithongy]

People need to accept personal responsibility and stop looking to blame others for making poor decisions. If some people cannot manage a CC wisely then they shouldn't apply for one in the first place. If you can't see the detriment of this regulation then it is very clear that you have failed to read this thread. The detriment is that banks feel constrained from offering incentives for cardholders to continue holding their cards in a market where the incentives are already heavily skewed towards rewarding new customer acquisition rather than continued loyalty.

Those who can't manage their spending wisely are paying for our reward points.

 

[ithongy]

Just need to give banks reason(s) to retain you, waive annual fees, or bonus points.

 

[burmans]

I agree 100% . Why should people who do the right thing like me (Spend responsibly and pay off bills in full every month) gets disadvantaged just because some idiots don't take responsiblity with their own finances. (It is like people who willingly take drugs, drag race etc. Some people are a special kind of stupid and have to learn the hard way)It was also nice to be given credit limits without asking, but now, sigh.

Because personal idiocy does only affect those individuals. Indiscriminate lending caused the GFC (have you forgotten) and affected everyone, not just those who lent too much. So personally I'm quite ok with legislation that prevents it. That doesnt mean I agree with all legislation, but the principle that we need legislation to protect us all from the idiocy of individuals I'm extremely OK with.

 

[eastwest101]

Because personal idiocy does only affect those individuals. Indiscriminate lending caused the GFC (have you forgotten) and affected everyone, not just those who lent too much. So personally I'm quite ok with legislation that prevents it. That doesnt mean I agree with all legislation, but the principle that we need legislation to protect us all from the idiocy of individuals I'm extremely OK with.

Actually the GFC (actually North Atlantic Financial Crisis) was caused by Fannie May and Freddy Mac and their mandate to give people loans who normally wouldn't have gotten loans in typical banking practises, so that was a mis-allocation of lending and other bankers not understanding the risks of MBS, and then the very untidy unwinding of MBS that effected other banks in the US, Spain, UK, Italy, Iceland and Ireland.

Your argument seems to be that Australian banks can't be relied upon to lend money wisely with a low chance of defaults, if you want to tighten lending criteria then argue that by all means, but don't moan about the consequences of that (difficulty in getting finance, higher annual fees, higher interest rates and decreased competition), all regulations come at a cost and the money for this additional cost has to come from somewhere.

 

[Isochronous]

Those who can't manage their spending wisely are paying for our reward points.

Evolution is a fact.

 

[Deleted member 29185]

For many, credit cards are a game. For many more CC are a bewildering trap. The people arguing that these changes are a nanny state move, obviously play the game well (or are kidding themselves that they play the game well), but thinking their short term win of a couple of hundred bucks is worth ignoring those that don't know how to play the game or don't have the ability to play the game and are drowning, is pretty sad. It's poor attitude in my opinion, but greed and religion blinkers the vision of many, mostly sane, individuals.

 

[Lizzi]

Point of data - I've been looking to move to a lower-fee card, and so rang Virgin Money twice over the past month to discuss cancelling my card. As per the new regs, I was offered no sweeteners of anything being waived, even when I said that the high annual fee was the reason I was thinking to close. When they mentioned the current month's points wouldn't be swept over, I said I'd wait to the end of the month and call again to close.

I rang again today, ready to close it, but phrased a bit differently with success: they waived the $289 annual fee for this year.
The phrasing I used this time was: "I'm considering closing the account because the annual fee is high. I notice that you have a promo with another card of a $50 annual fee for life for new customers, so could you offer something like that to make it more worthwhile for me?" They transferred me to someone else who then offered me a "once-off" annual fee waiver.

 

[ithongy]

Point of data - I've been looking to move to a lower-fee card, and so rang Virgin Money twice over the past month to discuss cancelling my card. As per the new regs, I was offered no sweeteners of anything being waived, even when I said that the high annual fee was the reason I was thinking to close. When they mentioned the current month's points wouldn't be swept over, I said I'd wait to the end of the month and call again to close.

I rang again today, ready to close it, but phrased a bit differently with success: they waived the $289 annual fee for this year.
The phrasing I used this time was: "I'm considering closing the account because the annual fee is high. I notice that you have a promo with another card of a $50 annual fee for life for new customers, so could you offer something like that to make it more worthwhile for me?" They transferred me to someone else who then offered me a "once-off" annual fee waiver.

Now that’s a “good” reason...!!!

 

[OATEK]

For many, credit cards are a game. For many more CC are a bewildering trap. The people arguing that these changes are a nanny state move, obviously play the game well (or are kidding themselves that they play the game well), but thinking their short term win of a couple of hundred bucks is worth ignoring those that don't know how to play the game or don't have the ability to play the game and are drowning, is pretty sad. It's poor attitude in my opinion, but greed and religion blinkers the vision of many, mostly sane, individuals.

I wonder how many of the people who find themselves in a "bewildering trap" have taken out CCs with annual fees. My guess is that most who find themselves in trouble with mutliple CCs spent up to the limit are not the people likely to be ringing up their provider looking to have the annual fee waived.
Yes, CCs can cause all sorts of problems for people, and offers of credit limit increases could be a way to tighten the trap. But I just don't see that looking for annual fee waiver or points to continue on are really the sort of problem that needed a heavy handed approach.

 

[bernardblack]

Anyone had success getting a retention offer with Amex recently? The now-Amex-issued Altitude Black isn't worth keeping alongside Amex's own products now that Westpac aren't comping it, but I'd be open to paying an annual fee for the right number of bonus points (or keeping it open for a waived fee).

If there are no other datapoints, I may try the "considering closing" phrasing that @ithongy mentioned.

 

[theblank]

Anyone had success getting a retention offer with Amex recently? .

this thread and the other Amex one is full of people who have had recent success or failures.

 

[33kft]

Anyone had success getting a retention offer with Amex recently? The now-Amex-issued Altitude Black isn't worth keeping alongside Amex's own products now that Westpac aren't comping it, but I'd be open to paying an annual fee for the right number of bonus points (or keeping it open for a waived fee).

If there are no other datapoints, I may try the "considering closing" phrasing that @ithongy mentioned.

One benefit is that WBC AMEX doesn't affect your 18 month exclusion period for AMEX, even though it is issued by AMEX.

 

[significance]

Just wanted to report success with a fee waiver request for my Woolworths Platinum Mastercard last week. Instead of phoning and threatening to cancel, I phoned and asked outright for a fee waiver. I did add that I was considering cancelling as the fee was too high. This year, I decided to accept an offer of 50% off the annual fee rather than pushing my luck (though last year, when I declined the 50% off offer I got a full fee waiver).

My thinking was that although they are no longer allowed to try to talk you out of cancelling your card if that's what you call to do, there is nothing to stop them from discussing a fee waiver with you if you call to ask about a fee waiver. With Woolworths, at least, it seems that this works.

 

[baldman]

Just wanted to report success with a fee waiver request for my Woolworths Platinum Mastercard last week. Instead of phoning and threatening to cancel, I phoned and asked outright for a fee waiver. I did add that I was considering cancelling as the fee was too high. This year, I decided to accept an offer of 50% off the annual fee rather than pushing my luck (though last year, when I declined the 50% off offer I got a full fee waiver).

My thinking was that although they are no longer allowed to try to talk you out of cancelling your card if that's what you call to do, there is nothing to stop them from discussing a fee waiver with you if you call to ask about a fee waiver. With Woolworths, at least, it seems that this works.

Well played Sir !

 

[p--and--t]

Would be interested to know if anyone has had recent success with an ANZ credit card fee waiver and the strategy employed to obtain it. (I have an ANZ Black Visa)

 

[Daver6]

Would be interested to know if anyone has had recent success with an ANZ credit card fee waiver and the strategy employed to obtain it. (I have an ANZ Black Visa)

MrsDaver6 got a reduced annual fee about five or six months ago. I think 50% from memory.

 

[coolstepslg]

yes ive had similar experiences as soon as you say the cancel word they must cancel it by law . i used to be able to cancel my amex , citibank etc and call up within 60 days to get it reinstated in the past but i guess thats not possible now? thus best to do a product transfer. Its getting harder to apply for new cards so i try to avoid cancelling my many cards now. i hold off saying it and ask what options do i have ? so far been able to get the westpac business one reimbursed me as a one time only offer thing after a complaint into their telephone banking system and liquor land cash back debacles. Also called a special anz bt transfer direct number to check offers and options as annual fee was due and rep offered to waive annual fee for one year and gave me a bt FOR 18 AT 0% FEE FREE. anyone kown if banks are still allowed to do split limits in apply for new cards and closures by consolidations of credit limits with the new rules? i know i used to be able to do that with anz in the past but on last call rep said they cant do closures by consolidations of credit limits anymore only product transfers. regarding the split limit on an existing card after apply for a new card they couldnt give me a straight answer.