I have a bad habit of putting off bank calls. For instance, I still haven’t called Banco Popular to unfreeze my Avianca Vuela Visa card (SEE: Lucrative Offer! New Avianca LifeMiles Credit Cards). Goes to show how much I use it. The one time I went to make a large purchase out of area, the bank declined it. I got a letter within a week asking me to call. Over two months later, I still haven’t.

Bank calls can be intimidating. And long. And often frustrating. I hate being placed on hold for more than a few minutes.

Today’s call was different. I had a bit of time to kill this evening, so I figured I’d contact American Express regarding my Starwood Preferred Guest personal card. I’ve been considering canceling it, simply to make room for another card. Ever since I got my business SPG Amex (SEE: Getting My First Business Credit Card), I have hardly used the personal one.

Canceling a card turns into free money

I was pleasantly surprised when I was on hold for maybe a minute before getting a helpful agent. Since she didn’t specialize in card cancellations, she transferred me to another specialist who did. He was competent and helpful.

After expressing my desire to cancel my personal SPG card, he asked me to hold for a minute. In no time at all he was back with an offer for a $100 statement credit. This was a pleasant surprise. I had expected a small number of Starpoints to be offered. But $100? I’ll take it.

He went on to explain that there were no strings attached. American Express was basically offering me $100, free and clear. He went so far as to mention that if I canceled my card come July (when me fee is due), I’d still keep the credit. I’m not sure if American Express would want him explicitly alerting me to that fact…

Conclusion: call the bank more often

My takeaway is that I shouldn’t shy away from calling the card issuer. Banks try to do what they can to keep customers. I’ve put a good amount of spending on my American Express cards in the past couple years, so that may be one of the factors that triggered the offer.

In any case, don’t be shy about calling, especially when an annual fee comes due. The bank may work with you to either reduce it (by a statement credit offset) or make it worth your while in other ways, such as extra points. These are called “retention offers”. I’m going to do my best to capitalize on more of them!

Featured image courtesy of Infrogmation under CC 2.0 license