Downgrading after retention bonus
- Thread starter Hanoi IG
- Start date
knaveconwy
Level 2 Member
You can only downgrade the platinum to other charge cards. The cheapest option there is the green with a $95 annual fee. It would probably be better to open an EveryDay or EveryDay Preferred, which are both MR earning credit cards. The MR accounts will combine so you'll keep all your previous points.
knaveconwy
Level 2 Member
The simplest is to ask if you have any retention offers. If they ask why you can mention you're thinking of canceling because of the annual fee.
jumpyshoes
Level 2 Member
I'm not sure which part of the process you're confused about, but it usually goes like this:
1) call customer service
2) skip all the automated prompts and get to a representative
3) make some excuse of why you're thinking of canceling the card
4) at this point, they will usually either transfer you to a retention specialist or proceed to cancel your card. If they attempt to cancel your card, they have to read some terms and conditions. At this point, politely say you want to keep your card for blahblah and HUCA.
5) if you get to retention, people have different strategies. The one above is a perfectly valid one. If you see better ones online than the one you were given, you can try to HUCA, but I generally just go for whatever I get
Hanoi IG
Level 2 Member
Thanks. I have to wait until I get my 15K referral points for referring my wife.
jumpyshoes
Level 2 Member
Hanoi IG
Level 2 Member
Got my 15K referral for wife's card already! Now, what to do to keep reward points or should I just use them and downgrade to any old card since I can earn the rewards on hers?
jumpyshoes
Level 2 Member
I can't answer that for you -- it depends on your situation and goals. Here are some hypothetical situations that might be useful:
- You have a good use for the MR points right now and can use them immediately. Then, you might want to use them and cancel the card.
- You have a transfer partner that you use regularly but no use for the points now. You could speculatively transfer them and cancel the card.
- You have a small amount of points left, but don't want to downgrade since you haven't gotten the signup bonus for the other cards. Then, it might be worth canceling and losing the points if you're interested in getting the signup bonus. I personally wouldn't do this, but YMMV.
- You want to keep the points and don't mind paying a lower fee and losing out on a signup bonus. Then you could downgrade to any other MR card.
Hope it helps.
I merged all the threads into one since they have the same basic question.
To answer that question, there's nothing wrong with downgrading/closing a card after a signup bonus or retention. Your only consideration would be whether doing so would cause your points to be clawed back, or lost.
Typically, if you close the card and have no other MR card available, your points can be lost. Additionally, if you close your cards very quickly after gaining points then there can be a higher risk of clawback, but that varies by issuer.
I believe (check this) that the Platinum could be downgraded a fee free Green card, which would keep the points open, that might be an idea.
To answer that question, there's nothing wrong with downgrading/closing a card after a signup bonus or retention. Your only consideration would be whether doing so would cause your points to be clawed back, or lost.
Typically, if you close the card and have no other MR card available, your points can be lost. Additionally, if you close your cards very quickly after gaining points then there can be a higher risk of clawback, but that varies by issuer.
I believe (check this) that the Platinum could be downgraded a fee free Green card, which would keep the points open, that might be an idea.
Hanoi IG
Level 2 Member
Thanks! by "clawed back" do you mean if they are on to the game, they can take back points earned? Scary.
Looks like the Everyday card has no fee and earns MR COuld first apply and get 10K bonus then cancel Platinum now that my wife has hers. Thanks for merging as I have no idea what I'm doing on this site.
Yes, the take the points back. It can happen, but mostly only for quite blatant disregard of the unwritten rules of the game. It's never happened to me.
Hanoi IG
Level 2 Member
But isn't getting a card, fulfilling the bonus, referring your wife and then cancellation sort of blatant?
Depends on the audit trail. I would link your (original or retention) bonus to cancellation timeline, and exclude the wife referral part in the calculation.