Just over a week ago I finally decided to downgrade my Citi Prestige card to the Citi ThankYou Premier card. Overall the process of downgrading was straightforward, but I’m still surprised I did not receive a retention offer for the Citi Prestige card. Generally when I call to downgrade or cancel a card the card issuer offers some form of retention offer, especially for cards with an annual fee. In this case Citi did not offer a single retention offer when I request to downgrade the Citi Prestige card. I decided to do some digging to see if there are any reports of card holders being given Citi Prestige retention offers.
What Is A Retention Offer?
First off, before I dive into this subject it’s important to know what a retention offer is and how it typically works. A retention offer is some form of incentive to convince the card holder to keep their current card. Retention offers are usually statement credits, points, or a limited time point earning structure which help make keeping the card more attractive. Keep in mind by accepting a retention offer you generally must then keep for some extended period of time after accepting.
Current Citi Prestige Retention Offers
After doing a little research it seems Citi is giving most ThankYou Prestige card holders some variation of the same retention offer. Currently, it seems Citi is offering several forms of retention offers. The offers listed below are mutually exclusive and cannot be combined.
- $200 statement credit for $4,000 spend in the next 90 days.
- 4X Additional ThankYou points on all Travel spending for the next 6 months (Capped at 35,000).
- 1X Additional ThankYou point on all spending over the next 6 months (No Cap).
- 10,000 ThankYou Points for spending $3,000 in the next 6 months.
There are a few other variations of Citi Prestige retention offers reported, but the above are the most common. If you plan on requesting a retention offer for the Citi Prestige card it’s smart to tell the customer service representative exactly which offer you are seeking
How To Get A Citi Prestige Retention Offer
You don’t have to close or downgrade a card to receive a retention offer. In fact, it’s often wise to request a retention offer if you plan on keeping the card. Any time you’re seeking a retention offer it is important to be very candid with your request. Simply call the card issuer and ask if there are any current retention offers. During the call it is best to say you’re thinking about closing the card or that you are not getting as much value from it as other cards on the market.
Why I Didn’t Receive An Offer
Personally, I didn’t ask for a retention offer because I knew I wanted to downgrade my Citi Prestige card. I didn’t feel like wasting my time asking for one. I expected to receive a retention offer when I called to downgrade the card, but looking back I’m beginning to understand why I wasn’t. In the past year I rarely used my Citi Prestige card for any purchases. I mostly kept the card open to enjoy Admirals Club access, but rarely actually used the card. In this case Citi isn’t making any money of the transaction fees associated with my account. It doesn’t make sense for Citi to give me a retention offer. I’d imagine if I used the card more frequently and put a decent amount of annual spend on the card that I would have received a retention offer when I called to downgrade.
Final Thoughts
Retention offers are a great way to get extra value from a credit card, especially if you plan on keeping the card open. Occasionally when downgrading or closing a high annual fee credit card the issuer will often mention a retention offer to keep the account open. If you are seeking a retention offer make sure to use the card heavily in the months leading up to your retention offer call so the card issuer has more of an incentive to extend an offer. Also, when seeking a retention offer make sure to be very direct and go into the call with some knowledge about the current reported offers. This way you can mention an offer you have in mind directly which will help your chances of receiving that offer.
