Listen to Nicole Play Hardball with Her Credit Card Company

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2:53That's the power of us. Equal housing lender. Member FDIC. Trademark 2025 U.S. Bank. I'm Nicole Lappin, the only financial expert you don't need a dictionary to understand. It's time for some money rehab.

3:14I've gotten into the habit of asking for discounts everywhere. And honestly, you'd be surprised how often it works. I recently ordered a step and repeat, which is the industry term for the type of backdrop that you often see behind red carpets with all those partner logos splashed across them. I know this is a very niche example, but the step and repeat is for a very cool project that I'm really, really excited to tell you about. More on that soon. But anyway, when I was putting the order together, I just emailed the company and I was like, hey, do you have any discounts right now? And they gave me 12 % off just like that.

3:49I've heard a rumor that you can negotiate with your credit card company to get the annual fee waived on your credit card. Now, I know that there are other elements of your credit card that are negotiable, like the APR or annual percentage rate. That's the rate that the debt accumulates on your credit card. That's negotiable. But the fee has gotten mixed negotiating reviews. So I decided to put it to the test and ask my credit card company to waive my fee as a retention credit, basically a gift for being such a dope customer. And I'm going to bleep out any identifying information of my credit card company because your girl has been hacked before.

4:23But I will tell you that I had some pretty good leverage here because I've been with this credit card company for literally two decades. And because of that, I have done a lot of business with them. I have one personal card and two business cards. And all of that loyalty comes with annual fees of over 500 bucks. That's not ideal. So today I'm going to call up my credit card company and ask them to waive it. and you get to be a fly on the wall. Plus, I'll pop in every so often to give you some behind the scenes rationale behind my responses. And because my credit card company has a special name for its loyalty points that might give away the brand, every time the rep says the name of those loyalty points, you're going to hear this noise instead.

5:07So remember, every time you hear this, it means special, magical loyalty points. All right, let's call the credit card peeps. Please tell me in a few words how I can help you. Retention department. Just a moment. A representative is available to personally assist you right away. This call may be recorded.

5:33Thank you so much for your time and patience. Really appreciate it. My name is I'm with the account managers here on recorded line. How are you doing today? Hi, I'm okay. How are you? I'm good too. Thank you for asking. And of course, just before we proceed, I can see that you have been a wonderful member for the past 25 years. I would take a moment to appreciate your membership and business. Let's take that moment for a second. All right. Here we're slapping. Up with your card, which is a personal card. Emily mentioned that you've been doing some changes. Could you tell me more about it? What exactly you're looking for?

6:05for the fees to be waived. They're so high, and I've been such a long-time customer that I would consider moving my business elsewhere if we're not able to waive those fees today. Got your point. Totally understandable. I'm a slapping, and just to let you know, ma 'am, that the waiver of the membership fee is not possible. However, as I can see that you have been a wonderful member for the past 25 years now, and you have a huge spend on the card. I will definitely find out the best possible options which can help you reduce the obligations towards the fee. And here I just wanted to ask this, ma 'am, like any specific reason you're considering the, like questioning the annual fee?

6:46I hope you are able to use the travel benefits on the card because I can see that you travel a lot. But from past three months, like on this particular card, there are very lesser charges for travel. So do you think, like, do you have any upcoming plans wherein you see yourself traveling? Hi, me again. Here's your first behind the scenes look. So what he's doing, of course, is selling me on all the wonderful perks of being a customer with them. And LOL at me for not using my travel perks. Gotta love that startup life. The fee is just too cumbersome right now. And in 25 years, I've not asked for a retention credit.

7:24So I'd love to have that considered. Definitely. I was just making sure that you're well aware about the benefits and taking the advantages of that. I'll definitely, like, as I showed you initially, I will be able to find the best possible options for you. Okay. So, sure, like, in this situation, like, if I talk about right now, like, which may help you reduce the obligations to worse of me, like, I have a couple of loyalty bonuses that I would love to accept. So, sure, the offer is, like, if you manage to keep the card and spend just$4 ,000 on the card within the next three months from today, we can offer you either a statement, either $60 ,000 or a statement credit of$400 on the same requirement.

8:04So do you think any of these loyalty bonuses may hold you on to the card, at least for another year? Um, and what is the... I just saw the fees hit the account. So the fee was how much? $450? It's$500. No, it's$550. Ugh, even worse. 550 per card. Yes ma 'am. But actually like there is a huge benefit on the card. Like if we keep aside all of the benefits let it be the lounge access or getting yourself your check and bag free. The major benefit you get on the card is the companion certificate now. And I can see that. I've never used one. I've never used one. Unless you want to go on a trip with me.

8:50Nobody wants to take that companion pass. This is me trying to win him over with my jokes and my super sweet quick wit, but spoiler alert, it didn't work. So it's not valuable to me, really. Money is the most valuable thing to me. Totally understand. However, as I mentioned, I really appreciate your business. And we do want you to be a card member. However, as of today, the maximum I can offer in order to reduce the obligation towards So the fee is either$400 statement credit on a spend of$4 ,000 in the next three months, or$60 ,000 on the same spend requirement of$4 ,000 in the next three months.

9:35So would this be for each card? You could give a statement credit of$400 for both of the cards? So I'm right now checking your personal card, ma 'am. So this offer is only meant for your personal card. And what about the business card? For business card, what I can do is once I'm done with it, like if you accept any offers, I'll enroll you on that bonus. And every dollar that you spend on the card would be counted towards the threshold. And once we have enroll you for the bonus, if you accept them and I'm done with the personal card, what I'll do, I'll get a representative from the business retentions team.

10:10And he or she will be more than happy to discuss all possible options on your business as well. So in this moment, I went online at my credit card portal and I went to the calculator feature that they have that shows the conversion of their loyalty points into dollars. This is not unique to one credit card company. They all have some sort of calculator like this, so you'll be able to do this too if you decide to call your credit card folks. So I quickly typed in 60 ,000 points, which is what he was offering, and saw that that's equal to$420. But in a perfect world, I want points equal to my annual fee.

10:47And$420 put me more than$100 short. So in the calculator, I searched how many points would be equal to 550, and I got 80 ,000. So because the answer is always no, if you don't ask, I just asked. Would you be able to give me 80 ,000? I'm sorry, could you be? Would you be able to give me 80 ,000? I wish I could. However, ma 'am, these offers are dynamic and we don't have any manual intervention in order to make changes to the account, ma 'am. I wish I could have done it for you. I know you do. Me too. Would you have a manager that's available to chat and maybe they could change it to$80 ,000? If you would like to get in touch with the manager, I will be able to get you a manager.

11:40But here, I just wanted to let you know that there is nothing much they can also do in this. Because I'm just keeping the right expectations. If you want, I can get you a supervisor. That's not a big deal for me. But here, there is nothing additional that can be done because even they cannot change the offers. Because we have zero manual intervention in order to change any sort of retention offers. Got it. So maybe let's just go ahead and close the account. All right. Here I decided to play hardball. I thought that maybe if I threatened to close the account, I would be connected to like the bat phone or something that would reach someone at the credit card company with real power to get me a way better offer.

12:19But just between us, I really don't want to close my credit card account because I use this credit card company for my personal and business accounts. so it would be a huge endeavor to switch all the tools I use for my business to a new credit card. And while$550 is an obnoxious amount of money, I do get a lot of perks from this card, so I wasn't actually going to cancel the card. I just wanted to see what would happen. In that situation, I can go ahead and take the request. Let me review the account just to make sure everything is in place so you don't lose anything upon this cancellation. I can take the request accordingly.

12:54So you wouldn't be able to just wave it altogether if I stayed? I'm in this situation, Muslim. I wish I could have done it for you, but we don't even have an option to do that. In this situation, as you mentioned, you would like to speak to a supervisor. I don't have any issue. I can get you a supervisor right away for that as well. Well, why don't you just give me the maximum cash that you could give, and then I'll just think about how to proceed after that. and then speak with the business representative. Sure, sure. I'll quickly enroll you for that bonus. I just need to read a few disclosures here and I'll enroll you for the bonus.

13:33Is it possible to go instead with the$60 ,000? It looks like the market value for that is higher than$400. Definitely. Like if I talk about the value with the redemption amount, they are equivalent to approximately$600 now. No, 60 ,000 points are$420 and then 80 ,000 points are higher. Got you. So sure, thank you for educating me as well, ma 'am. I'll make sure that I take care of that information. Thank you for that. Just interrupting to pat myself on the back. Okay, carry on. All right, well, why don't you go ahead and do the 60 ,000? Sure, sure, must happen. And so here I want to confirm that after I have a conversation today, you're keeping your card account open.

14:22You can earn 60 ,000 after you spend$4 ,000 or more in qualifying purchases on your card within three months of accepting this offer starting today. And then there are a gazillion other terms and conditions we can skip. And then I got connected to the department that oversees the business credit cards. I have my colleague here from the business division on the line. and he's one of the account managers. He will look into the account and address your query right away. OUG, colleague. Okay, thanks. Thank you. Hi, Ms. Lappin. My name is F*** with Membership Consulting, and he gave me your F*** business card.

15:00That's the one we're taking a look at? That's right. Okay, awesome. 25-year member, nice. And he says you're looking to make a change on that one? I am looking at leaving. I think the fee is too high. The annual fee is too high? Okay. Let me pull this up here. Did you just upgrade to this one last month? I didn't. No, I've been, well, first of all, I've been with **** for 25 years. Yes, you have. And I've been a **** member. I have had this card for many years. I've never asked for a retention credit. I've always paid in full. But the fee that just hit my account is just ridiculous. Okay. So, obviously, we can get in there and look at something and see if there's something that's beneficial to you, but we don't want to keep you in a card that you're not happy with.

15:53Do you feel like you're still working with the card? Like it's still beneficial to you? Like the benefits, things like that? Is that still working for you? I mean, it works, but I think cash is queen, as you know. So I would prefer cash. I like the way you put that. Thanks. So with that being said, 25 years, long time, which means you're very knowledgeable about the products. I like talking to longtime cardholders because, you know, they tend to know what they're talking about and they're easier to do business with. So if if you still feel it's a good fit for you, you know, and you're not looking to change to like the you do have a loyalty offer on here right now.

16:36It's just if you spend five thousand in the next ninety two days, they'll bonus you twenty five thousand. I don't have any cash ones like that, but you do have one to earn if you're interested in it. The only other commitment is keep the account until your next anniversary date next year. $25 ,000? I mean, the other card for my personal, which I spend much less on, offered$60 ,000 for a$400 statement credit. Yeah, and that one on this one is the only offer that I have for you on here. This is the only one that we're showing at this time. Yeah, that doesn't feel right. I know. I hear you. And I'm not a kind of like barter type of person.

17:18I always give the best thing that they have on the account at the time because I don't want to give you something. And then I'm like, wait, wait, wait. Well, what if I can do this? I don't do that. The only offer I have for you at this time is spend the five and 92 days and receive the additional$25 ,000. And what about a statement credit? Nothing. I have nothing, no credits whatsoever for the account. And even if I escalate this or close the account, then that's all I get. That feels unfair. If you tell me you're going to close the account, like you don't want to change it to the or you don't want to accept this offer.

17:53If you tell me to close the account, it's going to let me close your account. So even if I escalate this up the chain, not that you're not the boss of all of the but I still wouldn't be able to get a better hookup? No, they see the same thing we do. They see exactly the same thing we do. And we're account managers on this side. So our department either closes the account or we find a solution or option for you that we have within our power for each account to be able to do so. That's why I said I'm gonna present you with the highest offer that I see on there. If there was a bigger one, believe me, that would've been the first thing I would've gave to you.

18:27Oh, thanks. Well, would you be able to give me the 25 ,000 and scoot me down to the. No. So this one is to retain you at your level. If you want to go to the card, it would just be a complete product change. But if I change it to the level, do I get my statement credit back? Because it's not been 30 days. Yes, ma 'am. So most definitely. So that part they would, because you're still within your 30 day window for your membership fee, that part would get given back. And then whatever the amount of the card, which I believe is 250, would just show up on your next month's statement. It would just rebuild you for the new membership going forward.

19:09Hold on to your wallets. Money Rehab will be right back.

19:18And now for some more Money Rehab.

19:23So I guess it would probably be best to just downgrade. Okay, let me get back into your account. Kick me out for a second here. Yeah, it kicked you out because you weren't giving me good enough deals. It's not me. If I can give things away for free, I would. You say that to all the people asking for retention credits. Trust me. I don't like fees. I don't like finance charges. I don't like late fees. I don't like any of that stuff. Who does? I feel for people when they get hit with them every once in a while. Let me grab back to your card. So the good news is we're keeping the same account number.

20:01You're not reapplying for a card. just going to be an internal product change. Perfect. I'm going to read you a little paragraph here and then it's going to ask you permission to do the product change. It says the disclosure saga part two. Let's skip ahead. Are there certain times of year where there are better retention credits? You said it just depends on when those offers show up. So how often do those offers change? You know, I see them change, to be honest with you, all the time. Like sometimes, like what I just stop here right now you could call back in a week and it could be gone or it could be less it could be more I've had people call back and go and that's you know that offer they they offered me something different and it's less when they call back the second time or it's gone it just depends on you know what I don't know whatever the algorithm is or the computer or whatever it's looking at at the time but whatever we have at that time with that conversation is what we can work with.

20:59Gotcha. So it's not specific on the individual and my payment history and credit score and all of that. I don't, to be honest with you, I don't know what they choose them from. You know, I've seen cardholders that spend a few hundred thousand dollars a month and it could have the same offer. You know what I mean? So it just depends. And a lot of it is because they're spending so much. The, um, obviously they're using the benefits of the card, right? They're still using the card. They're getting a lot of points. So if they got a million plus points and we're like oh you know we can give you 25 more how it doesn't really impact them you know what i mean there's like i got a million points already or i'm spending 100 ,000 a month 625 is or 695 is it doesn't really have a bearing on them so some of the accounts just don't have any offers on them they'll just let you cancel them out some aren't even get to you this far i like to talk to our department sometimes the representatives and customer service can just close them out because they're not able to qualify to speak to this department.

22:01Oh, so this department is reserved for who exactly? I don't know. People with no spend on the account come through. So it just depends on if they're eligible. If they're eligible, then they get them through to us. Like somebody, let's say somebody opened a card today and they call back next week to cancel it. They're going to let them cancel the card. They're going to let them cancel it on the customer service side because whatever reason they open the wrong card, the annual fee, whatever it could be, it's just they're going to not be retention eligible and they're going to let them close out the account.

22:33There's, you know, basically no harm, no foul. They didn't use the card. There's no impact. They're just going to shut it down. So it just depends. You know, if I had a reasoning for it, if I knew the insight, I would definitely share it with you. I just don't know what shows up on here. Okay. Interesting. Now, let me take a look at your other card real quick. Let me just note this. All right. Let me grab that one online. Maybe we'll be surprised. Let's see what happens. All right. I'm getting into the card. That one's under Money News Network. That's right. All right. One moment. It's coming up online.

23:08And that one you opened up in November of 2022. So about a year ago. A little coming up on a year. Yeah. It's our birthday coming up. Congratulations on that. Thanks. Let's see what we got. Okay, wait for this to come up online here. So see, like even with this one, looking at offers that we have for you, it's spend more and get less. It's spend$3 ,000 in 92 days and get$10 ,000 for that card. Less than what? Remember last year one, you're for$25 ,000. and you had to spend, oh no, you had to spend$5 ,000 and then you'd get$25 ,000. But this one is spend$3 ,000 in 92 days and they'll bonus you$10 ,000.

23:55And that's the best offer? Correct. The other thing is too, you probably, when you open that, you probably got some type of opening welcome offer for it. Let me just take a look and see what your promotion. So they just gave you a whole mess of and we're not up to a year yet. And you're thinking about closing the account. that can have effect on what's on that we see as well let me pull up your rewards for this one let me take a look 10 000 is just like 70 bucks so yeah okay so so i think in december we gave you 70 000 for opening the cart so they just gave you see what i mean they just gave you 70 000 you did do the spend thank you and you hit the 70 000 points and you got them but we haven't even finished a year on that card and you're contemplating closing the account.

24:46You were about to say complaining. Not complaining, contemplating closing the account. Not complaining, contemplating. But I've been a member for 25 years. So like, even if I just open this card, like overall, I'm such an amazing customer. You are. And I'm not even arguing that. I think you got a great history. I don't see anything wrong with the account, but I can only provide you with what we have and that's what you have on there for that offer for that card at this time. So you seem like an honest kind man. Would you accept this offer? Me personally? Yeah. Would I? No. I would wait. I would wait until my anniversary came up and then I would, if I was still thinking about shutting down the account, that's when I would take a look at it.