Retention Offer
A promotional offer (bonus points, fee waiver, statement credit) a bank gives to discourage you from closing your card.
Full definition
Retention offers are what banks provide when you call to cancel or downgrade a card. Common offers: 10,000-40,000 bonus points after spending a small amount, $100-$500 statement credits, or a partial annual fee waiver.
Banks don't always offer retention. If none is offered, ask politely if there's anything they can do; if not, proceed with your original plan. Amex is typically the stingiest; Chase and Barclays are more generous.
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