How to Get a Credit Card Issuer to Match a Higher Offer
Have you ever applied for a new credit card, got all excited about the sign up bonus, only to see it increase a month later? This is something that frequently happens to a lot of people.
Last year, Chase increased the sign up bonus for the Chase Ink Plus card from 50,000 points to 60,000 points. This was only supposed to be a temporary change, but then it never went back down and it’s still at 60,000 points today. Because of this increase, many people who were not already cardholders started applying.
The problem came when there was an even higher bonus of 70,000 points spotted not long after. This offer was only valid for people that applied within a Chase bank branch.
So what can you do if you apply for a new credit card, only to find a better offer right after? Here are a few tips that will hopefully get the credit card issuer to match a higher offer.
Complete Your Initial Spend
Before you ever attempt to get your sign up bonus matched, it’s best if you complete the minimum spend that was included on your original offer. By doing this, you will have much more leverage with the credit card company.
Ideally, you would complete your required spend as quickly as possible. Most credit card issuers will not consider matching a request if it’s outside of that initial period.
Reach Out to Your Issuer
All credit card issuers are not considered equal. That being said, you might have luck matching a bonus with one issuer and another will never budge. When you get a representative on the phone, let them know that you recently applied for a particular credit card and that you have completed the initial spend. Then let them know that you recently saw they had increased the bonus amount. From there you can politely ask them if they would be able to match the bonus since you are still within your introductory period.
If the Answer Is No, Call Back
No matter if you are calling to receive a higher sign up bonus or trying to get your annual fee waived, don’t ever give up if they tell you no. Most of the time the customer service representative is making the decision themselves based on your account information. While one might not agree to what you are asking, another might be very willing.
Be Aware of Higher Spending Requirements
It’s not uncommon to find a higher sign up bonus that also includes a much higher spending requirement. As an example, a card might start out with a sign up bonus of 50,000 miles after you spend $3,000 in the first three months. With the new, higher bonus you might receive 75,000 miles after you spend $5,000 in that same time period.
If this is the case for the offer you are going after, then you should be prepared to spend the additional $2,000 in the same amount of time in order to get the 25,000 extra miles.
The Bottom Line
Credit card bonuses come and go fairly quickly. If you apply for a credit card only to find a higher bonus a few weeks later, there is a chance you can still cash in on the larger point total. Just use these tips on how to get a credit card issuer to match a higher offer.