- Jul 27, 2015
I thought credit providers were banned from offering retention bonuses when new credit laws came into effect last year? Not sure of all the details though.
Are you sure? Doesn’t really make sense to me as they are both credit products. Perhaps the cardholder who did receive a retention bonus spoke to someone at Amex who didn’t know better.Correct. This is a charge, not credit card so it doesn't apply.
Anyway, AFF published an article on retention bonuses last year for those curious:
When calling up to cancel your credit card, it was previously common practice for the bank to offer an annual fee waiver, bonus points or other inducements to keep the card.