It’s a process that I go through every year for each of my credit cards – the annual retention call. I throw on my most innocent sounding voice, and call the number on the back of the card.
“Hello, I just noticed that the annual fee was billed and I’d like to cancel my credit card.”
That sentence usually triggers a “WAIT STOP!” type of response from the customer service representative, and a couple minutes later I’m walking away with some free points or a statement credit.
In most cases I’m fishing for free stuff rather than actually trying to cancel my credit card, but last week I called the number on the back of my JPMorgan Palladium card with the intent to actually cancel the card. After my opening line, the representative followed up with a “sure, please confirm that you’d like to cancel your account” and 30 seconds later it was done.
I guess that’s a fitting end to my 3-year run with the Palladium card, which at a $600 annual fee is probably one of the most over-hyped cards out there. Yes, it does have some benefits such as a full United Club membership, unlimited Lounge Club membership, and 35,000 bonus points after $100,000 spend, but in my experience they haven’t justified the high annual fee. Some people may value the hidden credit line, enhanced purchase protection, and primary car rental insurance, but those are all things you can find with other cards with much lower annual fees.
For me, admittedly the main reason I applied for the card several years ago was for the wallet bling. There’s no denying that this card looks damn cool and carries with it a certain amount of exclusivity.
And the only reason I’d kept the card this long was due to FOMO, or fear of missing out, because while I had applied for the card several years ago using a loophole that allowed anyone to apply, today the only way you can get the card is through a relationship as a Chase Private Client. So with rumors swirling that there would be great enhancements made to the card, I didn’t want to risk canceling it and not being able to get it back, if something amazing was indeed added.
But for the most part, the long-awaited enhancements to this card just never came, and I’m convinced that they just aren’t coming. It will be interesting to see what JPMorgan’s strategy ultimately is for this card since it certainly doesn’t have enough benefits or perks to keep up with the American Express Centurion card, and frankly not even the Amex Platinum card.
For now, I’m happily done with the card, and the spot in my wallet has already been filled. I guess the only question that remains is how the heck to destroy it?