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Awesome video! Love all the detailed information in your videos! In the past I’ve had multiple issues with customer service from THREE different financial institution. As a result, I’ve had the annual fee of two credit cards waived for two years, & my third card annual fee waived for one year. Total fees waived: $1,749.00. Point of my past story -always call & express concern if there are issues. Also, don’t be afraid to have calls “escalated”. The higher the escalation of call, the better the retention/resolution.
Another suggestion for not cancelling the card and keep the borrow power is to lower the credit card limit on that one that you don't use often. Its helps for the next card issuer to approval your new credit card when your overall credit limit is not as high.
Great idea on calling the card. I never heard of the retention offer on Credit cards. I've done it with my cable and phone company. We are going to try and let you know.
Wow are you perfectly TIMED! I have 87 eupgrade credits set to expire in 8 days and after watching this I realized I’m Super Elite! I have the Amex aeroplane reserve card! So I called Amex and they said Air Canada must do it. Well called my SE desk a month ago asking how I could save my Eups as I can’t travel and your rolling my status over so why not roll my Eups?! They said sorry no they will expire. Then I watch you, called back and told them what I learned and they said yup 50 of the 87 will be redeposited by the end of March! You just saved our family vacation!! THANK YOU PRINCE! 🤓It makes me wonder about air Canada though...why would they not have told me this? I am a million miler!😡
I tried downgrading with AMEX Canada... they were nasty ... simply wouldn’t budge ... so canceling. I was primarily not happy with them because the low credit limit on this card was driving my score down and they wouldn’t increase my limit. They said log a complaint if you are not happy 🙄. And it’s not my financial situation either - I have a TD visa which has 5 times the credit limit my AMEX cobalt has.
Man you should have a million views.. But welcome to Canada! We are all poor here with taxes! Lol Ricky.. Thanks for helping the smart people! Im one of them thanks to you!
After I got new CIBC Visa Infinite Aeroplane card (Free 1st year annual fee with 20,000.pts. welcome bonus) then I asked TD Visa downgrading my Infinite Aeroplan to cash back card (No annual fee),also decrease my credit limit become to base.
Thanks for the video! I have a question regarding downgrading cards: if the card I want to downgrade to has a sign up bonus, will I be eligible for those points or do I have to make a new credit request? Thanks again!
I downgraded my RBC Avion visa infinite to RBC reward visa with no annual fee last year. I learned that you lost the privilege to redeem those avion points for flights, which gives you most benefits according to the reward chart; instead you can only redeem the points for travel at 100 points= $1 CAD
I am 72 and I don’t understand at all. I don’t want to try this cause I don’t understand and I don’t want to owe anybody anything how do I give it back?
I don't think this applies to churners. For example, for the aeroplan infinite, after cancelling for 12 months, you are able to apply again and get the welcome bonus offer the following year.
Great video Ricky. One reason why I cancel some cards is so that I can double dip on the sign up bonus after a period of time. Like HSBC and scotia says you aren’t eligible for a sign up bonus if you had a card in last 1 or 2 year. So I might cancel the card to start that timer so I can get another bonus later
I’ve had a Capital One card for almost 5 years. With an annual fee of $59 and with only $300 limit which is garbage. Never got a limit increase on it. In total, I have $40k credit limit on my other cards from other banks that are newer (less than 2 years average age). Is it safe to close the Capital One to avoid the annual fee renewal in July?
Why not check if you can downgrade to a no-fee option? Ideally you want to keep your oldest account active to boost your average age of accounts. youtu.pulse.ly/gkc6bdplnj youtu.pulse.ly/uieryiw4uk
@@PrinceofTravel I have already contacted Capital One Canada yesterday. They can not give me a downgrade to a no annual fee card or even waive the annual fee of $59 is not possible. They did give me a $30 statement credit which is garbage. I’ll just cancel this card before July.
For retention offers, either one works. For the annual fee waiver, it usually works best after the fee has posted. You usually have 30 days after the fee posts to decide whether to keep the card or cancel (and get a refund of the fee).
I might cancel a capital one secured card ive had it for about a year and a bit but I'm not sure if I should anyone have any advice annual fee is about 60 Cad a year
@@CheekyBird790 thank you for the reply I've cancelled the card rbc gave me a card with no annual fees and a unsecured card i had my card with capital one and they don't do upgrades they make you reapply for a new card
I was down with the points consulting until I see the price tag... $200 an hour ???? I am sorry but google/red flag deals can provide 70% of the info from points consulting I am sure of it. So unless you are making at least $400 an hour; I would use it and if you are making $400 an hour... I don't think this channel applies to you LOL
If you find that you are denied, due to too much credit available. Call back the card your applying for. Ask to speak with the credit review department. Try and get a re assessment. If that doesn’t work, ask if you can three way with that person, to one of your cards, and cancel it with them listening. If that offer doesn’t do it, that banks a lost cause, don’t waste your time.
@@PrinceofTravel i remember back in the day ( damn I feel old saying it like that), you could talk to real people in the decision making departments. Unfortunately, now all you get are minions. Who seem to input info into a computer and tell you what the computer says!
Interested in learning all about how to travel the world on points? Join us at The Travel Summit Toronto 2022: The #1 event for elevating your travel! thetravelsummit.com
Awesome video! Love all the detailed information in your videos!
In the past I’ve had multiple issues with customer service from THREE different financial institution.
As a result, I’ve had the annual fee of two credit cards waived for two years, & my third card annual fee waived for one year.
Total fees waived: $1,749.00.
Point of my past story -always call & express concern if there are issues. Also, don’t be afraid to have calls “escalated”. The higher the escalation of call, the better the retention/resolution.
Another suggestion for not cancelling the card and keep the borrow power is to lower the credit card limit on that one that you don't use often. Its helps for the next card issuer to approval your new credit card when your overall credit limit is not as high.
Great idea on calling the card. I never heard of the retention offer on Credit cards. I've done it with my cable and phone company. We are going to try and let you know.
Wow are you perfectly TIMED! I have 87 eupgrade credits set to expire in 8 days and after watching this I realized I’m Super Elite! I have the Amex aeroplane reserve card! So I called Amex and they said Air Canada must do it. Well called my SE desk a month ago asking how I could save my Eups as I can’t travel and your rolling my status over so why not roll my Eups?! They said sorry no they will expire. Then I watch you, called back and told them what I learned and they said yup 50 of the 87 will be redeposited by the end of March! You just saved our family vacation!! THANK YOU PRINCE! 🤓It makes me wonder about air Canada though...why would they not have told me this? I am a million miler!😡
Glad you found it useful! The goal is to always be one step ahead of the banks and airlines, after all 😉
Just on time! Love this information, thank you 😊
Thank you!
I tried downgrading with AMEX Canada... they were nasty ... simply wouldn’t budge ... so canceling. I was primarily not happy with them because the low credit limit on this card was driving my score down and they wouldn’t increase my limit. They said log a complaint if you are not happy 🙄. And it’s not my financial situation either - I have a TD visa which has 5 times the credit limit my AMEX cobalt has.
Hahaha, i have a scheduled call with AMEX tomorrow to cancel my first platinum card. Impeccable timing!
😗👌🏼
Man you should have a million views.. But welcome to Canada! We are all poor here with taxes! Lol Ricky.. Thanks for helping the smart people! Im one of them thanks to you!
Haha, well at least we can pay our taxes with credit cards! 😉
After I got new CIBC Visa Infinite Aeroplane card (Free 1st year annual fee with 20,000.pts. welcome bonus) then I asked TD Visa downgrading my Infinite Aeroplan to cash back card (No annual fee),also decrease my credit limit become to base.
You are a smart man and very helpful.
Thank you for sharing your expertise.
🙌🏼🙌🏼🙌🏼
Thanks for the video! I have a question regarding downgrading cards: if the card I want to downgrade to has a sign up bonus, will I be eligible for those points or do I have to make a new credit request? Thanks again!
Another great video! Thank you Ricky!
Glad you enjoyed it, Jean-François!
Thanks for another informative video Ricky.
Cheers 👍🏼
Thoughts on Aeroplan Reserve AMEX? My 1st anniversary coming up... Still have a lot of points on it, is it possible to downgrade to the $120 fee one.
Such good points Richard. Thank you again for posting some more awesome content.
Thanks as always
I downgraded my RBC Avion visa infinite to RBC reward visa with no annual fee last year. I learned that you lost the privilege to redeem those avion points for flights, which gives you most benefits according to the reward chart; instead you can only redeem the points for travel at 100 points= $1 CAD
You can always upgrade back and get those privileges again ;)
@@PrinceofTravel That is true. Thanks for the update.
Great video !
I am 72 and I don’t understand at all. I don’t want to try this cause I don’t understand and I don’t want to owe anybody anything how do I give it back?
Amex is a very unpopular card with merchants. Is it true they charge more for every transaction?
I don't think this applies to churners. For example, for the aeroplan infinite, after cancelling for 12 months, you are able to apply again and get the welcome bonus offer the following year.
Good video- What about product switch to a card with a welcome bonus (instead of a downgrade to a basic card)?
It’s less reliable of a strategy across all banks. RBC, TD, and CIBC are the ones that do it most often, could be a future video topic
Yeah I'm going to be calling, I should get a retention offer from td, Amex not so sure worth a shot anyway thanks Ricky
Great video, as usual 👍
Thanks AK
would cancelling a card lower my credit score and whats a good amount of cards to have open at the same time?
I CANCELED MY CREDIT CARD I WAS 19000 IN DEBT I TOLD MYSELF NO MORE NOW MY CREDIT DOWN 13400 FEELING A WHOLE BETTER👍
Best of luck with your debt repayment - hope you’ll join us in earning rewards afterwards 👍🏼
Great video 👍🏼. Any details about WestJet dollars when credit card cancelled or downgraded?
WestJet Dollars will be retained in your account if you cancel or downgrade, but your companion pass will go away
I subscribed your site.Can you tell me about Cash back and divident card advantages and disadvantages also which card better cards for get from bank
Love your content
Why thank you
Great video Ricky. One reason why I cancel some cards is so that I can double dip on the sign up bonus after a period of time. Like HSBC and scotia says you aren’t eligible for a sign up bonus if you had a card in last 1 or 2 year. So I might cancel the card to start that timer so I can get another bonus later
Yep, that’s a good strategy for racking up the bonuses, as long as you’re eligible for them 👍🏼
I’ve had a Capital One card for almost 5 years. With an annual fee of $59 and with only $300 limit which is garbage. Never got a limit increase on it. In total, I have $40k credit limit on my other cards from other banks that are newer (less than 2 years average age). Is it safe to close the Capital One to avoid the annual fee renewal in July?
Why not check if you can downgrade to a no-fee option? Ideally you want to keep your oldest account active to boost your average age of accounts.
youtu.pulse.ly/gkc6bdplnj
youtu.pulse.ly/uieryiw4uk
@@PrinceofTravel I have already contacted Capital One Canada yesterday. They can not give me a downgrade to a no annual fee card or even waive the annual fee of $59 is not possible. They did give me a $30 statement credit which is garbage. I’ll just cancel this card before July.
*what about debit visas cards?*
Should I call for a retention offer/fee waiver before or after it hits my statement?
For retention offers, either one works. For the annual fee waiver, it usually works best after the fee has posted. You usually have 30 days after the fee posts to decide whether to keep the card or cancel (and get a refund of the fee).
Any advice on getting the membership fee waived? I tried calling and they basically just said no waived fee or retention offers.
Here's some advice that one of our writers have offered: princeoftravel.com/blog/charming-your-way-out-of-annual-fees/
I might cancel a capital one secured card ive had it for about a year and a bit but I'm not sure if I should anyone have any advice annual fee is about 60 Cad a year
@@CheekyBird790 thank you for the reply I've cancelled the card rbc gave me a card with no annual fees and a unsecured card i had my card with capital one and they don't do upgrades they make you reapply for a new card
if i switch from cobalt to amex gold, do i get to keep all my earned MR points and able to transfer all to AE or other FFP?
You can’t make this switch, unfortunately. American Express doesn’t really allow product switches, it’s more common with the major banks
thank you
My pleasure
The Prince! 👑
🤴🏻
how to rollover the eupgrade?
It’ll happen automatically in early March as long as you’re holding a premium Aeroplan credit card.
@@PrinceofTravel I have a TD Visa Aeroplan Infinite card and Aeroplan Elite status. Will I automatically get the rollover of e-upgrades? thx
I was down with the points consulting until I see the price tag... $200 an hour ???? I am sorry but google/red flag deals can provide 70% of the info from points consulting I am sure of it. So unless you are making at least $400 an hour; I would use it and if you are making $400 an hour... I don't think this channel applies to you LOL
That's ok, you don't have to book
If you find that you are denied, due to too much credit available. Call back the card your applying for. Ask to speak with the credit review department.
Try and get a re assessment. If that doesn’t work, ask if you can three way with that person, to one of your cards, and cancel it with them listening.
If that offer doesn’t do it, that banks a lost cause, don’t waste your time.
Great tip. I’ll do a future video to talk about what to do if you’re declined for a credit card
@@PrinceofTravel i remember back in the day ( damn I feel old saying it like that), you could talk to real people in the decision making departments.
Unfortunately, now all you get are minions. Who seem to input info into a computer and tell you what the computer says!
😎🤩
🙏🏼🎉
First
You've been doing a pretty good of that
@@PrinceofTravel haha 😂 yeah