7 little-known facts about your credit card - No. 7: Credit card issuers might pay to keep you

A certain credit card may occasionally serve you well—until it doesn't. Your credit won't benefit much from closing a card, and you might not be thrilled with your possibilities for a product switch.

Fortunately, there might be an other option. Some issuers may use a retention offer to entice you to keep your card.

When you phone your credit card company and mention that you're thinking about canceling the card because the benefits don't fit your needs any longer or you don't want to pay an annual fee, the issuer can come up with a promotion to convince you to keep the card.

Your annual fee can be waived or diminished. Moreover, you can get statement credits or bonus points. Naturally, there is no assurance of this. While some issuers are renowned for their hefty retention offers, others hardly ever make them. Also, card issuers are more likely to strive to keep users who use the card frequently.

Calling and asking doesn't hurt in any case. Don't say that you've already resolved to close the card. Simply say you're thinking about it. If not, a representative might just offer to close the card for you.

Your credit card is more complicated than just its terms and conditions. The better they service you, the more you'll know about credit cards. The seven credit card facts we covered should have taught you something new, and I hope you will continue to learn more.

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