Everywhere you look, it’s hard to escape the sense that everything about travel is getting worse — the seats, rewards programs, and premium cards.

Even more so when companies are cutting benefits. Last week, Capital One announced changes that will stiffen lounge access, aligning itself with competitor American Express. On the other end, cardholders will be able to bring fewer guests into airport lounges, taking an axe to a key feature for some cardholders.

Many cards have enough features to make up for the loss of one key feature — but some cardholders might see the end of certain ‘freebies’ as a reason enough to close their one-time ‘premium’ travel card. There are better ways.

What can you do for me? While Capital One doesn’t do retention offers, other major creditors like American Express — and, to a lesser degree, Chase — do. If you’re considering closing your card because of rising annual fees, worsening benefits, or another reason, your first stop should be to ask — What can you do for me? Spenders might be surprised to know.

• Credit card experts suggest asking for retention offers before your annual fee posts; you can often do so by chatting with or calling your card member services line.
• In some cases, you can earn points, fee waivers, or a statement credit for agreeing to keep your card open for another year and spending a certain amount within a period of time.

Never Hurts to Ask

Even if you’re satisfied with your card, you can still inquire. Recently, Amex Platinum cardholders reported receiving offers as high as 50K MR to spend $4K in three months — something which could be reasonably achieved by paying taxes or rent with a credit card.

• You can ask for retention offers on every card product you have — so, for example, if you have an Amex Platinum, Gold, and Green Card, you could, in theory, inquire about three retention offers.
• However, Amex only offers retention offers every 13 months, and they are not guaranteed; Chase is even more picky, so that’s an important anecdote.

What happens if there’s nothing they can do? If you have exhausted your options or you just don’t want to pay for a credit card anymore, you might consider asking for a product change. Many creditors will allow you to jump from a more expensive card to a cheaper one by simply asking, prorating the annual fee.