I said "thinking about cancelling". The agent I initially spoke to said that they don't give things out to offset fees, but he would transfer me to the department that could either help close my account or downgrade it and I a agreed.

In talking to the second department/agent (assume it was retention department), I continued to share that I was "thinking about cancelling" and kept stressing how it no longer made sense to pay such a large fee since I'm not traveling now, and that's when our conversation led to the retention offer of $500 with no spend.