Chase has changed its annual fee refund policy: you now have 30 days to get a refund of the annual fee, from the date the annual fee posts to your account, and there is no prorating of the annual fee after that 30 day window, as Reddit readers are reporting. Previously, you had anywhere from 60-180 days, depending on your card agreement, to cancel the card and get a refund of the annual fee. That was incredibly generous, so it's hard to blame Chase for shortening that to 30 days, although advance notice of the change would have been appreciated.
Earlier this year, AMEX eliminated prorated refunds of the annual fee, giving about 3 months notice before it went into effect September 1, 2016. AMEX also gives a 30 day grace period from the annual fee posting when you can close your account or downgrade to a no annual fee card, to get the annual fee refunded. After that 30 day window, there is no annual fee refund, so the new Chase annual fee refund policy brings it in line with AMEX.
FAQ
When is the New Chase Annual Fee Refund Policy Effective?
It is effective now, even though it wasn't previously announced.
What If I Was Told 6 Weeks Ago by a Chase Representative That I Had 60 Days to Receive a Refund?
Chase should honor what was told you, and these calls are typically recorded, so I would call now to confirm that this will be honored.
Which Chase No Annual Fee Card Can I Downgrade a Chase Sapphire Preferred to?
You could downgrade to either the Chase Freedom with 5X categories or the Chase Freedom Unlimited, which earns 1.5X points back on all purchases.
Can I Have Two Chase Freedom 5X Cards?
Sure, I do–I chose to downgrade my Chase Sapphire Preferred to a second Chase Freedom 5X so that we would have 3 of these cards (including my husbands) in order to get $4500 of spend at the 5X bonus for categories that we have over $3000 annual spend in, such as groceries.
Will the Chase annual fee refund policy change affect you?
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