Credit Card Annual Fee Refunds?

[ExFlyBoy5]

How often do you see these? I wonder because I saw an article recently that mentioned that you can be somewhat successful getting these refunded. I personally haven't done it yet, but a recent "development" with a card has me wondering...

My story is about the Chase Sapphire Reserve card. I got this card about a year ago ($450 annual fee) and went about doing everything I could to get all the benefits with the intention of cancelling it before the next annual period. To avoid taking a hit on my credit, I shifted the "available credit" amount to another Chase card and left $500 on there (the minimum allowed on the card). After doing that, within a couple of days, a refund of the entire $450 annual fee (the first and only one) appeared and it has been there for about 2 weeks. I intend to call today to cancel the card but I wonder *why* the fee was refunded...and no, I don't plan on asking, either. Anyone else seen something similar?

 

[calmloki]

How often do you see these? I wonder because I saw an article recently that mentioned that you can be somewhat successful getting these refunded. I personally haven't done it yet, but a recent "development" with a card has me wondering...

My story is about the Chase Sapphire Reserve card. I got this card about a year ago ($450 annual fee) and went about doing everything I could to get all the benefits with the intention of cancelling it before the next annual period. To avoid taking a hit on my credit, I shifted the "available credit" amount to another Chase card and left $500 on there (the minimum allowed on the card). After doing that, within a couple of days, a refund of the entire $450 annual fee (the first and only one) appeared and it has been there for about 2 weeks. I intend to call today to cancel the card but I wonder *why* the fee was refunded...and no, I don't plan on asking, either. Anyone else seen something similar?

"...$500 on there (the minimum allowed on the card)"

Gal and I also have Chase Reserves, paid in full each statement period. She has had a 3 month stretch with nothing due and no activity on her card. I've not heard of having the CSR annual fee waived; have read the fee can be refunded if you cancel card within 30 days of anniversary. Did you maybe do a product change from CSR to Chase Freedom? I've shifted all my points to her account and plan to cancel my card but leave her's open and pay the annual fee.

 

[Sunset]

I did phone to cancel my SPG amex card, which I had for a few years paying the annual fee, they offered me a $100 credit to keep the card.
I declined.

How did you shift the "available credit" to another chase card, is it an online action ?

 

[Sunset]

"...$500 on there (the minimum allowed on the card)"

Gal and I also have Chase Reserves, paid in full each statement period. She has had a 3 month stretch with nothing due and no activity on her card. I've not heard of having the CSR annual fee waived; have read the fee can be refunded if you cancel card within 30 days of anniversary. Did you maybe do a product change from CSR to Chase Freedom? I've shifted all my points to her account and plan to cancel my card but leave her's open and pay the annual fee.

You could open another chase card (like freedom) , and transfer all the points to it, so you don't pay that fee but preserve the points.

 

[Amethyst]

Thanks - this is a timely thread, as our Chase Sapphire Reserve cards will come up for renewal in early January, and I've been trying to figure out whether to cancel both of them, or maybe keep one and pay the $450, and get the $300 travel credit.

I also thought of taking the $300 travel credit on Jan 1, 2018 and canceling the card by the anniversary of Jan 7, 2018 but am not sure Chase would go for that.

You could open another chase card (like freedom) , and transfer all the points to it, so you don't pay that fee but preserve the points.

 

[audreyh1]

I usually downgrade the card if I decide the fee isn't doing anything for me, but I don't want to lose the credit line. Even if you do this after paying the annual fee they will usually reimburse it. I haven't tried to cajole them into skipping the fee in any year.

 

[mistershankly]

and left $500 on there (the minimum allowed on the card).

I've never heard of the $500 minimum... are you required to float a $500 balance or usage every month at a minimum?

How did you shift the "available credit" to another chase card, is it an online action ?

We have 3 Chase cards (Freedom, Sapphire, and Slate) and shifting the credit is through a phone call and request. It wasn't difficult and the shift occurred over the phone call with no waiting period.

With regards to these upgraded Sapphire products, have any of you had to call on the perks related to insurance (e.g. damage/collision waiver of rental car, travel insurance, etc) and how was your experience? These features are usually insured by a party other than Chase and customer service is always less than desirable.

Any other insights on these cards would be greatly appreciated, as we are considering upgrading the $0 fee Sapphire to either a Preferred or Reserve.

 

[ExFlyBoy5]

I've never heard of the $500 minimum... are you required to float a $500 balance or usage every month at a minimum?



We have 3 Chase cards (Freedom, Sapphire, and Slate) and shifting the credit is through a phone call and request. It wasn't difficult and the shift occurred over the phone call with no waiting period.

Yep...$500 is the minimum credit line (sorry...not that you have to maintain a balance...sorry about the confusion!) they will allow on the CSR. I didn't want to have a reduction of $35,000 overnight (although I am not sure if it would even really mess with the score, since all balances are paid each month so debt ratios wouldn't change).

I did the credit shift with the online secure messaging. Once I made the request, it was processed in about 10 minutes.

 

[ExFlyBoy5]

Thanks - this is a timely thread, as our Chase Sapphire Reserve cards will come up for renewal in early January, and I've been trying to figure out whether to cancel both of them, or maybe keep one and pay the $450, and get the $300 travel credit.

I also thought of taking the $300 travel credit on Jan 1, 2018 and canceling the card by the anniversary of Jan 7, 2018 but am not sure Chase would go for that.

What I did was open the card at the end of September 2016 and used the $300 travel credit immediately. On January 1st, they reset the credit and we used the full $300 again in May of 2017...so yes, $600 credits within the first year of membership. I *think* for this to work, you need to use the credit by the end of October, if you wait until November, then you can't use it twice. I don't remember the specifics, but there was a big discussion on it at the Redditt /churning thread.

 

[ExFlyBoy5]

I will also add that I have had two different issues with the travel reservations that were booked with points through Chase. One wasn't a big deal, but the other one could have been a BIG DEAL (to me) when at check in, the hotel told us our room wasn't available (overbooked) and they would have to send us elsewhere. I raised hell about it and had them look up my history w/ my Marriott Rewards (which hadn't been linked to the Chase reservation) and they changed their tune. I have never had these types of issues with the Amex Platinum travel agency.

 

[Lsbcal]

A few other benefits of the Chase Sapphire Reserve:
1) pretty good trip cancel insurance
2) 50% more points when you use Ultimate Rewards. Can get this multiplier on the points from Freedom card too. We use the Freedom card on most other purchases. So that works out to 2.25% back. All on one Chase login, so very convenient.
3) Some travel medical emergency benefits

 

[jonat]

Don't forget the free lounge access - that's well worth the $150 extra (over the $300 travel credit) to me. I also use the 50% uplift on Ultimate Rewards points frequently.

 

[audreyh1]

Don't forget the free lounge access - that's well worth the $150 extra (over the $300 travel credit) to me. I also use the 50% uplift on Ultimate Rewards points frequently.

Which lounge?

 

[Lsbcal]

Which lounge?

At major airports this is one perk. You get a card that gives you access. There is seating, charge stations, small food items, free alcohol. We have used them in Calgary, SFO, AMS, and Vienna.

 

[calmloki]

Which lounge?

Priority Pass lounge - we enjoyed one in Calgary.

 

[pb4uski]

I had a Discover card for years that was 2% cash back on everything and a $65 annual fee. When I first got it and for many years thereafter it was a great dea given the competition so I didn't mind the $65 annual fee.

More recently, the Citi Cash Back card was better.... 2% on everything... 1% when charged and 1% when paid and I'm on autopay of the full balance so it is just like 2% to me.

I called Discover and asked them to waive the $65 annual fee. They refused. I explained that there were better deals out there. They wouldn't budge. I cancelled.

 

[audreyh1]

Priority Pass lounge - we enjoyed one in Calgary.

Thanks

 

[NgineER]

Lounge access is one reason for keeping the card. Have used MSP lounge a handful of times for myself on business and AMS lounge twice. Perfect break on international trip with family of 6.

 

[jonat]

Just be aware that guest access to Priority Pass lounges can be limited. For example, the Alaska Airlines lounge in PDX requires each person to have their own membership (no guest access). I’m unfamiliar with the rules for traveling with children.

 

[audreyh1]

I have the Chase United Club Card which has a similar annual fee and travel benefits as the Sapphire, and United Club and Star Alliance lounge access plus several other United flying perks. The lounges are always convenient to the United gates. I just use it for flights and rental car primary insurance though, as it only gives United miles. The first year the annual fee was waived, so I was willing to try it. DH loved the perks so we kept it. I consider the annual fee to be the discounted club membership fee plus the other flying perks (priority baggage handling, two free checked bags each, premium access lanes and security lanes where available, priority boarding, etc.)

 

[ExFlyBoy5]

The Priority lounges are hit and miss in my opinion. I have been in some that were great and others that were meh. Personally, they aren't worth the annual fee for me...and ni, they aren't 'free'....they are included in the annual membership fee.

 

[jonat]

I agree that some lounges are better than others. The one run by airlines tend to be pretty good, the ones that are generic are better than sitting at the gate. The lounges at BOS are quite nice (especially the Air France lounge in Terminal E.) I've also had good experiences in various European airports.

 

[nwsteve]

Singapore Airlines lounges especially in Changi are our benchmark for outstanding! Unfortunately, we only get routing that makes them available on rare ocassions

 

[Osprey]

A few other benefits of the Chase Sapphire Reserve:
1) pretty good trip cancel insurance
2) 50% more points when you use Ultimate Rewards. Can get this multiplier on the points from Freedom card too. We use the Freedom card on most other purchases. So that works out to 2.25% back. All on one Chase login, so very convenient.
3) Some travel medical emergency benefits

The above benefits along with no foreign transaction fees are the reasons why I decided to keep this card another year.

 

[Lsbcal]

I think the travel medical emergency benefits on the Chase Sapphire Reserve apply to a spouse traveling with you. Can anyone confirm this?