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The Chase Sapphire Reserve has fantastic benefits including a 100,000 point sign-up bonus, $300 annual travel credit, and 3X points bonus on travel and dining purchases. But there’s also a $450 annual fee that’s NOT waived the first year.
You’ll pay the annual fee on your first monthly billing statement. But can you get a Chase Sapphire Reserve annual fee refund?
Thanks to Million Mile Secrets reader Lawrence for the post suggestion!
I’ll explain how the Sapphire Reserve annual fee works.
Why You Should NOT Request a Chase Sapphire Reserve Annual Fee Refund
Link: Chase Sapphire Reserve
When you open the Chase Sapphire Reserve card, you’ll earn 100,000 Chase Ultimate Rewards points after you spend $4,000 on purchases in the first 3 months from account opening. You’ll also get:
- 3X Chase Ultimate Rewards points on travel & dining
- $300 annual credit for travel purchases such as airfare and hotels
- $100 statement credit for Global Entry
- Priority Pass Select for access to airport lounges
- No foreign transaction fees
You’ll pay the card’s $450 annual fee on the first billing statement.
I called Chase and you can get the annual fee refunded if you cancel your card within 60 days of the fee being charged. But I wouldn’t recommend doing this. Because you’ll likely lose any Chase Ultimate Rewards points you earned.
Plus, I think the Sapphire Reserve is worth the annual fee! Because you can earn the annual fee back (and then some) if you use the $300 annual travel credit twice in the first year you have the card. You’ll also get lounge access (worth $400), travel protection, car rental insurance, and much more!
Still Want to Cancel?
If you decide to cancel soon after getting the new card, Chase could think you’re abusing their rewards program. This means you might not get approved for any Chase cards in the future.
If you decide the card’s perks aren’t worth the annual fee, you can call Chase to cancel the card within 60 days of the fee being charged. But Chase will likely remove any Chase Ultimate Rewards points you earned.
It’s possible Chase could allow you to downgrade to a no annual fee card. But I couldn’t confirm this with a Chase representative because the Sapphire Reserve is still so new.
I typically recommend keeping a card open ~8 to ~10 months. Then, you can decide if the card’s perks are worth the annual fee. This helps establish a good relationship with the banks.