We are an independent publisher. Our reporters create honest, accurate, and objective content to help you make decisions. To support our work, we are paid for providing advertising services. Many, but not all, of the offers and clickable hyperlinks (such as a “Next” button) that appear on this site are from companies that compensate us. The compensation we receive and other factors, such as your location, may impact what ads and links appear on our site, and how, where, and in what order ads and links appear. While we strive to provide a wide range of offers, our site does not include information about every product or service that may be available to you. We strive to keep our information accurate and up-to-date, but some information may not be current. So, your actual offer terms from an advertiser may be different than the offer terms on this site. And the advertised offers may be subject to additional terms and conditions of the advertiser. All information is presented without any warranty or guarantee to you.

This page may include: credit card ads that we may be paid for (“advertiser listing”); and general information about credit card products (“editorial content”). Many, but not all, of the offers and clickable hyperlinks (such as a “Apply Now” button or “Learn More” button) that appear on this site are from companies that compensate us. When you click on that hyperlink or button, you may be directed to the credit card issuer’s website where you can review the terms and conditions for your selected offer. Each advertiser is responsible for the accuracy and availability of its ad offer details, but we attempt to verify those offer details. We have partnerships with advertisers such as Brex, Capital One, Chase, Citi, Wells Fargo and Discover. We also include editorial content to educate consumers about financial products and services. Some of that content may also contain ads, including links to advertisers’ sites, and we may be paid on those ads or links.

For more information, please see How we make money.

Has Chase Changed The Way They Refund Annual Fees?

  • Million Mile Secrets

    • Signing up for credit cards through partner links earns us a commission. Terms apply to the offers listed on this page. Here’s our full advertising policy: How we make money.

    Update:   One or more card offers in this post are no longer available.  Check our Hot Deals for the latest offers.

    Via Doctor of Credit, Chase might have a new policy for reimbursing annual fees when you cancel or downgrade a credit card.

    In the past, folks could get a prorated refund up to 6 months after paying a card’s annual fee.  This means if you paid a $100 annual fee, you could cancel or downgrade 6 months later and get $50 back.

    But now, you might only have 30 days to cancel or downgrade and get a credit for the annual fee after it is billed.

    There Are Potential Changes to the Chase Annual Fee Reimbursement Policy!

    I’ll explain why this change shouldn’t affect most folks!

    New Chase Annual Fee Reimbursement Policy

    Link:   Doctor of Credit

    Link:   How to Get Your Annual Fee Waived

    Link:   When to Cancel Your Credit Cards

    Doctor of Credit and several folks on Reddit indicate Chase is no longer offering to refund annual fees unless you cancel or downgrade a card within 30 days of the annual fee appearing on your statement.

    But Million Mile Secrets team member Keith called Chase recently.  And they still offered a prorated refund for an annual fee that was billed on a Chase Sapphire Preferred card 3 months ago.

    It’s Possible You Still Might Get a Prorated Annual Fee Credit If You Cancel or Downgrade Your Card

    The new policy may not be in place for all cards across the bank, yet.  But if the change at Chase does occur, it will be the same as the policy for all American Express cards.

    Banks are likely making these changes because some folks apply for cards to get a sign-up bonus, then cancel the card right away.  This is a big no-no in the miles & points world.  And it could get you blacklisted by the banks!

    That’s why I usually recommend folks hang onto a card for ~10 months.  This gives you time to evaluate the perks of a card and see if it’s worth keeping.

    And cards with annual fees usually come with terrific perks that can make them worth keeping.  Like a free hotel night, bonus points, or elite status.  That’s why even thrifty folks like me keep annual fee cards year after year!

    For example, I always keep the Chase IHG card in my wallet, even with the $49 annual fee.  Because it comes with a free night certificate every year on your card anniversary.  And it can be used at ANY IHG hotel in the world!  This can be worth hundreds of dollars!

    You Can Enjoy a Free Stay at the InterContinental Amstel Amsterdam With the Free Night on the Chase IHG Card! That’s Just One Reason the Card Is Worth the Annual Fee!

    Remember, instead of canceling, you can always downgrade to a no annual fee card!

    Bottom Line

    Chase might be changing the policy for reimbursing annual fees when you cancel or downgrade a credit card.  Instead of having 180 days to receive a prorated refund, you’ll only have 30 days to get the annual fee back.

    So be sure to keep track of when your annual fee hits.  And remember annual fee cards have lots of perks that might make them worth keeping!

    Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)