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Can You Get a Refund of the Chase Sapphire Reserve Annual Fee?

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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?

    The Chase Sapphire Reserve Has Amazing Perks for Folks Looking for Big Travel! That’s Why I Wouldn’t Recommend Canceling the Card After a Couple of Months to Get Your Annual Fee Refunded

    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

    Link:   Is the Sapphire Reserve Worth the Annual Fee?

    Link:   When Should You Cancel Your Credit Cards?

    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:

    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.

    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! :)