Forum Thread

Chase Sapphire Reserve Travel Credit & Annual Membership Fee Question

1,378 1,431 April 5, 2019 at 12:27 PM in Finance (2)
Deal
Score
0
1,486 Views

Thread Details

0 Deal Score
1,486 Views
I opened a Chase Sapphire Reserve account in March 2017 when they had the 100k bonus. The annual fee just hit my account again and I want to cancel the card due to a change in financial circumstances and it no longer makes sense for me to pay the $450 annual fee. I have a Costco Citi card that also has 3% CB on travel & restaurants I can use and I also have a Chase Freedom I can transfer my Ultimate Reward points to.

My question is regarding the $300 travel credit. If I make a $300 travel purchase now, would I get the $300 credit and still fall within the window to cancel my card and get refunded the full $450 annual fee? Would I lose my $300 travel credit if I cancel the card? I am just trying to figure out the best case scenario and not leave any benefits on the table.

Thanks!

8 Comments

1

Sign up for a Slickdeals account to remove this ad.

This comment has been rated as unhelpful by Slickdeals users
Joined Jun 2005
L6: Expert
1,173 Posts
447 Reputation
#2
You have 30 days to cancel your card after your yearly fee posts in order to get a refund on it. If you're able to use your $300 travel credit within those 30 days then your good. The travel credit posts at the same time as the purchase, at least in my experience. It's not a bill credit.
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined May 2017
L6: Expert
3,279 Posts
379 Reputation
#3
You lose credit when you close account
Reply Helpful Comment? 0 1
This comment has been rated as unhelpful by Slickdeals users
Joined Nov 2004
L9: Master
5,292 Posts
470 Reputation
#4
Quote from phillint
:
You lose credit when you close account
Can just downgrade the card to a $0 annual fee card and not lose the credit.
Also losing credit is probably worth not having to pay $450 a year for something you're not using... unless you are also needing to use your credit socre for something immediately.
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined May 2017
L6: Expert
3,279 Posts
379 Reputation
#5
see if you can transfare miles to airline
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Dec 2008
L6: Expert
1,378 Posts
1,431 Reputation
Original Poster
#6
Quote from phillint
:
see if you can transfare miles to airline
I plan on transferring my points to my existing Chase Freedom card.
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Dec 2008
L6: Expert
1,378 Posts
1,431 Reputation
Original Poster
#7
Quote from rebat
:
Can just downgrade the card to a $0 annual fee card and not lose the credit.
Also losing credit is probably worth not having to pay $450 a year for something you're not using... unless you are also needing to use your credit socre for something immediately.
I don't really have any travel plans in the works but I am sure I could find $300 of something ONLY if I get a credit for it. What I was wondering if they will reverse the $300 credit if I close my account? And what could I downgrade to if I already have a Freedom card?
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Jun 2005
L6: Expert
1,173 Posts
447 Reputation
#8
Quote from danicole
:
I don't really have any travel plans in the works but I am sure I could find $300 of something ONLY if I get a credit for it. What I was wondering if they will reverse the $300 credit if I close my account? And what could I downgrade to if I already have a Freedom card?
They Don't reverse it. Phillint is some weird bot account / social experiment so I would ignore pretty much everything coming from them.

Here's a list of credit cards, find one you like without a fee and try to change.
https://creditcards.chase.com/chase-pay
Reply Helpful Comment? 0 0

Sign up for a Slickdeals account to remove this ad.

This comment has been rated as unhelpful by Slickdeals users
Joined Dec 2008
L6: Expert
1,378 Posts
1,431 Reputation
Original Poster
#9
For anyone interested, I booked a hotel for Cedar Point which included tickets and used my $300 credit. I made sure the travel credit posted. Then I paid my balance minus the $450 AF and called to cancel. They were cool about it.
Reply Helpful Comment? 0 0
Page 1 of 1
1
Join the Conversation
Add a Comment
 
Link Copied to Clipboard