While trying to help Ford with some credit card “housekeeping” yesterday (I realized he’s at 0/24 on the 5/24 scale, goodness gracious, this needs to change), I learned something new (to me).
Citi will refund annual fees for 37 days
For credit cards with annual fees, every card issuer has a different policy for letting you cancel your card and get the annual fee refunded. With some card issuers you have 30 days after the annual fee hits to get a refund, while with other card issuers you have 60 days after the annual fee hits to get a refund.
Citi’s policy is neither 30 nor 60 days — if you want to cancel or product change a card, Citi will refund your annual fee for up to 37 days after the fee hits your statement. So for up to 37 days you can get a full refund, while after 37 days there doesn’t seem to be an option to get a pro-rated refund, or anything.
Why do annual fee refund policies matter?
Why is it important to be aware of a card issuer’s policy on annual fee refunds?
- Many of us aren’t that organized, and don’t mark our calendars to know in advance when annual fees will hit, but rather figure it out based on looking at our credit card statements
- When an annual fee comes due, I always think it’s worth crunching the numbers on the value you’ve received from the card, and considering either canceling the card or downgrading the card, assuming it’s no longer proving worthwhile
- Citi has the 24-month rule, whereby eligibility for many Citi credit cards is based on not having opened or closed select cards within the past 24 months
Citi will refund the annual fee on a credit card as long as you cancel your card within 37 days of when the annual fee posts to your account. As long as you take action within that timeframe, you could potentially cancel your card or downgrade your card, all while having the annual fee refunded.
Have you had experience with Citi’s 37-day rule on annual fee refunds?