Citi’s 37-Day Annual Fee Refund Policy

Citi’s 37-Day Annual Fee Refund Policy

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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

Bottom line

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?

Conversations (6)
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  1. Larry Guest

    Interestingly, if you cancel BEFORE the fee has posted, Citi has a convoluted way of refunding it. Downgraded Prestige to no-fee Custom Cash in July, more than a month before AF was to hit my account. Still got charged a $495 AF in Late Aug/early Sept and was told that I had to pay it and wait 8-12 weeks for a refund - what?

  2. Kendor Guest

    Anyone know what Chase's policy is on this? I want to product change a CSP.

  3. Rick Guest

    I seem to recall receiving a pro-rata refund of my Prestige annual fee back in March 2019 when I downgraded to the Premier well after 37 days.

  4. Kevin Guest

    @Lucky What is Citi's policy on cancelling a new card within a year (or just after per this post) of receiving a signup bonus. AMEX specifically states they will be angry with you, so I always count on 2 annual fees when I crunch the numbers prior to applying. But unsure about Citi and Chase.

  5. Thoughts Guest

    Could someone take the bonus and then cancel or downgrade the card before 37 days?

    1. Hilton Shumway Guest

      This was an Amex, but I definitely renewed my CLEAR subscription, got the statement credit for it, then canceled the card and got the annual fee refunded.

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The comments on this page have not been provided, reviewed, approved or otherwise endorsed by any advertiser, and it is not an advertiser's responsibility to ensure posts and/or questions are answered.

Larry Guest

Interestingly, if you cancel BEFORE the fee has posted, Citi has a convoluted way of refunding it. Downgraded Prestige to no-fee Custom Cash in July, more than a month before AF was to hit my account. Still got charged a $495 AF in Late Aug/early Sept and was told that I had to pay it and wait 8-12 weeks for a refund - what?

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Kendor Guest

Anyone know what Chase's policy is on this? I want to product change a CSP.

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Rick Guest

I seem to recall receiving a pro-rata refund of my Prestige annual fee back in March 2019 when I downgraded to the Premier well after 37 days.

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