Many credit cards have annual fees, and understandably, consumers like to do the math as to whether or not the fees are worth paying on an ongoing basis. Along those lines, each card issuer has a different policy when it comes to refunding annual fees, and in this post, I’d like to take a look at Citi’s policy.
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 (the exception would be in states like Massachusetts, which legally require it).
Note that this isn’t a published policy, but instead, it seems to be the unofficial guidance. So let me add the typical “your mileage may vary” disclaimer, which is to say that you should always check with the card issuer regarding the policy, and it could change in the future.
A great solo travel tip spotted this week on One Mile at a Time.
