Can You Get a Refund for Your Credit Card's Annual Fee?

It’s easy to forget about the annual fee when your credit card renews automatically for another year. After the excitement of welcome offers and cashback rewards fades, the fee becomes just another charge on your monthly statement, often overlooked until long after it’s been processed. But what if you didn’t plan to renew the card—can you still cancel and get your annual fee refunded?

Most Credit Card Issuers Will Refund Annual Fees

The good news is that many credit card issuers will issue a retroactive refund of your annual fee if you call to cancel your card, as long as it’s still close to your renewal date. Typically, this needs to be done by the statement closing date when the charge first appears.

Generally, the earlier you cancel, the better your chances of getting a refund on the annual fee—after all, it’s harder for a lender to justify a full-year charge if you cancel just a month after renewal. Here’s a breakdown of the refund policies from major lenders:

• American Express offers a refund if you cancel within 30 days of the billing statement closing date when the annual fee is charged.

• Bank of America

  doesn’t have a fixed policy, but your chances improve if you cancel shortly after the fee appears, especially if you’ve consistently paid on time.

• Barclays gives a refund if you cancel within 60 days of the statement closing date with the annual fee charge.

• Capital One refunds the fee if you cancel within 30 days of the statement date.

• Chase also provides refunds within 30 days of the billing statement closing date when the fee is charged.

• Citi allows refunds up to 37 days after the charge appears on your statement.

• U.S. Bank automatically refunds the annual fee if you close the account within 30 days of the fee posting on your statement.

• Wells Fargo offers a refund if you cancel within 90 days of being charged the fee.

Keep in mind: canceling a credit card can hurt your credit score. Instead of closing the account, consider downgrading to a no-fee card. For more options, check out this Mytour article for a detailed guide.