Originally Posted by
forumpersona999
Not sure but it's a moot point because they generally give you a pro-rated refund if you cancel mid-term.
Like if you just paid 450 USD in February 2012 for the coming 12 months and you cancel in March 2012 you don't lose the 450 USD. You will get a refund of $412.50.
I'm not sure that this is accurate. While Amex does provide a prorated refund, I'm fairly sure that cancelling immediately after the fee is charged would result in a complete reversal of the fee. For Chase, I think the period you have to cancel is 30 days, but with Amex it's less clear. I think it's longer than 30 days, and depends on the statement closing date, but I wasn't able to decipher what the customer service rep told me about this.
Does anyone know for certain, if my $450 fee is charged on, say, February 15th, exactly when I must cancel to have the fee fully reversed?