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If I cancel air travel booked on Chase's Ultimate Rewards site using Ultimate Reward points, will the points be posted back into my account (refunded)? If refunded, are there any redeposit fees.

Thanks in advance.

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I made a booking on Virgin Atlantic on an "airline fare basis" for which the ticket is refundable (if canceled) after applying a small penalty. The Ultimate Rewards booking site showed me the terms and conditions of the airline fare basis (indicating the ticket is refundable) but after going through the booking steps, on the final screen, the Chase Ultimate Rewards site, inserted a message "This ticket is non-refundable."

So, I first called Virgin which told me that if I had directly booked the identical ticket with the same fare basis with Virgin directly, it would be refundable, whereas, travel agencies are free to add their own clauses making the ticket more restrictive (such as non-refundable). So, I called the Ultimate Rewards booking customer service, and they admitted that they add the "This ticket is non-refundable" clause to almost all airlines tickets sold by them irrespective if the ticket is actually refundable or not. They said that they don't apply the clause only to a few airlines such as Southwest).

I am VERY disappointed with Ultimate Rewards. In exchange for a 50% bonus in value for booking on their site using the Chase Sapphire Reserve card, or a 25% bonus if using a Chase Sapphire Preferred Card, one is, in effect, having to forgo the benefits of an otherwise refundable ticket and be compelled by Ultimate Rewards to accept the ticket as non-refundable.
This is a terrible practice! I am posting this here so as to warn you!