The actual verbiage on the back of the statement says: "The annual membership fee is non-refundable unless you notify us that you wish to close your account within 30 days or one billing cycle (whichever is less) after we provide the statement on which the annual membership fee is billed."

So you have the lesser of
- 30 days from the date the AF is billed or
- one billing cycle.

If your cycle runs every 12th: 9/12 - 10/12 - 11/12 - 12/12
And your AF is billed on, say 09/01, then this creates the following options:
A. 10/09, which is 30 days from 9/9
B. 10/12 which is the next billing cycle
Of which option A, 10/09, is the only date that you are afforded to cancel/convert without issues.

So...in this case:
- before 09/09 (pro-rated refund of old AF, and then charged full AF 3-4 months after RC upgrade)
- after 09/09 to 10/09 (no refund - but reversal of old AF charge, and then charging of full AF 3-4 months after RC upgrade)
- after 10/09,(likely pro-rated refund of original AF[after you've been charged of course for the new year], and then PR RC AF 3-4 months after RC upgrade)

It's the after 10/09 that is a little mysterious... so do folks think this is the case?
At what point, relative to AF Anniversary, and Conversion date does Chase prorate the new RC AF? Or is it almost always a pro-rate of the old AF AND a full charge of the RC AF regardless? Any mid-year converters have data points?

And just to throw in another variable:
- my 365+1 is 10/31/2024
- my annual fee, according to my last statement will be charged on 11/30/24 (not sure why it is 365+30)

Originally I thought if I upgraded to RC at 365+1, but before AF anniversary(365+30) I would get the 85K, but data is pointing to the 35K being deposited at 365+1 regardless (maybe, I'm not sure) There are reports of those who upgraded and got the 85k that same year vs 35K FNA - perhaps this was the window for that?)