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TPG reader Gilbert emailed me to ask about the timeline for using one of his credit card benefits:
Several of the top rewards credit cards offer statement credits for travel purchases, which can help offset a large portion of the annual fee. The terms and conditions typically specify a period of eligibility for each credit, so you have a limited amount of time to either use it or lose it. To make sure you get full value from these card benefits, it’s important to understand precisely when they expire.
The Chase Sapphire Reserve Card offers an annual $300 travel statement credit that’s clearly the most lucrative and flexible benefit of its kind. You can use it to cover a wide variety of travel-related purchases, ranging from airfare and hotels to miscellaneous expenses like taxis and parking garages. Another great feature is that the credit posts quickly to your account, so you don’t have to wait for it or file a request for reimbursement. Best of all, the benefit is renewed each year; the only tricky part is knowing precisely when that happens.
There seems to be a discrepancy between how the benefit is described and how it’s implemented. According to the Chase website, the $300 statement credit is available for your first year as a cardholder from the date your account is opened through your December statement date (i.e., when your statement closes in December). You then get another credit valid for the next 12 billing cycles (through the following December statement date).
In practice, however, Chase representatives have informed me that the credit will be applied to eligible purchases that post during the calendar year, even if they show up on your account after your December statement closes. That’s an important distinction because it gives you more time to use the benefit in your first year. Once 2017 arrives, any unused credit from 2016 will expire, and travel purchases will be reimbursed from next year’s benefit.
Keep in mind that there may be a delay between when you swipe your card and when a transaction actually posts to your account. Charges usually show up within 72 hours, but it can occasionally take longer. The benefit doesn’t apply to transactions that are still pending, so I recommend completing purchases by Christmas in order to use up any remaining credit before the year ends.
For more on travel credits and the Sapphire Reserve card, check out these posts:
If you have any other questions, please tweet me @thepointsguy, message me on Facebook or send me an email at info@thepointsguy.com.
Source: thepointsguy.com