When Does the Sapphire Reserve Travel Credit Expire?
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TPG reader Gilbert emailed me to ask about the timeline for using one of his credit card benefits:
“Does the $300 travel statement credit on the Sapphire Reserve card have an expiration?”
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 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).
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:
- Top Credit Cards for Cash Back Rewards and Statement Credits
- Everything You Need to Know About Chase Sapphire Reserve Perks
- Do Charges Offset by Credits Count Toward a Sign-Up Bonus?
This card from Bank of America gets really interesting if you have a BofA checking, savings or investment account. Depending on the value of your combined accounts you can potentially get as much as 3.5x points on travel/dining and 2.625x points on other purchases making it the richest consumer banking bonus out there.
- Receive 50,000 bonus points – a $500 value – after you make at least $3,000 in purchases in the first 90 days of account opening
- Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points per $1 spent on all other purchases
- If you're a Bank of America Preferred Rewards member, you can earn 25%-75% more points on every purchase
- No limit to the points you can earn and your points don't expire
- Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill accounts, or gift cards or purchases at the Bank of America Travel Center
- Get up to $200 in combined airline incidental and airport expedited screening statement credits + valuable travel insurance protections
- No Foreign Transaction Fees
- Low $95 annual fee