UPDATE 2: Chase recently changed it’s annual fee refund policy for product changes from 60 days for a full refund to about 40 days. The premise of this post still works, just mind the timing if you choose to downgrade/product change. UPDATE: It’s now mid-December and I’ve seen enough positive data points to completely discredit this comment that concerned some readers. The premise of this post works as described. One year ago, Chase introduced the Sapphire Reserve to it’s stable of credit cards. It carries a hefty $450 annual fee, but it also offers a myriad of travel benefits that offset that fee. These include an annual $300 travel credit, complimentary Priority…