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Chase Sapphire Preferred - Keep, Downgrade, or Cancel?

Old Mar 7, 2014, 7:25 pm
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Last edit by: der_saeufer
Why should I keep my CSP?
Possible reasons to keep the card include
  • ability to earn 2 UR points/dollar on travel & dining expenses
  • primary insurance coverage on rental cars
    • See post #369 for an example of how this has real financial value
  • 7% annual dividend (Note that this benefit ends in early 2016 with the award of the 2015 dividend.)
  • no forex fees
  • ability to transfer points at 1:1 (in many cases instantly) to a wide range of airline & hotel partners
  • the potential difficulty in being approved again later for a second CSP
  • synergy with Freedom or other Chase card earning UR points
  • you are among the few customers who receive a retention bonus offsetting the cost of the annual fee

For additional details, see the CSP Benefits Guide.
Why should I cancel my CSP?
Possible reasons to cancel the card include
  • lack of interest in the UR transfer partner programs (or you hold, or will hold, another transfer-eligible premium card, such as the Ink Plus)
  • you have a no-fee Freedom card to which you can transfer (and warehouse at no cost) your UR points
  • you plan to re-apply & earn a second signup bonus at a later date or with a different first-year-free UR card
  • you would rather use a 2% cashback card for most spending
  • benefits of the card in your particular circumstances are outweighed by the annual fee
Why should I downgrade my CSP?
Possible reasons to downgrade the card include
  • Opened a new CSR account for that sweet, sweet bonus. The CSP offers nothing that the CSR doesn't, so there's little point in keeping both--the AF is refunded in full if you downgrade within 60 days. There are conflicting reports of prorated refunds for downgrades >60 days after the fee is charged. AF refunds generally post within a day or two.
  • You plan to re-apply & earn a second signup bonus at a later date or with a different first-year-free UR card, but have a UR balance you want to keep
  • You're waiting out 5/24 to get CSR and you don't want to pay the CSP AF
What can I downgrade to (no AF), and why would I want to?
  • Sapphire (non-preferred). Not much point in this. No UR transfers to partners, 2x on dining, 1x on everything else. This card no longer exists for new customers, but it was still a downgrade option from CSP as of 9/16.
  • Freedom. 5x bonus categories, rotating by quarter, 1x on everything else. If you downgrade and activate the bonus, you'll get the bonus retroactive to the beginning of the quarter. When they overlap, you get both (e.g. Jul-Sep '16 restaurants paid with CSP pre-downgrade get base points plus 1 extra from CSP and 4 extra from Freedom)
  • Freedom Unlimited. 1.5x on everything.
And, of course, if you have CSR you can move the UR earned with the other cards to the CSR and transfer it to partners. Likewise, if you re-apply or PC to CSP, you can transfer points earned with F or FU to partners as well.

When downgrading, the card number does not change, but the expiration date and CVV will. The downgraded account retains the same credit limit and opening date, so it doesn't change AAoA nor count towards 5/24.

What's the best use of UR points?
Please read about/discuss this issue in Best use of Ultimate Rewards points [Consolidated].
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Chase Sapphire Preferred - Keep, Downgrade, or Cancel?

Old Jun 3, 2015, 5:42 pm
  #511  
 
Join Date: May 2009
Posts: 143
Anyone get the CSP who has opened more than 5 credit cards in the past 2 years? I was denied CSP because I opened 7 cards in the previous 24 months. Two different agents told me the identical story: a CSP will not be given to anyone that's opened more than 5 credit cards accounts in the last 24 months. There's no reconsideration; there's no shifting of credit balances; no appeals. Strange to have this inflexible rule for someone with an 802 FICO; a 6 figure income; and a long and spotless credit history. And have no open personal accounts with Chase, only a few business cards. Any thoughts?
skiwindham is offline  
Old Jun 22, 2015, 9:45 pm
  #512  
 
Join Date: Nov 2006
Posts: 115
My CSP annual fee is coming due and I'm deciding whether to downgrade or cancel. I'm leaning toward downgrade, but my biggest concern is actually keeping the $20,000 credit line I've got on it (i have something like $85,000 total at Chase). It sounds like conventional wisdom is to want to keep as much credit as possible open, but this strikes me as backwards. While more credit does help with utilization, this isn't really an issue for me as I've got so much credit open compared to how much I use. And I am at the point where I always have to call Chase recon and move credit around to get approved for new cards. It seems like this is just an added barrier and reason for a CSR to say no the next time I apply for a card. Wouldn't I be better off for my next credit card app with Chase starting from a position of having less credit with them?
bfwolf is offline  
Old Jun 30, 2015, 9:05 pm
  #513  
 
Join Date: Mar 2014
Posts: 74
Is it possible to downgrade CSP to Ink Cash? I already have Freedom and I want to get the sign-up bonus for Ink Plus.
freyj6 is offline  
Old Jul 1, 2015, 3:57 am
  #514  
 
Join Date: Jul 2011
Location: Sunny AZ
Programs: HH Diamond, Sixt Platinum, IHG Spire Ambassador, Marriott/SPG Gold .....
Posts: 3,203
Chase Sapphire Preferred - Keep, Downgrade, or Cancel?

Then downgrade to CS without P or to a second Freedom
blitzen is offline  
Old Jul 2, 2015, 4:27 am
  #515  
 
Join Date: Jul 2014
Posts: 197
My CSP annual fee is also due in a couple of weeks. I called again to PC to Freedom but CSR denied. CS is an option. I already have one Freedom. CSR offered to downgrade to CS, but I am thinking if its better to just close it. I have Ink+. I have moved most of the credit line from CSP to Freedom. Any thoughts?
ACVid is offline  
Old Jul 2, 2015, 6:26 am
  #516  
Suspended
 
Join Date: Feb 2003
Posts: 8,135
Originally Posted by ACVid
My CSP annual fee is also due in a couple of weeks. I called again to PC to Freedom but CSR denied. CS is an option. I already have one Freedom. CSR offered to downgrade to CS, but I am thinking if its better to just close it. I have Ink+. I have moved most of the credit line from CSP to Freedom. Any thoughts?
I was once a big CSP fan, but the card has lost value over time and competing offerings from Citi (Premier card & associated TYP program) are increasingly attractive.

Since you already have Ink Plus, and thus another means of doing partner program transfers, I can think of only one good reason to keep the CSP: primary insurance on rental cars. (Well, that and the fact that Chase has suddenly made it extremely hard to get a new UR-earning card if you've signed up for 5 or more other cards in the prior 24 months -- in other words, a great many of us.)
beltway is offline  
Old Jul 2, 2015, 10:38 am
  #517  
 
Join Date: Nov 2013
Posts: 4,374
A comment on View From The Wing says
http://viewfromthewing.boardingarea....omment-4119298

Unfortunately the 2 X points for Hotel and Dining will end at the end of this year.
Is that true or unsubstantiated?
davie355 is offline  
Old Jul 2, 2015, 11:03 am
  #518  
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Join Date: Jan 2014
Location: San Diego, CA
Programs: GE, Marriott Platinum
Posts: 15,486
Originally Posted by davie355
A comment on View From The Wing says
http://viewfromthewing.boardingarea....omment-4119298



Is that true or unsubstantiated?
That post is talking about the extra point (3x total) for reservations made through Chase's website. As far as I know cardholders will still get 2x dining/travel for purchases outside of their website.
tmiw is offline  
Old Aug 18, 2015, 10:43 am
  #519  
 
Join Date: Nov 2014
Location: New York
Programs: DL PLT, Hilton Diamond, CX MPC Silver
Posts: 265
I am considering downgrading the CSP to a regular Sapphire, but wondering what the replacement card would be like (metal v. plastic) once the current card expires in 12/2015. Does anyone have experience with this?
travel_mav is offline  
Old Aug 19, 2015, 10:26 am
  #520  
 
Join Date: Feb 2012
Posts: 731
Originally Posted by travel_mav
I am considering downgrading the CSP to a regular Sapphire, but wondering what the replacement card would be like (metal v. plastic) once the current card expires in 12/2015. Does anyone have experience with this?
It's plastic.
yOyOYoo is offline  
Old Oct 1, 2015, 11:18 am
  #521  
 
Join Date: Aug 2015
Programs: Hyatt Globalist, JB Mosaic, SW AList + CP
Posts: 383
Any reason to keep my CSP ? I have Ink bold, hyatt, sapphire..

Does my CSP give me anything my other chase cards don't?

I have lots of UR points but I figure I can do everything I need with the ink bold.

And I think my hyatt gives me 2x dining...

Can I downgrade to a freedom so my credit won't be affected?
broncophil is offline  
Old Oct 1, 2015, 2:09 pm
  #522  
 
Join Date: Oct 2014
Location: NY
Posts: 45
See Chase Sapphire Preferred - Keep, Downgrade, or Cancel? for discussion on the options. You'd lose 2x on travel and primary auto insurance on rentals.

You can definitely downgrade to Freedom, I did it last month. The benefits I mentioned were not worth $95 to me.


Originally Posted by broncophil
Does my CSP give me anything my other chase cards don't?

I have lots of UR points but I figure I can do everything I need with the ink bold.

And I think my hyatt gives me 2x dining...

Can I downgrade to a freedom so my credit won't be affected?
hipp0 is offline  
Old Oct 1, 2015, 2:14 pm
  #523  
 
Join Date: Aug 2015
Programs: Hyatt Globalist, JB Mosaic, SW AList + CP
Posts: 383
thanks for the link.

i wouldnt use the travel perk anyways, cause i book using UR points. and im pretty sure the Hyatt Card has Car insurance, or my Citi TY PREMIERE.



Originally Posted by hipp0
See Chase Sapphire Preferred - Keep, Downgrade, or Cancel? for discussion on the options. You'd lose 2x on travel and primary auto insurance on rentals.

You can definitely downgrade to Freedom, I did it last month. The benefits I mentioned were not worth $95 to me.
broncophil is offline  
Old Oct 1, 2015, 4:03 pm
  #524  
 
Join Date: Jun 2011
Posts: 3,522
I don't believe the TY Premier has primary rental insurance like the Chase cards do.
nall is offline  
Old Oct 1, 2015, 6:45 pm
  #525  
 
Join Date: Aug 2015
Programs: Hyatt Globalist, JB Mosaic, SW AList + CP
Posts: 383
Originally Posted by nall
I don't believe the TY Premier has primary rental insurance like the Chase cards do.
hmm

care to let me know whats the difference? thanks.

what about the CHASE HYATT?


this is from the website.

Worldwide Car Rental Insurance
Be more confident at the rental car counter you may be covered against theft or damage up to $100,000 for any rental car in any country when you pay with your Citi card and decline the rental company's collision loss/damage insurance.
broncophil is offline  

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