Mar 7, 2014, 7:25 pm
Last edit by: der_saeufer
Why should I keep my CSP?
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?
Possible reasons to keep the card include
For additional details, see the CSP Benefits Guide.
Why should I cancel my CSP?- 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
- See this wiki for details
- 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.
Possible reasons to cancel the card include
Why should I downgrade my CSP?- 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
- Note: In 2015, Chase UR cards became much more difficult to churn
- 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
Possible reasons to downgrade the card include
What can I downgrade to (no AF), and why would I want to?- 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
- 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.
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.
Please read about/discuss this issue in Best use of Ultimate Rewards points [Consolidated].
Chase Sapphire Preferred - Keep, Downgrade, or Cancel?
Oct 19, 2015, 3:10 pm
#541
Join Date: Nov 1999
Location: if it's Thursday, this must be Belgium
Programs: UA 1K MM
Posts: 6,483
Oh, that makes sense. Yes, like I have a balance of 60,000 or so, and that could turn into a roundtrip intl ticket worth >$1000 versus $600 cash or $750 in redeemed travel through Chase. Sounds like there is not any obviously better option than airline/hotel points then.
Thanks!
Thanks!
Oct 23, 2015, 9:44 am
#542
Join Date: Mar 2005
Location: DFW
Posts: 520
I have Freedom & Ink - thinking of canceling Ink and moving all points to Freedom. If/when I need to transfer down the road any issues with turning Freedom into CSP? Wasn't sure if the new rules would impact this.
Oct 23, 2015, 10:50 am
#543
Join Date: Sep 2015
Programs: Paying student debt and traveling when i can
Posts: 312
Oct 23, 2015, 10:53 pm
#544
Join Date: Nov 2013
Location: SFO
Programs: United Silver
Posts: 217
Keep it - I still firmly believe this is the BEST all-around card out there right now. Plus I love it when I hand it to people and they mention something about its weight.
Plus you have to be careful about Chases card policy if you ever want to get it again.
Plus you have to be careful about Chases card policy if you ever want to get it again.
Oct 24, 2015, 8:04 pm
#545
Join Date: Dec 2014
Posts: 80
Although I agree Chase could change their mind at any time. So I am nervous about doing so.
On the other hand, I have Ink as my primary, so I think I'll be downgrading to Freedom and risk it if they won't waive AF. I don't use the CSP enough to justify the AF.
Oct 24, 2015, 8:15 pm
#546
Join Date: May 2015
Location: LAX, BUR
Programs: AS,AA,JB, HH Gold, Starriott Titanium Elite, Hyatt Explorist, Global Entry
Posts: 1,930
You can call the number on the back of your freedom and see what card it can exchange to. Presumably all Chase UR cards have some exchange options. One of my Freedoms has CSP & Slate as exchange options.
Oct 28, 2015, 1:20 pm
#547
Join Date: Dec 2009
Location: NYC/CT
Programs: AA, UA, SPG
Posts: 81
I'm reading through the language of the CSP benefits guide and I see that trucks and vehicles with open cargo beds are not covered. Has anyone rented a 4x4 truck in Africa(Namibia, South Africa) or one these trucks with a CAP over the cargo bed.
http://www.camping-carhire.com/index...rd-rental-cars
Technically with the cap, it's not open anymore.
I think the the language is written to prohibit the coverage of U-hauls, and those hourly flat bed rentals you see at home depot and Lowes.
I would love to see what your insights are on this.
http://www.camping-carhire.com/index...rd-rental-cars
Technically with the cap, it's not open anymore.
I think the the language is written to prohibit the coverage of U-hauls, and those hourly flat bed rentals you see at home depot and Lowes.
I would love to see what your insights are on this.
Nov 13, 2015, 9:46 am
#548
FlyerTalk Evangelist
Join Date: Aug 2002
Location: Intermountain West
Programs: Too many to list
Posts: 12,071
I moved a number of posts from this thread this morning that were discussing the best use of UR points. This thread is for discussion on keeping, downgrading or canceling the CSP. Best use discussion posts belong here: http://www.flyertalk.com/forum/chase...solidated.html
Thanks
Thanks
Nov 14, 2015, 6:21 am
#549
Join Date: May 2015
Location: Philly suburbs
Programs: Amtrak Guest Rewards, BOA Travel Visa,
Posts: 56
I found out that with a BOA Travel Rewards card I can get a 75% bonus on all points earned every month over the 1.5 they give for every dollar spent because of Preferred Rewards and my linking of my Merrill Lynch accounts. Thats 2.625 on every dollar spent making this card a much better value than the CSP.
Nov 20, 2015, 3:07 pm
#550
Join Date: Mar 2015
Location: SJC
Programs: Spire Amb IHG, HH Gold, TR Diamond, Mlife Plat, National Exec, Avis Pref Plus
Posts: 144
I found out that with a BOA Travel Rewards card I can get a 75% bonus on all points earned every month over the 1.5 they give for every dollar spent because of Preferred Rewards and my linking of my Merrill Lynch accounts. Thats 2.625 on every dollar spent making this card a much better value than the CSP.
Nov 21, 2015, 12:13 pm
#551
Join Date: May 2015
Location: Philly suburbs
Programs: Amtrak Guest Rewards, BOA Travel Visa,
Posts: 56
I would agree with you but with the loss of Amtrak Guest Rewards in December as an UR transfer option (AGR was the only transfer I used) in my case the BOA travel rewards card is a better option (it has no fee) . I just don't know which Chase card to go to in May before I have to pay the annual fee. They said I could go to a standard Sapphire but I was thinking of the Amazon Rewards Visa since I do a lot of online shopping and the 3% would eclipse BOA's 2.625% Any thoughts?
Dec 22, 2015, 5:42 pm
#552
Join Date: Dec 2014
Location: SAN
Programs: AA, SPG, UR, MR
Posts: 181
Called in and rep said I can only downgrade to regular Sapphire.
Wanted to downgrade to Freedom to be able to apply for CSP again after 2 years. (Heard that you can't do that if you downgraded to regular Sapphire). I already transferred all points to my Chase Ink Plus account (Which I will keep open).
Any suggestions? Not sure if I should get regular Sapphire or just cancel the card (Credit score: 730, 17 open cards)
Wanted to downgrade to Freedom to be able to apply for CSP again after 2 years. (Heard that you can't do that if you downgraded to regular Sapphire). I already transferred all points to my Chase Ink Plus account (Which I will keep open).
Any suggestions? Not sure if I should get regular Sapphire or just cancel the card (Credit score: 730, 17 open cards)
Last edited by sikorloa; Dec 23, 2015 at 11:05 am
Dec 24, 2015, 3:38 pm
#553
Join Date: Jan 2014
Programs: AA Platinum, Marriott Titanium
Posts: 93
I'm on a CSP with a $125 annual fee. Chase has refused to adjust the annual fee to $95, as on the current card, nor will they make any offer not to cancel. They say I can close the card and re-apply if I want the lower annual fee.
Seems ridiculous to me, especially since re-applying will give me the first year annual fee free and another signup bonus. Obviously there's a very real chance they'd reject my application, but I don't see how that's good for Chase. They lose my $95, and my spend will shift to another bank.
Anyway, just venting a bit. Really don't understand why no one at Chase can just give me a $30 credit.
(FICO of 785, never carry a balance, but only spend about $10k/year on the card).
Seems ridiculous to me, especially since re-applying will give me the first year annual fee free and another signup bonus. Obviously there's a very real chance they'd reject my application, but I don't see how that's good for Chase. They lose my $95, and my spend will shift to another bank.
Anyway, just venting a bit. Really don't understand why no one at Chase can just give me a $30 credit.
(FICO of 785, never carry a balance, but only spend about $10k/year on the card).
Dec 24, 2015, 6:56 pm
#554
Join Date: Nov 2010
Location: Traveling some where hopefully
Programs: AS, AA Gold, and Hilton
Posts: 1,954
I'm on a CSP with a $125 annual fee. Chase has refused to adjust the annual fee to $95, as on the current card, nor will they make any offer not to cancel. They say I can close the card and re-apply if I want the lower annual fee.
Seems ridiculous to me, especially since re-applying will give me the first year annual fee free and another signup bonus. Obviously there's a very real chance they'd reject my application, but I don't see how that's good for Chase. They lose my $95, and my spend will shift to another bank.
Anyway, just venting a bit. Really don't understand why no one at Chase can just give me a $30 credit.
(FICO of 785, never carry a balance, but only spend about $10k/year on the card).
Seems ridiculous to me, especially since re-applying will give me the first year annual fee free and another signup bonus. Obviously there's a very real chance they'd reject my application, but I don't see how that's good for Chase. They lose my $95, and my spend will shift to another bank.
Anyway, just venting a bit. Really don't understand why no one at Chase can just give me a $30 credit.
(FICO of 785, never carry a balance, but only spend about $10k/year on the card).
2 days ago I got an offer in the mail for the CSP and I have until 2/2016 to take advantage of it lol.
As everyone will say forget the Fico mine is over 820 on TU. They don't care if you don't meet there rules to the T.
I didn't realize the 10/2013 inquiry posted on TU the next month (it was a new checking account from a CU with a credit card attached which I had forgot about) and Sears did two hard inquiries on same day for same card? My fault on not checking. It just shows Chase is messed up.
Last edited by jjmiller69; Dec 24, 2015 at 7:15 pm