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?
#556
Join Date: Aug 2002
Location: St. Louis, MO
Posts: 1,407
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).
#557
Join Date: Dec 2010
Location: LAX/VNY (Hometown: CAK)
Programs: Hyatt Explorist, IHG Platinum, Bonvoy Gold, Regal Diamond
Posts: 743
Is the no-AF Sapphire still offered by Chase? Or is it only available to downgrades from the CSP?
I do not see it listed on the Chase site -- the only cards available in the "no annual fee section" are the Slate, Freedom and Amazon.
I do not see it listed on the Chase site -- the only cards available in the "no annual fee section" are the Slate, Freedom and Amazon.
#558
Join Date: Dec 2010
Location: NYC
Programs: Kettle Class
Posts: 796
It is still available as a downgrade option.
#559
Join Date: Mar 2014
Location: SJ
Programs: Chase UR, Amex MR, UA Mileageplus, Aadvantage
Posts: 28
Is it true that if I downgrade my CSP to a regular Sapphire, I won't be able to get the sign-up bonus for a new CSP?
#560
Suspended
Join Date: Feb 2003
Posts: 8,135
#561
Join Date: Mar 2014
Location: SJ
Programs: Chase UR, Amex MR, UA Mileageplus, Aadvantage
Posts: 28
I apologize, but the wording in the wiki did not specifically address my situation. The only reason I asked is because someone brought it up on the previous page, post #552
To clarify:
1. "If you still have your old card of the same type, you're ineligible."
Is the Sapphire considered as being of the same type as the CSP? I mean, is it considered as merely the no-fee version of the same type, or as a completely different product?
2. Yes it has been more than 24 months since I last received the sign-up bonus.
3. Regarding the minimum waiting period, is downgrading considered the same as cancellation, since it will be the same account, just with a different name? I seem to recall reading an instance on one of the Chase threads where the name of the card on Chase Online remained CSP even though it was supposedly downgraded to either Sapphire or Freedom. I can't find it right now, but I'll keep trying.
To clarify:
1. "If you still have your old card of the same type, you're ineligible."
Is the Sapphire considered as being of the same type as the CSP? I mean, is it considered as merely the no-fee version of the same type, or as a completely different product?
2. Yes it has been more than 24 months since I last received the sign-up bonus.
3. Regarding the minimum waiting period, is downgrading considered the same as cancellation, since it will be the same account, just with a different name? I seem to recall reading an instance on one of the Chase threads where the name of the card on Chase Online remained CSP even though it was supposedly downgraded to either Sapphire or Freedom. I can't find it right now, but I'll keep trying.
Last edited by weirdwanderer; May 26, 2016 at 11:30 pm Reason: Add information
#562
Join Date: Sep 2003
Posts: 257
I upgraded to CSP 18 months ago and paid the annual fee figuring I would just keep it a year. When the fee came up again, I wanted to keep the card, so I downgraded back to sapphire, waited for the statement to cut, then applied for a new CSP. They gave me the card and bonus, so I guess they were ok with it.
#563
Join Date: Mar 2014
Location: SJ
Programs: Chase UR, Amex MR, UA Mileageplus, Aadvantage
Posts: 28
Did you get the sign-up bonus when you upgraded to the CSP 18 months ago?
#564
Join Date: Mar 2015
Programs: UA, SW, US, DL
Posts: 109
What is the consensus on 'downgrading' or changing CSP to the Freedom Unlimited card instead of the Freedom? Already have a Freedom.
#565
Join Date: Jun 2016
Posts: 11
I will add that I have had the regular Sapphire card since 2010 and had attempted to contact Chase to ugprade to the CSP and get the bonus. I was told that they couldn't do it. So instead I applied and was approved for the CSP and got the bonus. I am now working with them to transfer my Sapphire over to this CSP to avoid actually closing the card out. (not sure if transfer was the right terminology here)
Last edited by Soap; Jun 7, 2016 at 7:11 am
#569
A FlyerTalk Posting Legend; Moderator: American Express, Capital One, Citi, Chase, Credit Card Programs, Diners Club, Signatures
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,884
Moderator action
Discussion about Chase (and VISA's) decision to use Chip & Signature rather than Chip & PIN cards moved:
http://www.flyertalk.com/forum/chase...31-2013-a.html
http://www.flyertalk.com/forum/chase...31-2013-a.html
#570
Join Date: Aug 2015
Posts: 376
If I downgrade my CSP to a Freedom U., can I re-apply for the CSP to get the signup bonus (original card 12/13/13) or will the product change count as a new card?