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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 Dec 28, 2015, 12:34 pm
  #556  
 
Join Date: Aug 2002
Location: St. Louis, MO
Posts: 1,407
Originally Posted by CalAlumnus13
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).
Don't take it personally. I just had the exact same conversation with them. They told me to reapply if I want the lower fee.
zachary is offline  
Old Feb 18, 2016, 1:48 pm
  #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.
ianmanka is offline  
Old Feb 21, 2016, 8:35 am
  #558  
 
Join Date: Dec 2010
Location: NYC
Programs: Kettle Class
Posts: 796
It is still available as a downgrade option.

Originally Posted by ianmanka
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.
progapanda is offline  
Old May 26, 2016, 3:20 am
  #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?
weirdwanderer is offline  
Old May 26, 2016, 5:08 am
  #560  
Suspended
 
Join Date: Feb 2003
Posts: 8,135
Originally Posted by weirdwanderer
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?
That depends on several factors. Please read the wiki at http://www.flyertalk.com/forum/chase...5-present.html, which provides detailed info.
beltway is offline  
Old May 26, 2016, 11:25 pm
  #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.

Last edited by weirdwanderer; May 26, 2016 at 11:30 pm Reason: Add information
weirdwanderer is offline  
Old May 28, 2016, 10:15 pm
  #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.
libralibra is offline  
Old Jun 1, 2016, 5:08 pm
  #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?
weirdwanderer is offline  
Old Jun 2, 2016, 8:28 am
  #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.
slbnoob is offline  
Old Jun 7, 2016, 6:20 am
  #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
Soap is offline  
Old Jun 7, 2016, 12:16 pm
  #566  
 
Join Date: Jul 2001
Location: SW Michigan, ex SF Bay Area
Posts: 820
Originally Posted by Soap
I am now working with them to transfer my Sapphire over to this CSP to avoid actually closing the card out.
Any reason not to convert it to a Freedom Unlimited? Then you could use it to get 50% more points than the CSP would give you on 1x categories.
Rare is offline  
Old Jun 8, 2016, 5:37 pm
  #567  
 
Join Date: May 2009
Posts: 821
so if I download my CSP to a regular Sapphire, Can I still transfer points afterwards, or can just treat as 0.01 cash?

Originally Posted by progapanda
It is still available as a downgrade option.
ecgz88 is offline  
Old Jun 9, 2016, 4:34 am
  #568  
Suspended
 
Join Date: Feb 2003
Posts: 8,135
Originally Posted by ecgz88
so if I download my CSP to a regular Sapphire, Can I still transfer points afterwards, or can just treat as 0.01 cash?
As explained in the wiki above, you need a CSP (or one of certain other premium Chase cards, such as the Ink Plus) in order to make partner transfers.
beltway is offline  
Old Jun 15, 2016, 2:30 pm
  #569  
mia
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
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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
mia is offline  
Old Jun 18, 2016, 12:37 pm
  #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?
VeryHumerus is offline  

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