Feb 12, 2016, 8:56 am
Last edit by: beltway
This is the general 2016-2019 thread for weighing the relative merits
of keeping, downgrading, or canceling Chase-issued credit cards.
Post-2019 discussion continues in this thread.
of keeping, downgrading, or canceling Chase-issued credit cards.
Post-2019 discussion continues in this thread.
What's the main reason people product change (PC)?
The benefits offered by a particular card, might suit you better than the card you are holding. Many people, unable to qualify for a new Chase Sapphire Reserve application, upgraded from the Sapphire Preferred to the Sapphire Reserve, because the benefits of the CSR's cash reimbursements made the annual fee a nominal difference the first year. And vice versa- the onerous $450 yearly fee of the CSR makes an appealing case to downgrade to the Sapphire Preferred, and eventually to the no-fee Sapphire or a Freedom card.
Many people product change to avoid the annual fees on the premium versions of the card. Keeping the card open, via a product change, keeps the account open. This allows you to retain the seasoned account, and the banking relationship that the older card has established with Chase.
Why not just cancel the card and be done with it?
This may be the right choice for you, but others want some of the card benefits without having to reapply. Also, Chase has become very restrictive for new card applicants. For Chase cards, you must wait 24- 48 months since the last time you received a bonus before reapplying. Please see the threads on the individual cards for updated overlay rules.
An additional (and more stringent) overlay is the infamous 5/24 rule, which Chase instituted in May 2016 as a counter-measure against churning, or, as they refer to it, "Serial Starters." The 5/24 rule is that you won't be eligible for most Chase card products if you've opened more than 5 credit cards in 24 months. For more on this and other application-related issues, see the current "Applying for Chase Credit Cards " Master thread.
Finally, canceling certain cards--those earning Chase Ultimate Rewards--may deprive you of the ability to exchange UR for miles/points in air & hotel programs. See Ultimate Rewards transfer partners, times & rules.
Is there any way I can keep a card without paying the annual fee?
See Chase Retention Bonuses: June 2015-Present
Are there any restrictions on product changes?
Product changes are only allowed within the same card "family," and are not permitted between business and personal cards. Also, Chase cites the federal CARD Act to deny product changes on any account less that one year old.
Will a product change count as a new card?
No, you will keep your same card number, "opened on" date, credit line, automatic payment arrangements, etc. A product change does not count against Chase's 5/24 limitations on new cards.
Will I get a signup bonus when I change?
No, product changes do not result in point bonuses. Signup bonuses are reserved for new applicants only. For the complete list of public sign up offers, check the Chase sitemap here: https://creditcards.chase.com/sitemap
Is there a place I can look to compare cards?
Go here: https://creditcards.chase.com/credit...D=177087865887
Click: All cards
Place a checkmark in the Compare box for up to three cards.
Click: Compare cards...and you should see a side-by-side display.
I've figured out what I want to switch to. How do I product change my card?
Call the number on the back of your card.
Product changes for the Ultimate Reward Business and Personal Card Family
The UR family of cards includes the Chase Ink business cards, the Freedom Unlimited, the Freedom Card, and the Chase Sapphire Preferred, Reserve and Sapphire.
The Slate (personal) card is also available to downgrade to. It has no annual fee and does not earn any type of reward points. It offers a low fee (currently 0% for the first 60 days) balance transfers and APR.
Personal Cards
- Freedom: 5X points in rotating quarterly categories up to $1500 spend per quarter. If you max out the $1500 every quarter, it totals 7500 UR per quarter, or 30,000 UR per year.
- Freedom Unlimited: 1.5X for all spending, no bonus categories. $20,000 in spend would net 30,000 UR per year.
- Sapphire Reserve: $450 annual fee, $300 annual travel credit, 3X points for travel and dining. Books travel through the UR portal for 1.5 per dollar. Lounge access and other goodies. See the thread here for details.
- Sapphire Preferred: $95 annual fee, 2X points for travel & dining
- For discussion specific to the Sapphire Preferred Card, see Chase Sapphire Preferred - Keep, Downgrade, or Cancel?
- Sapphire: Not available to new applicants. Available as a product downgrade/change only, must tier down from the Sapphire Reserve to Sapphire Preferred to Sapphire or Freedom cards. No annual fee. Some Customer Service Reps are citing that the original product (i.e., the CSR), must be held for one year before downgrading. Please provide data points in the thread if this happens to you.
Business Cards
- Ink Plus: $95 annual fee, 5X office supplies, 5X cellular/landline/cable; 2X gas and hotels
- Ink Preferred: 3x on travel, shipping, internet/phone/cable, & some online advertising.
- Ink Cash: No annual fee, 5X office supplies, 5X cellular/landline/cable; 2X gas and restaurants
If you still have a legacy Ink Classic or Ink Bold business card, neither of which is available for new signups, you can product change to one of the other Ink cards.
Considerations for downgrading/upgrading:
Can I combine my UR points?
Yes, UR can be combined freely across the cardholder's own personal and business accounts.
What about transfering my UR to another person's Chase UR account? To their air/hotel partner account?
With restrictions, UR from a personal card can be transferred to a person living at the same address. Business cards allow transfer to owners of the company listed as authorized users.
However, be warned that there are transfer restrictions. Unauthorized transfers have resulted in shut-downs. Review the Chase T&C for details before planning a transfer. For discussion, see http://www.flyertalk.com/forum/chase...-accounts.html.
The Freedom cards, no-fee Ink Cash, and no-fee Sapphire cards do not allow UR transfer to airline/hotel partners. If you are downgrading from a premium UR card and will only have no-fee cards left, it may be prudent to transfer your points to the partner of your choice beforehand.
I know I can use UR to pay for travel directly (as opposed to transfering points into a travel partner program). Do the Chase UR cards differ on this?
Only the Sapphire Reserve books travel on the UR portal for 1.5. So you can stack your card bonus opportunities when your UR points are combined into your CSR account and used for booking travel. If, for instance, you earned 5x on your Ink Plus on your phone bill, and combine those 5x Ink earned points into your CSR's UR account, you'll now get an additional .5 in value when you redeem them on the travel portal.
Product Changes for United Airlines Cards
There are options to downgrade or upgrade UA cards.
- United Mileage Plus Card- no annual fee, 1 UA mile per $2 in spend
- United Mileage Plus Explorer Card- $95 annual fee, 1 mile per dollar earning, additional award inventory on UA, free checked bag, 25% bonus on the shopping portal.
- United Plus Club Card- $450 annual fee, 1.5 miles per $1, many additional premium card benefits
- Business Cards for the Mileage Plus and Club Card give you a choice to upgrade or downgrade between those two.
Southwest Airlines Cards
The difference here is a nominal $30/3000 points per year.
Personal cards
- Plus Card- $69 annual fee, 3000 bonus points upon renewal
- Premiere Card- $99 annual fee, 6000 bonus points upon renewal
Chase Product Change/Card Conversion: Downgrade, Upgrade, Keep or Cancel? (2016-2019)
Aug 22, 2017, 11:59 pm
#541
Join Date: May 2015
Location: LAX, BUR
Programs: AS,AA,JB, HH Gold, Starriott Titanium Elite, Hyatt Explorist, Global Entry
Posts: 1,930
Aug 23, 2017, 4:50 am
#542
Join Date: Jan 2003
Location: New York, NY, USA
Programs: UA 1K - 2.1MM, HH LT Diamond, IHG Diamond, Bonvoy LT Titanium, Hyatt Glob
Posts: 766
Business cards are not subject to the one year rule.
Aug 23, 2017, 6:38 am
#543
Join Date: Jul 2013
Posts: 384
I had to wait a year to downgrade each of my Ink Plus cards.
Aug 23, 2017, 9:11 am
#544
Join Date: Jan 2016
Programs: Ink/Sapphire/Freedom/SPG
Posts: 338
well just looking at my options , haven't completed a year yet, but doesn't look a good option to keep Ink Preferred than cash,
Aug 24, 2017, 3:08 pm
#545
Join Date: Apr 2012
Posts: 432
Thanks everyone for the insight
Sep 10, 2017, 5:55 am
#546
Join Date: Jul 2016
Posts: 495
"Consolidate" (Consolidation of) Chase Credit Cards
How does one consolidate a Chase Freedom (20+ years credit history) and a Chase Sapphire Reserve Card (1year credit history), with the intent to have only one card (with the # of the Chase Freedom since it has a longer credit history), but that card should be the Chase Sapphire Reserve flavor (since I prefer its benefits). Is this possible?
Sep 10, 2017, 8:11 am
#547
Join Date: Nov 2008
Location: Snohomish, WA
Programs: AS MVP Gold, HHonors Diamond
Posts: 2,793
Why does it matter the length of time you've had the specific card? Your credit report will still reflect the history of your closed card as part of your credit score/profile.
Neil
Neil
Sep 10, 2017, 8:20 am
#548
Join Date: Nov 2010
Location: Traveling some where hopefully
Programs: AS, AA Gold, and Hilton
Posts: 1,954
I'm not sure why you want to close the Freedom? I use mine for the 5% rotating categories and then transfer the points to my CSR. It the best use of both.
Sep 10, 2017, 8:36 am
#549
Join Date: Jul 2016
Posts: 495
In all financial forums that I have been to, they always recommend keeping open your oldest credit card. So, of the two cards, it would be better, in terms of the impact to one's FICO score, to have the 20+ yr card open and the 1 yr card closed (assuming everything thing else is the same), rather than the other way around.
Sep 10, 2017, 8:38 am
#550
Join Date: Jul 2016
Posts: 495
My proportion of spending in the Freedom 5% categories, compared to all other categories is relatively small. I would rather just carry 1 credit card instead of the CSR and Freedom.
Sep 14, 2017, 12:53 pm
#554
Join Date: Oct 2016
Posts: 18
I know this is probably asked many times, though I do not know how to research for my question below:
My wife and I both have CSR cards. I know she can transfer her UR points to my CSR account. Did it few times.
If my wife does a product change to Freedow and start using that. Can she still transfer points from Freedow card to my CSR account?
My wife and I both have CSR cards. I know she can transfer her UR points to my CSR account. Did it few times.
If my wife does a product change to Freedow and start using that. Can she still transfer points from Freedow card to my CSR account?
Sep 14, 2017, 1:57 pm
#555
Join Date: Jun 2016
Posts: 2,257
I know this is probably asked many times, though I do not know how to research for my question below:
My wife and I both have CSR cards. I know she can transfer her UR points to my CSR account. Did it few times.
If my wife does a product change to Freedow and start using that. Can she still transfer points from Freedow card to my CSR account?
My wife and I both have CSR cards. I know she can transfer her UR points to my CSR account. Did it few times.
If my wife does a product change to Freedow and start using that. Can she still transfer points from Freedow card to my CSR account?