Originally Posted by
MD/DC Flyer
That is probably the wrong answer. The free card will not have the benefits you value, if any. Just move you CL to another card and close the card if you don't value it much. Or call to cancel and see what they offer to keep it open.
Sure, cancelling's an option if OP considers keeping the card open too much hassle or not worth the AF. But for me, I do value the benefits of the downgraded card.
Downgrading still keeps the Chase loophole of small bill cancellations of $.99 and 1 mile for free each month. FICO's use of AAOA and total CL is untouched and there's also the
random free CO mileage thing which generally require their cc. I am still getting a checked bag for free even with the downgraded card which was the only benefit that OP seemed to value. Admittedly, some benefits may go away when the UA/CO merger is truly finalized.
I can understand playing the retention "game" but the card closure / reallocation route seems worse than downgrading.