IMHO, downgrading is not a winning tactic. Just cancel the card and get another one that earns Ult Reward Pts. Or--get the second card first and then cancel.

It is easy to transfer URPs from one card account to another so you don't lose any by closing.

Or just convert the URPs to, say, UAL miles.

If you don't apply for new cards you can't get new bonus URPs. @:-)

By the way, I have had at least four URP earning cards from Chase in the last few months. Gotta love the bonuses.