See
Chase Sapphire Preferred - Keep, Downgrade, or Cancel? for discussion on the options. You'd lose 2x on travel and primary auto insurance on rentals.
You can definitely downgrade to Freedom, I did it last month. The benefits I mentioned were not worth $95 to me.
Originally Posted by
broncophil
Does my CSP give me anything my other chase cards don't?
I have lots of UR points but I figure I can do everything I need with the ink bold.
And I think my hyatt gives me 2x dining...
Can I downgrade to a freedom so my credit won't be affected?