Correct - that plus locking in the old fee for the first year. The flip side is you would give up any enhanced bonus for applying for the CSR that is likely to be announced when they launch the card Monday. If that bonus is substantial (and your existing points balance you are trying to protect isn't) then waiting for the better bonus might be enough to justify paying the higher fee immediately and losing the 1.5x 2 year redemption guarantee for pre October 26, 2025 points. Supposedly the "one Sapphire" rule also goes away as of Monday so you may be able to apply for a new CSR even while holding the CSP (doesn't guarantee approval but no longer ruled out).