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Chase Sapphire Preferred - Keep, Downgrade, or Cancel?

Old Mar 7, 2014, 7:25 pm
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Last edit by: der_saeufer
Why should I keep my CSP?
Possible reasons to keep the card include
  • ability to earn 2 UR points/dollar on travel & dining expenses
  • primary insurance coverage on rental cars
    • See post #369 for an example of how this has real financial value
  • 7% annual dividend (Note that this benefit ends in early 2016 with the award of the 2015 dividend.)
  • no forex fees
  • ability to transfer points at 1:1 (in many cases instantly) to a wide range of airline & hotel partners
  • the potential difficulty in being approved again later for a second CSP
  • synergy with Freedom or other Chase card earning UR points
  • you are among the few customers who receive a retention bonus offsetting the cost of the annual fee

For additional details, see the CSP Benefits Guide.
Why should I cancel my CSP?
Possible reasons to cancel the card include
  • lack of interest in the UR transfer partner programs (or you hold, or will hold, another transfer-eligible premium card, such as the Ink Plus)
  • you have a no-fee Freedom card to which you can transfer (and warehouse at no cost) your UR points
  • you plan to re-apply & earn a second signup bonus at a later date or with a different first-year-free UR card
  • you would rather use a 2% cashback card for most spending
  • benefits of the card in your particular circumstances are outweighed by the annual fee
Why should I downgrade my CSP?
Possible reasons to downgrade the card include
  • Opened a new CSR account for that sweet, sweet bonus. The CSP offers nothing that the CSR doesn't, so there's little point in keeping both--the AF is refunded in full if you downgrade within 60 days. There are conflicting reports of prorated refunds for downgrades >60 days after the fee is charged. AF refunds generally post within a day or two.
  • You plan to re-apply & earn a second signup bonus at a later date or with a different first-year-free UR card, but have a UR balance you want to keep
  • You're waiting out 5/24 to get CSR and you don't want to pay the CSP AF
What can I downgrade to (no AF), and why would I want to?
  • Sapphire (non-preferred). Not much point in this. No UR transfers to partners, 2x on dining, 1x on everything else. This card no longer exists for new customers, but it was still a downgrade option from CSP as of 9/16.
  • Freedom. 5x bonus categories, rotating by quarter, 1x on everything else. If you downgrade and activate the bonus, you'll get the bonus retroactive to the beginning of the quarter. When they overlap, you get both (e.g. Jul-Sep '16 restaurants paid with CSP pre-downgrade get base points plus 1 extra from CSP and 4 extra from Freedom)
  • Freedom Unlimited. 1.5x on everything.
And, of course, if you have CSR you can move the UR earned with the other cards to the CSR and transfer it to partners. Likewise, if you re-apply or PC to CSP, you can transfer points earned with F or FU to partners as well.

When downgrading, the card number does not change, but the expiration date and CVV will. The downgraded account retains the same credit limit and opening date, so it doesn't change AAoA nor count towards 5/24.

What's the best use of UR points?
Please read about/discuss this issue in Best use of Ultimate Rewards points [Consolidated].
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Chase Sapphire Preferred - Keep, Downgrade, or Cancel?

Old Jul 2, 2013, 11:29 am
  #151  
 
Join Date: Mar 2013
Location: Tampa, FL
Programs: SPG Plat, Marriott Plat, Hyatt Diamond, IHG Plat
Posts: 194
So wait, if I have my Sapphire Preferred Visa switched to a MC, I may be able to get another year free? Or am I misreading it?
whatmakes is offline  
Old Jul 2, 2013, 11:51 am
  #152  
 
Join Date: Jun 2012
Location: In CT,left my heart in Leicester.
Programs: Work in progress.
Posts: 1,237
Originally Posted by whatmakes
So wait, if I have my Sapphire Preferred Visa switched to a MC, I may be able to get another year free? Or am I misreading it?
You've skipped a step.

What happens is you downgrade your CSP to a CS or preferably a Freedom MC and then re-apply for the CSP MC.

So technically you get another year of having the CSP for free+ another bonus, at the cost of one more inquiry.

BUT, the problem is that the CSP MC link seems to have gone dead. The paramedics are working on it. We have our fingers crossed.
jatink129 is offline  
Old Jul 2, 2013, 11:57 am
  #153  
 
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
Originally Posted by jatink129
Because A. with all the self-invented tiers that credit cards have, I wanted to be sure which was the one that was higher up. I thought Platinum was the higher one, but obviously I was wrong.

And B. Because as I've posted, I wanted to know if there were any differences in benefits. Which there are.
I think you misunderstood my question. The hierarchy and differences between MasterCard tiers is no secret: Standard < Gold < Platinum < World < World Elite.

I'm just wondering why someone would opt for a Platinum over World, or World over World Elite, for the same credit card (and thus same AF).
bribro is offline  
Old Jul 2, 2013, 1:39 pm
  #154  
 
Join Date: Feb 2013
Posts: 1,818
@jatink129

Thanks for the list. Your CSR seems to have different information from the website :O

I've always known the World MC to have better purchase protection > Visa Siggy why I was always more interested in it. That and I can use the card at Sam's Club. Website lists it as $2000/claim but your CSR listed it as $250.

See here: http://worldcard.mastercard.com/cont...rotection.html

Last edited by SuperKirby; Jul 2, 2013 at 1:44 pm Reason: typo
SuperKirby is offline  
Old Jul 2, 2013, 3:11 pm
  #155  
 
Join Date: Jun 2012
Location: In CT,left my heart in Leicester.
Programs: Work in progress.
Posts: 1,237
Originally Posted by bribro
I think you misunderstood my question. The hierarchy and differences between MasterCard tiers is no secret: Standard < Gold < Platinum < World < World Elite.

I'm just wondering why someone would opt for a Platinum over World, or World over World Elite, for the same credit card (and thus same AF).
I didn't know that...So in my case, I guess the answer would be ignorance?

Originally Posted by SuperKirby
@jatink129

Thanks for the list. Your CSR seems to have different information from the website :O

I've always known the World MC to have better purchase protection > Visa Siggy why I was always more interested in it. That and I can use the card at Sam's Club. Website lists it as $2000/claim but your CSR listed it as $250.

See here: http://worldcard.mastercard.com/cont...rotection.html
That is strange. Now who do I trust?
jatink129 is offline  
Old Jul 2, 2013, 4:05 pm
  #156  
 
Join Date: Feb 2013
Posts: 1,818
Originally Posted by jatink129
That is strange. Now who do I trust?
Well, it's officially written on the MC website, so i'd trust the MC website over the CSRs (who has been notorious for given misinformation). Go with the World MC.
SuperKirby is offline  
Old Jul 2, 2013, 4:11 pm
  #157  
 
Join Date: Jun 2012
Location: In CT,left my heart in Leicester.
Programs: Work in progress.
Posts: 1,237
Originally Posted by SuperKirby
Well, it's officially written on the MC website, so i'd trust the MC website over the CSRs (who has been notorious for given misinformation). Go with the World MC.
I did go with the World MC. Thank you ^

You know what's really strange? My mum had about 180k points which she transferred to me. Then the account was downgraded.

Logged on later, and there's another 34k points sitting pretty as you please.
Transferred them out as well.

The only place I know those points could have come from were from a Kohls purchase she made for a friend. But that was for $4500 and in any case, it was refunded a few days ago.

Where the hell did the points come from? I'm not complaining.
jatink129 is offline  
Old Jul 2, 2013, 4:23 pm
  #158  
 
Join Date: Feb 2013
Posts: 1,818
Originally Posted by jatink129
I did go with the World MC. Thank you ^

You know what's really strange? My mum had about 180k points which she transferred to me. Then the account was downgraded.

Logged on later, and there's another 34k points sitting pretty as you please.
Transferred them out as well.

The only place I know those points could have come from were from a Kohls purchase she made for a friend. But that was for $4500 and in any case, it was refunded a few days ago.

Where the hell did the points come from? I'm not complaining.
Lol, good that you (or need to) immediately transferred those pts to airline/hotels! Chase could have shut you down from transferring points from your mum to you. At least that's not allowed within the US, I'm not sure about other countries.
SuperKirby is offline  
Old Jul 2, 2013, 4:48 pm
  #159  
 
Join Date: Jun 2012
Location: In CT,left my heart in Leicester.
Programs: Work in progress.
Posts: 1,237
Originally Posted by SuperKirby
Lol, good that you (or need to) immediately transferred those pts to airline/hotels! Chase could have shut you down from transferring points from your mum to you. At least that's not allowed within the US, I'm not sure about other countries.
Which is why I did it before downgrading.
That way even if the account got shut down, it wouldn't make a difference to her.

But I'm not really worried, because we share the same billing address and last name.
jatink129 is offline  
Old Jul 3, 2013, 9:07 am
  #160  
 
Join Date: Sep 2012
Location: Florida
Posts: 448
I got a Freedom MC in November 2011
I got a CSP Visa (and Ink Plus MC) in November 2012

I've got a few questions that hopefully someone will be able to help with.

I've read somewhere that you have to have a Chase card for 366 days before you are allowed to change it. Is that true?

If it is true, then I will have to wait until November 2013 before I can downgrade my CSP Visa. At that time, I was thinking of downgrading it to the Freedom Visa (a Visa to Visa downgrade, so hopefully wouldn't be a problem). But eventually I'd like to get the CSP again (love the customer service and the physical card is just damn cool!). After downgrading the CSP Visa to Freedom Visa, I will probably wait 30-45 days until I do another AOR.

From reading this thread it seems that IF the CSP MC is available in December 2013 (big IF, I know) that I would be able to get the bonus. Is this accurate?

If the CSP MC is not available in ~December 2013, will I be able to apply AND GET THE BONUS for a CSP Visa? If not December 2013, is there some time frame that I could wait before I apply for the CSP Visa and be eligible for the bonus?

The answers to these questions would be immensely helpful in my determination of whether to keep/downgrade my CSP Visa/Ink Plus MC.
MilesGator is offline  
Old Jul 3, 2013, 5:03 pm
  #161  
 
Join Date: Jun 2012
Location: In CT,left my heart in Leicester.
Programs: Work in progress.
Posts: 1,237
Originally Posted by MilesGator
I got a Freedom MC in November 2011
I got a CSP Visa (and Ink Plus MC) in November 2012

I've got a few questions that hopefully someone will be able to help with.

I've read somewhere that you have to have a Chase card for 366 days before you are allowed to change it. Is that true?
For the better part...yes.
Though I do remember reading about someone who did it sooner, it would be the exception rather than the rule.

From reading this thread it seems that IF the CSP MC is available in December 2013 (big IF, I know) that I would be able to get the bonus. Is this accurate?
There's a good chance that the MC is dead right now. And even if it comes back, there's only an infinitesimal chance that it will stick around till November.

If the CSP MC is not available in ~December 2013, will I be able to apply AND GET THE BONUS for a CSP Visa? If not December 2013, is there some time frame that I could wait before I apply for the CSP Visa and be eligible for the bonus?
You'd have to wait for more than 2 years since you last got it, to be able to get the CSP Visa again.
jatink129 is offline  
Old Jul 4, 2013, 10:02 am
  #162  
 
Join Date: Mar 2013
Location: Tampa, FL
Programs: SPG Plat, Marriott Plat, Hyatt Diamond, IHG Plat
Posts: 194
If I downgrade my Chase Sapphire Preferred Visa to just a Chase Sapphire Visa, I can apply for the Preferred MC if a link ever comes back, right?
whatmakes is offline  
Old Jul 4, 2013, 10:09 am
  #163  
 
Join Date: Jul 2011
Location: DFW
Programs: Hertz President's Circle, Hyatt Diamond, Marriott Platinum
Posts: 317
Originally Posted by whatmakes
If I downgrade my Chase Sapphire Preferred Visa to just a Chase Sapphire Visa, I can apply for the Preferred MC if a link ever comes back, right?
I downgraded my CSP Visa to the freedom in April 13. Applied for the MC version at the end of June. Received my card and confirmed the bonus. So yes, it can and has been done.
rookie10 is offline  
Old Jul 5, 2013, 8:33 am
  #164  
 
Join Date: Mar 2013
Location: Tampa, FL
Programs: SPG Plat, Marriott Plat, Hyatt Diamond, IHG Plat
Posts: 194
Originally Posted by rookie10
I downgraded my CSP Visa to the freedom in April 13. Applied for the MC version at the end of June. Received my card and confirmed the bonus. So yes, it can and has been done.
What link did you use? And I guess that link is no longer active, correct?

Also - is there a reason I shouldn't just downgrade to the regular Sapphire. This way I could still earn 2x at restaurants.
whatmakes is offline  
Old Jul 5, 2013, 11:12 am
  #165  
 
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
Originally Posted by whatmakes
What link did you use? And I guess that link is no longer active, correct?

Also - is there a reason I shouldn't just downgrade to the regular Sapphire. This way I could still earn 2x at restaurants.
If you downgrade your CSP to a CS, in order to get another CSP, your CS will be completely useless. Might as well get a Freedom card, because even if you already have one you can get a second to double the $1,500 quarterly 5% bonus cap. Additionally, some people think it's safer to PC to a Freedom when trying to get another CSP that way you have no Sapphire cards at the time of application.
bribro is offline  

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