Mar 7, 2014, 7:25 pm
Last edit by: der_saeufer
Why should I keep my CSP?
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?
Possible reasons to keep the card include
For additional details, see the CSP Benefits Guide.
Why should I cancel my CSP?- 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
- See this wiki for details
- 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.
Possible reasons to cancel the card include
Why should I downgrade my CSP?- 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
- Note: In 2015, Chase UR cards became much more difficult to churn
- 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
Possible reasons to downgrade the card include
What can I downgrade to (no AF), and why would I want to?- 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
- 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.
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.
Please read about/discuss this issue in Best use of Ultimate Rewards points [Consolidated].
Chase Sapphire Preferred - Keep, Downgrade, or Cancel?
Jul 5, 2013, 11:26 am
#166
Join Date: May 2012
Posts: 684
I already have a Freedom Visa card, can I downgrade my 2 yo CSP to a Freedom MasterCard? Thanks
Jul 5, 2013, 12:10 pm
#167
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
Jul 5, 2013, 12:18 pm
#168
Join Date: Jan 2013
Location: Reston, Virginia
Posts: 179
I just wanted to say that I get far fewer 5x points credits on my Ink Plus card than I expected. I use the card for all my routine business expenses like computer services and phone bills, but most of these charges are coded as "miscellaneous" and earn 1x points.
Jul 8, 2013, 12:07 pm
#170
Join Date: Jun 2013
Posts: 194
Data point - Had the CSP Visa for a year. Switched to the CSP MC last month. Cancelled after the annual fee refund. Reapplied for the CSP Visa today and got approved. Not 100% sure about the bonus, but it seems like its considered a new app.
Jul 9, 2013, 6:07 am
#171
Join Date: Jun 2012
Programs: AA EXP, Hyatt Globalist, *A Silver
Posts: 4,896
Does anyone know if you can still use the number on the back of your CSP for customer service regarding your other Chase cards once your cancel your CSP?
So you had each of your previous 2 CSP for 11~12 months? Were all your approvals instant or did you have to call for recon?
So you had each of your previous 2 CSP for 11~12 months? Were all your approvals instant or did you have to call for recon?
Jul 9, 2013, 9:26 am
#172
Join Date: Jun 2012
Location: In CT,left my heart in Leicester.
Programs: Work in progress.
Posts: 1,237
Yes you can. Though when it comes to branded cards, you'll usually find that calling the agent of the respective card will get you someone most knowledgeable about your query.
Jul 9, 2013, 12:23 pm
#173
Join Date: Jun 2013
Posts: 194
First one a year ago was instant, but I wasn't involved in hacking then. Switching from the Visa to the Mastercard was a simple phone call. This new application I had to get on the reconsideration line. But I finagled my way into that one, even though I've had about 100 credit hits recently.
Jul 9, 2013, 4:05 pm
#174
Join Date: Jun 2012
Programs: AA EXP, Hyatt Globalist, *A Silver
Posts: 4,896
Does changing it to the MC version postpone your annual fee by 12 months? Why didn't you just cancel the Visa and apply for the MC to get the sign on bonus again?
Jul 10, 2013, 6:11 pm
#175
Join Date: Jun 2013
Posts: 194
Swapping from the Visa to the MC resets your 'free 1st year', so they credit you back the annual fee. I tried applying for the MC first, but I didn't get the bonus. They're getting stricter on that, apparently.
Jul 23, 2013, 11:56 am
#176
FlyerTalk Evangelist
Join Date: Mar 2006
Location: DFW
Programs: AA 1M
Posts: 31,475
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.
I also have a similar situation except that my wife will be applying for a CSP MC. Any benefit to downgrading to the Freedom card?
Jul 23, 2013, 12:08 pm
#177
Join Date: Feb 2012
Posts: 731
One benefit of downgrading to the Freedom Mastercard is that you can now have 2 Freedom cards (one Visa and one Mastercard).
I could be wrong on this, but I'm not sure if Chase will let you apply for a Freedom Mastercard if you already have a Freedom Visa card.
Jul 23, 2013, 5:43 pm
#178
Join Date: Mar 2013
Location: Tampa, FL
Programs: SPG Plat, Marriott Plat, Hyatt Diamond, IHG Plat
Posts: 194
My reasoning for downgrading my CSP to a CS is because I still want the 2x points on restaurants. I've looked ahead to the freedom categories for next quarter and don't think I will be maxing them out. A lot of my expenses are meals since I'm on the road so much.
Jul 23, 2013, 7:10 pm
#180
FlyerTalk Evangelist
Join Date: Mar 2006
Location: DFW
Programs: AA 1M
Posts: 31,475