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?
Aug 8, 2013, 6:24 am
#181
Join Date: Oct 2002
Programs: Marriott Plat Premier/LT Plat; SPG Plat/LT Gold; Hilton Gold; Hyatt Plat
Posts: 2,356
Renewing Chase Sapphire CC
I just got hit with the Chase Sapphire $95 Renewal Fee and wondering if it's time to cash out the pts and cancel the card. I use
the card but have other cards I also use, and $95 is steep. Wondering what others are doing? I have about 85k pts with them.
the card but have other cards I also use, and $95 is steep. Wondering what others are doing? I have about 85k pts with them.
Aug 8, 2013, 9:02 am
#182
Join Date: Feb 2013
Posts: 1,818
I guess the answer is pretty simple - the 2-3 main reasons for having that card is to transfer points to United, Hyatt or short hauls on British Airways as you get the best bang for your buck that way. If you don't transfer those 2-3 partners very much, or really want to use your other cards to build on some other awards then it's time to cancel as other methods of cashing out is of moderate to poor value.
Aug 8, 2013, 9:56 am
#183
Join Date: Jun 2012
Programs: AA EXP, Hyatt Globalist, *A Silver
Posts: 4,896
Question about CSP... if I already have a regular Sapphire, what can I do with my CSP in terms of downgrading? Or product change without a pull?
Aug 8, 2013, 10:01 am
#184
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
Aug 8, 2013, 10:55 am
#185
Join Date: Jun 2012
Programs: AA EXP, Hyatt Globalist, *A Silver
Posts: 4,896
I already have a Freedom Visa. I tried to apply for a Freedom MC a while ago but I got a pending message. Called in and the analyst said I cannot apply for the MC because I already have the Visa. They did not do a credit pull.
Aug 8, 2013, 11:36 am
#186
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
Applying for a second Freedom card outright is different from PCing to a second Freedom card. I had an existing Freedom Visa and was able to PC my CSP Visa to a Freedom MC.
Aug 8, 2013, 6:27 pm
#187
Join Date: Jun 2012
Programs: AA EXP, Hyatt Globalist, *A Silver
Posts: 4,896
Does each or your Freedom have a quarterly bonus cap of 1.5K or a combined cap of 1.5K?
Aug 8, 2013, 6:58 pm
#188
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
Aug 8, 2013, 7:35 pm
#189
Join Date: May 2012
Posts: 684
when did you downgrade CSP to Freedom MC? my CSP AF is due next month. I am thinking of downgrading it since I got Ink Plus recently.
Aug 8, 2013, 10:01 pm
#190
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
Aug 9, 2013, 5:28 am
#191
Join Date: Jun 2012
Programs: AA EXP, Hyatt Globalist, *A Silver
Posts: 4,896
That would be pretty sweet... Would you recommend I wait until the 11th month to PC or can I do it whenever before the AF is due?
Aug 9, 2013, 6:03 am
#192
Join Date: Aug 2013
Posts: 1
Chase Sapphire Preferred - Keep, Downgrade, or Cancel?
If I cancel chase after annual fee posts ( not a new card) within 60 days does fee get refunded?
Anybody?
Anybody?
Aug 9, 2013, 7:27 am
#193
Join Date: Feb 2013
Location: PHL, maybe EWR
Programs: Plat IHG, Marriott Rewards Silver, CSP, Ink Bold, USDM, *Wood Gold, AA, Club Carl
Posts: 285
Aug 9, 2013, 9:44 am
#194
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
I've been told you have 60 days to get the refund by many Chase CSRs, but if it says 30 days in writing I would stick with that to be safe. I PCed my CSP to a Freedom approximately 45 days after the AF posted and still got a refund.
EDIT: The clock starts ticking from the day your AF posts.
EDIT: The clock starts ticking from the day your AF posts.
Last edited by bribro; Aug 9, 2013 at 10:13 am
Aug 16, 2013, 7:07 pm
#195
Join Date: Jun 2012
Programs: AA EXP, Hyatt Globalist, *A Silver
Posts: 4,896
Can you downgrade if you have had the card for less than 12 months?