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 26, 2013, 11:48 am
#196
Join Date: Mar 2013
Location: Tampa, FL
Programs: SPG Plat, Marriott Plat, Hyatt Diamond, IHG Plat
Posts: 194
I was considering downgrading my card, but the representative told me if I did, I would have to wait a year before I upgraded again. I had never heard this before. I was under the impression that I could upgrade at ANY time, I just had to pay the annual fee.
Can anyone provide more info?
Thanks.
Can anyone provide more info?
Thanks.
Aug 26, 2013, 1:33 pm
#197
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
I was considering downgrading my card, but the representative told me if I did, I would have to wait a year before I upgraded again. I had never heard this before. I was under the impression that I could upgrade at ANY time, I just had to pay the annual fee.
Can anyone provide more info?
Thanks.
Can anyone provide more info?
Thanks.
Oct 25, 2013, 12:39 pm
#198
Join Date: Jan 2007
Location: SFO
Programs: Former UA 1K, SPG Gold, HHonors Diamond, Hyatt Diamond, IC AMB
Posts: 403
Question for those who downgraded the CSP card to just CS card. Did you receive your 7% dividend earned for the year?
Or does the account need to be open and in good standing to "activate" the dividend? My renewal date is in Nov, so I have an upcoming decision.
It's unfair to those who have renewal dates outside of Feb-Mar (when the annual 7% dividend is credited.) Thanks.
Or does the account need to be open and in good standing to "activate" the dividend? My renewal date is in Nov, so I have an upcoming decision.
It's unfair to those who have renewal dates outside of Feb-Mar (when the annual 7% dividend is credited.) Thanks.
Oct 26, 2013, 10:12 am
#199
Join Date: Jan 2013
Posts: 19
If I close CSP what happens to reservations made with UR points?
I have tried to search this thread and can't find the answer. We made car rental reservations with cash & points on Ultimate Rewards site. If hubby closes out Sapphire card (still debating on keeping), what will happen to reservation? Is it still intact if no other UR card is held? Thanks!
Oct 26, 2013, 1:21 pm
#200
Join Date: Feb 2007
Posts: 1,130
Is it churnable
after you close your CSP? Had a Visa which closed and then opened a MC which finally downgraded to CS when annual fee came up. Was planning on cancelling this card since I don't really need it. Would LOVE to earn a bonus again for a CSP Visa but don't know how long to wait since closing it. Would risk an application but hope to hear from "experienced" FTers for guidance.
Otherwise might just try for SW card.... on next apporama.
TIA
Otherwise might just try for SW card.... on next apporama.
TIA
Oct 26, 2013, 2:42 pm
#201
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,763
Question for those who downgraded the CSP card to just CS card. Did you receive your 7% dividend earned for the year?
Or does the account need to be open and in good standing to "activate" the dividend? My renewal date is in Nov, so I have an upcoming decision.
It's unfair to those who have renewal dates outside of Feb-Mar (when the annual 7% dividend is credited.) Thanks.
Or does the account need to be open and in good standing to "activate" the dividend? My renewal date is in Nov, so I have an upcoming decision.
It's unfair to those who have renewal dates outside of Feb-Mar (when the annual 7% dividend is credited.) Thanks.
It has long been discussed that the timing of getting CSP is important if you dont intend to pay the annual fee yet not want to give up the 7% bonus. That is why people should not randomly apply cards but with a plan on their timing.
There is no fair or not fair debate. If one must go in that area, then it is actually NOT fair to Chase that you do not want to pay the 2nd year fee and just take a ride for the 1st year free + the sign up bonus, from the view point of Chase. Seriously.
Oct 26, 2013, 2:46 pm
#202
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,763
Why can't you downgrade the CSP to either a CS or a Freedom that carry no fee? That way you still have an UR account and your problem is solved.
Oct 27, 2013, 2:35 pm
#204
Join Date: Jul 2012
Location: LAX
Posts: 383
I'm not saying this from experience but it's only logical that any reservation/booking would still be valid after closing any UR account. You use your UR points to make the reservation and upon doing so, the points are deducted from your account. At that point, you've "paid" for the service.
Now if you want to cancel the reservation, that's when you would have problems. Since you theoretically paid for the rental with UR points and not USD, Chase would have to refund you with UR points, a currency that you can no longer hold since you will no longer have a UR account open. (Ignore the fact that Chase pays the rental company in USD)
Now if you want to cancel the reservation, that's when you would have problems. Since you theoretically paid for the rental with UR points and not USD, Chase would have to refund you with UR points, a currency that you can no longer hold since you will no longer have a UR account open. (Ignore the fact that Chase pays the rental company in USD)
Nov 3, 2013, 3:52 pm
#205
Join Date: Aug 2007
Location: NYC
Programs: all, none, somewhere in between
Posts: 221
Chase Sapphire (not preferred) was my one and only card pre-churning. I have one now with significant credit history (and no credit history, although a very good score, with anything else).
What should I do? Keep it? Upgrade to preferred? Can I get the preferred as well? Or can I get another sapphire given that the application for it was centuries ago? Would love to enjoy a sign-up bonus of some sort to make it work for me a bit harder.
What should I do? Keep it? Upgrade to preferred? Can I get the preferred as well? Or can I get another sapphire given that the application for it was centuries ago? Would love to enjoy a sign-up bonus of some sort to make it work for me a bit harder.
Nov 5, 2013, 10:29 am
#206
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
Chase Sapphire (not preferred) was my one and only card pre-churning. I have one now with significant credit history (and no credit history, although a very good score, with anything else).
What should I do? Keep it? Upgrade to preferred? Can I get the preferred as well? Or can I get another sapphire given that the application for it was centuries ago? Would love to enjoy a sign-up bonus of some sort to make it work for me a bit harder.
What should I do? Keep it? Upgrade to preferred? Can I get the preferred as well? Or can I get another sapphire given that the application for it was centuries ago? Would love to enjoy a sign-up bonus of some sort to make it work for me a bit harder.
Nov 17, 2013, 3:23 pm
#207
Join Date: May 2012
Posts: 91
CSP, downgrade after 7% annual bonus?
I have a CSP and I would like to downgrade it to the regular Chase Sapphire to avoid the annual fee. However, I also don't want to miss out on the 7% UR points annual bonus.
Is it possible to downgrade right after the 7% bonus hits and still get the annual fee refunded?
Is it possible to downgrade right after the 7% bonus hits and still get the annual fee refunded?
Nov 17, 2013, 3:38 pm
#208
Join Date: May 2010
Posts: 583
The 7% bonus post on your February statement. If your annual fee is due after the Feb statement date or within 30 days of it, you can downgrade after it posted and avoid ( or request the refund of ) the annual fee.
Last edited by Ragnarok; Nov 17, 2013 at 5:42 pm
Nov 17, 2013, 4:16 pm
#209
Join Date: May 2012
Posts: 91
So basically, you're saying one should always get a CSP later than february?
Nov 17, 2013, 9:18 pm
#210
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
Yes, if you're planning to cancel after the 1st year, January/February is the best time to apply for the CSP in order to get the 7% dividend bonus. Chase gives you 60 days from the date an AF posts to cancel/downgrade and get your AF money back.