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?
Dec 30, 2013, 8:36 pm
#211
Join Date: Jul 2013
Posts: 22
downgrade chase saphire prefered
1) if downgrade a chase saphire prefered to regular chase saphire, do i still get
perk from regular chase saphire?
2) if no credit line change, does downgrade need a hard pull?
perk from regular chase saphire?
2) if no credit line change, does downgrade need a hard pull?
Dec 31, 2013, 3:29 am
#212
Join Date: Aug 2012
Location: BOS
Programs: Chase Ultimate Rewards
Posts: 624
If you downgrade to a Sapphire, you only get 2x UR points on dining (not travel). These UR points cannot be transferred to partner programs, unless you have another premium UR-earning card. The Sapphire also lacks the EMV chip and has foreign transaction fees.
There are no hard pulls for product changes.
There are no hard pulls for product changes.
Jan 4, 2014, 1:19 pm
#213
Join Date: Feb 2013
Posts: 1,818
If you downgrade to a Sapphire, you only get 2x UR points on dining (not travel). These UR points cannot be transferred to partner programs, unless you have another premium UR-earning card. The Sapphire also lacks the EMV chip and has foreign transaction fees.
There are no hard pulls for product changes.
There are no hard pulls for product changes.
Jan 6, 2014, 6:05 pm
#214
Join Date: Jun 2012
Programs: AA EXP, Hyatt Globalist, *A Silver
Posts: 4,896
I already have a Freedom Visa and a Sapphire Visa Sig. Can I downgrade my CSP and ask to have it converted to a Freedom MC? Has anyone had it done?
Jan 6, 2014, 7:57 pm
#215
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
Jan 12, 2014, 2:55 pm
#216
Join Date: Sep 2012
Location: ORD
Posts: 269
I have a CSP I want to downgrade after the 7% dividend next month. I have the Ink Plus and Amex Gold so not worried about losing UR points or a lot of my travel expenses.
Would I be better off downgrading to CS or Freedom? I use ms a lot so I could max out a couple of the freedom categories but I also eat out a lot so the dining would be good for the CS.
Would I be better off downgrading to CS or Freedom? I use ms a lot so I could max out a couple of the freedom categories but I also eat out a lot so the dining would be good for the CS.
Jan 13, 2014, 12:58 pm
#217
Join Date: Jul 2012
Location: San Francisco, CA
Programs: Jose Cuervo Gold, Bud Light Platinum, Schwab 401K, VW Bug 2MM
Posts: 1,103
I have one of those elusive CSP MC. I should be able to downgrade to a non-preferred and sign up for the CSP Visa right away (or later on) I presume?
Jan 13, 2014, 2:36 pm
#218
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
I have a CSP I want to downgrade after the 7% dividend next month. I have the Ink Plus and Amex Gold so not worried about losing UR points or a lot of my travel expenses.
Would I be better off downgrading to CS or Freedom? I use ms a lot so I could max out a couple of the freedom categories but I also eat out a lot so the dining would be good for the CS.
Would I be better off downgrading to CS or Freedom? I use ms a lot so I could max out a couple of the freedom categories but I also eat out a lot so the dining would be good for the CS.
Jan 13, 2014, 2:37 pm
#219
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
Jan 13, 2014, 4:19 pm
#220
Join Date: Sep 2012
Location: ORD
Posts: 269
Don't have any no fee Chase cards, so was thinking CS or Freedom would be a downgrade to help with aaoa and have a Chase card I could keep forever.
Jan 13, 2014, 6:35 pm
#221
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
If you spend more than $15,000/year on dining, go with the CS. As you probably know, the 5x Freedom categories are capped at $1,500 per quarter, so if you're maxing out Ink Plus 5x and 2x, $1,500 is probably peanuts to you.
Jan 13, 2014, 8:11 pm
#222
Join Date: Aug 2012
Location: BOS
Programs: Chase Ultimate Rewards
Posts: 624
Jan 21, 2014, 7:31 pm
#223
Join Date: Mar 2011
Posts: 249
Does anyone know if we downgrade to the non preferred and it is a visa , not mc, will this hamper our chance of getting the bonus for the CSP visa? Or not because it is a different product? For me, downgrading is preferable to canceling because I have a lot of auto pays that post monthly on the card. But if there is a chance I won't get the sign up bonus I will cancel and switch them to another card.
Last edited by felicity5; Jan 21, 2014 at 7:41 pm
Jan 21, 2014, 8:37 pm
#224
Join Date: Jan 2013
Posts: 59
Does the 7% dividend include the 40k UR bonus?
Jan 21, 2014, 9:55 pm
#225
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
I am in the same boat with the CSP MC and wanting to get the 40k visa before the mc is automatically changed to a visa.
Does anyone know if we downgrade to the non preferred and it is a visa , not mc, will this hamper our chance of getting the bonus for the CSP visa? Or not because it is a different product? For me, downgrading is preferable to canceling because I have a lot of auto pays that post monthly on the card. But if there is a chance I won't get the sign up bonus I will cancel and switch them to another card.
Does anyone know if we downgrade to the non preferred and it is a visa , not mc, will this hamper our chance of getting the bonus for the CSP visa? Or not because it is a different product? For me, downgrading is preferable to canceling because I have a lot of auto pays that post monthly on the card. But if there is a chance I won't get the sign up bonus I will cancel and switch them to another card.