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?
Jan 21, 2014, 9:57 pm
#226
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
Jan 22, 2014, 1:29 am
#227
Join Date: Mar 2011
Posts: 249
I made a poor choice of words as I realize there is always a chance I won't get the bonus . I guess my actual question is whether downgrading to a chase Saphire visa would automatically disqualify me from getting the bonus on a chase Saphire preferred visa? As that would be having two chase sapphires at the same time which I believe the wiki said you can'd do.correct? If so, could I downgrade to the Freedom even if I already have one or should I just cancel to have a better shot at the bonus?
Jan 22, 2014, 10:09 am
#228
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
Thanks for your reply.
I made a poor choice of words as I realize there is always a chance I won't get the bonus . I guess my actual question is whether downgrading to a chase Saphire visa would automatically disqualify me from getting the bonus on a chase Saphire preferred visa? As that would be having two chase sapphires at the same time which I believe the wiki said you can'd do.correct? If so, could I downgrade to the Freedom even if I already have one or should I just cancel to have a better shot at the bonus?
I made a poor choice of words as I realize there is always a chance I won't get the bonus . I guess my actual question is whether downgrading to a chase Saphire visa would automatically disqualify me from getting the bonus on a chase Saphire preferred visa? As that would be having two chase sapphires at the same time which I believe the wiki said you can'd do.correct? If so, could I downgrade to the Freedom even if I already have one or should I just cancel to have a better shot at the bonus?
Jan 22, 2014, 8:39 pm
#229
Join Date: Mar 2011
Posts: 249
It would not automatically disqualify you, since I've read of people getting a 2nd CSP bonus after PCing their first CSP to a CS. However, I've also read reports of people getting shot down for a 2nd bonus because they had an active CS, so PCing the CSP to a Freedom is probably the best practice. Additionally, if you do get approved for a 2nd CSP, your CS will be completely useless, whereas having a 2nd Freedom card effectively doubles your 5% cap.
Feb 24, 2014, 11:43 am
#230
Join Date: Jun 2013
Posts: 24
CSP annual fee approaching, cancel? advice?
Hi all:
I am about to get my first annual fee charged for my Chase Sapphire Preferred Visa.
I'm looking for some advice on the right words to say when I call up to "cancel." I don't actually want to cancel. I just want them to offer the fee being waived again - or offer me more UR points that make up for having to pay the fee.
Some extra info: I have 2 other Chase cards. So if I did have to cancel, I wouldn't lose my UR points.
A few questions:
Any thoughts or advice on this process are appreciated! And thanks in advance, you guys have helped me make a lot of decisions over the past year that have all been great advice!
I am about to get my first annual fee charged for my Chase Sapphire Preferred Visa.
I'm looking for some advice on the right words to say when I call up to "cancel." I don't actually want to cancel. I just want them to offer the fee being waived again - or offer me more UR points that make up for having to pay the fee.
Some extra info: I have 2 other Chase cards. So if I did have to cancel, I wouldn't lose my UR points.
A few questions:
- What words should I use when I call so that they may offer to waive my annual fee again?
- If they make me an offer, what kind of offer should I accept (e.g., extra miles) to make it worth paying the annual fee?
- What if I choose to get the Chase Freedom card in place of the CSP? How good is CF in comparison to CSP?
Any thoughts or advice on this process are appreciated! And thanks in advance, you guys have helped me make a lot of decisions over the past year that have all been great advice!
Feb 24, 2014, 12:37 pm
#231
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
I usually just ask to be transferred to the retention department right away. Then say something like "I'm considering closing the card, as I am dismayed by the recent devaluations in the UR travel partner programs. Do you have any offers to offset the annual fee? I already have 7 Chase cards with an annual fee."
PS: Your chances of getting a CSP retention offer are pretty much zero.
PS: Your chances of getting a CSP retention offer are pretty much zero.
Feb 24, 2014, 12:46 pm
#232
Join Date: Jun 2013
Posts: 24
I usually just ask to be transferred to the retention department right away. Then say something like "I'm considering closing the card, as I am dismayed by the recent devaluations in the UR travel partner programs. Do you have any offers to offset the annual fee? I already have 7 Chase cards with an annual fee."
PS: Your chances of getting a CSP retention offer are pretty much zero.
PS: Your chances of getting a CSP retention offer are pretty much zero.
I'm thinking it might be better to cancel, have them transfer my credit to another Chase card, and then get the Chase Freedom the next time I churn...
Feb 24, 2014, 1:15 pm
#233
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
Not sure it's worth even using an HP for 10k UR. I'd rather downgrade that CSP to a Freedom and use the HP on a better sign-up bonus (e.g. Southwest 50k, United 50k, BA 50k).
Mar 2, 2014, 11:02 am
#234
Join Date: Jan 2004
Location: FL
Programs: AA PLAT, HILTON DIAMOND, MARRIOTT LIFETIME TITANIUM
Posts: 616
Avoid loosing Ultimate Reward (UR) Points
I am surprised this topic is not discussed in more detail on this thread.
I currently have a Chase Ink, Chase Preferred Sapphire (CSP) & Chase Freedom.
I move all my Freedom & Ink UR points to my CSP.
My $95 annual fee for my Ink is due, and I am thinking about canceling this card. Again, I have moved all of my Ink UR points to my CSP.
If I cancel my Ink card, are my UR points safe in my CSP UR account?
I found the following by Million Mile Secrets:
http://millionmilesecrets.com/2012/1...-miles-points/
From what I have read, as long as you transfer your UR points from the Chase credit card you are canceling to another active Chase credit card with an active UR account you should be fine, can you please confirm?
I currently have a Chase Ink, Chase Preferred Sapphire (CSP) & Chase Freedom.
I move all my Freedom & Ink UR points to my CSP.
My $95 annual fee for my Ink is due, and I am thinking about canceling this card. Again, I have moved all of my Ink UR points to my CSP.
If I cancel my Ink card, are my UR points safe in my CSP UR account?
I found the following by Million Mile Secrets:
http://millionmilesecrets.com/2012/1...-miles-points/
From what I have read, as long as you transfer your UR points from the Chase credit card you are canceling to another active Chase credit card with an active UR account you should be fine, can you please confirm?
Mar 2, 2014, 12:16 pm
#235
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
Yes, you can store your URs on any UR card. That includes the Freedom, you just can't transfer the URs out directly from that card so in your case I'd save a step and store them on your CSP.
Mar 3, 2014, 9:18 am
#236
Join Date: Aug 2012
Location: SEA
Programs: Bonvoy Gold
Posts: 1,947
...as I discovered today. No promotions or bonuses offered, and no way to waive $95 af. It was one of the briefest--and one of the most disappointing--conversations with a CC CSR I have ever had.
Considering the recent United deval, is there any compelling case why I should retain the card if my wallet is already fairly full?
Considering the recent United deval, is there any compelling case why I should retain the card if my wallet is already fairly full?
Mar 3, 2014, 9:46 am
#237
Join Date: Feb 2013
Posts: 1,818
...as I discovered today. No promotions or bonuses offered, and no way to waive $95 af. It was one of the briefest--and one of the most disappointing--conversations with a CC CSR I have ever had.
Considering the recent United deval, is there any compelling case why I should retain the card if my wallet is already fairly full?
Considering the recent United deval, is there any compelling case why I should retain the card if my wallet is already fairly full?
If you have ink bold/plus or any individual co-branded cards then maybe you won't need the CSP
Mar 3, 2014, 10:29 am
#238
Join Date: Nov 2012
Location: NE
Programs: UA PLAT, HH Gold, Marriott Gold
Posts: 211
Or if your spending pattern does not justify it either. Cancelled mine and my wife's almost 2 years ago and don't regret it one bit. Plenty of other options.
Mar 3, 2014, 10:43 am
#240
Join Date: Aug 2012
Location: SEA
Programs: Bonvoy Gold
Posts: 1,947
Thanks. CSP had been my catch-all (aka "none-of-the-above") CC for expenses where I wasn't getting any bonuses or promos. I recently got the BarclayCard Arrival, and CSP now seems redundant. (And I have an Ink Bold, too, to cover sudden needs to bulk up Ink's transfer partners.)
Looks like cancelling CSP and avoiding the af is a good option.