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?
Mar 3, 2014, 11:44 am
#241
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
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.
Looks like cancelling CSP and avoiding the af is a good option.
For non-bonus 1x spending when I'm not reaching a minimum spend of some kind, I use SPG since I value those points at >3 cpp.
Mar 3, 2014, 12:38 pm
#242
Join Date: Oct 2012
Posts: 771
If you still have an Ink Bold and use the UR travel partners, instead of cancelling the CSP consider downgrading it to a Freedom (for 5x categories) or regular Sapphire (2x dining).
For non-bonus 1x spending when I'm not reaching a minimum spend of some kind, I use SPG since I value those points at >3 cpp.
For non-bonus 1x spending when I'm not reaching a minimum spend of some kind, I use SPG since I value those points at >3 cpp.
Mar 3, 2014, 5:40 pm
#243
Join Date: Jul 2006
Posts: 131
My wife & I both have CSP's and have both just completed our first fee-waived year. There's no reason for both of us to have separate CSPs and pay 2 AFs. We are both authorized users on each other's cards. We both run about $15k/year on these cards. I'm thinking of either downgrading one to CS, or cancelling one after getting some other Chase card. We had UA Explorer cards until we cxl'ed them a year ago and got the CSP's, so I think it's too soon to churn those, right? Another possibility is a Marriott Rewards which I haven't had since 2008. Suggestions?
Mar 3, 2014, 5:45 pm
#244
FlyerTalk Evangelist
Join Date: Mar 2006
Location: DFW
Programs: AA 1M
Posts: 31,475
...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, 6:39 pm
#246
Join Date: Feb 2003
Location: On strike
Posts: 8,135
Over the weekend, I booked a trip for my son that would have cost me $177 as a result of booking about a week in advance. Instead, it cost me 4000 points -- or rather 3800, once you factor in the 5% rebate for holding a Chase Amtrak card. 4+ cents/point is a deal I'll take any day.
Mar 3, 2014, 7:42 pm
#247
Join Date: May 2009
Location: HNL
Programs: HA, DL, UA, PC Gold, A/club Plat, HH Gold, Hyatt Pl
Posts: 1,461
So just tried to get a retention offer..got shot down..when i called said wait time was 10 min..waited about 20 min..was told not allowed to downgrade to chase freedom on sapphire took that. moved my credit line around...SIgned up last march used as primary card up until jan 2014..probably spent at least 15k on it..
Mar 3, 2014, 9:56 pm
#248
Join Date: Feb 2013
Posts: 1,818
Perhaps a bit parochial/localized, but I'd venture to say that for those of us in the northeast corridor, Amtrak redemptions give superb value, especially when fares go up close to departure.
Over the weekend, I booked a trip for my son that would have cost me $177 as a result of booking about a week in advance. Instead, it cost me 4000 points -- or rather 3800, once you factor in the 5% rebate for holding a Chase Amtrak card. 4+ cents/point is a deal I'll take any day.
Over the weekend, I booked a trip for my son that would have cost me $177 as a result of booking about a week in advance. Instead, it cost me 4000 points -- or rather 3800, once you factor in the 5% rebate for holding a Chase Amtrak card. 4+ cents/point is a deal I'll take any day.
Mar 3, 2014, 10:23 pm
#250
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
+1 for Amtrak. It's definitely overlooked since it's a bit niche, but I too have gotten >4 cpp on redemptions. In my case, it was for a business class ticket on the Cascades route that travels between Portland/Seattle and Vancouver.
Mar 4, 2014, 6:25 am
#251
Join Date: Mar 2008
Programs: AAdvantage Gold, *Gold on UA, FlyingBlue Gold (matched), SPG Plat
Posts: 158
BOS-NYC and NYC-DC routes are $49/$84/$164 depending on advance purchase and departure time. Awards have no change fees and can be purchased same day for any train with seats available. Great way to spend down UR points so the balance doesn't get too high.
Was even better when Amtrak awards were 2850 points...
Was even better when Amtrak awards were 2850 points...
Mar 4, 2014, 8:16 am
#252
Join Date: Feb 2003
Location: On strike
Posts: 8,135
I'm pretty sure it was 2700 (3000 - 10% Chase Amtrak rebate) a few years back. Ah, memories...
Back on topic: CSP is the one fee-based card I've kept in recent years. It's worth $95/yr to me to have flexibility with so many partners (for which transfers are typically instantaneous). I'm also not above dropping 1,000 points into a family member's air/hotel account to reset an expiration clock.
Back on topic: CSP is the one fee-based card I've kept in recent years. It's worth $95/yr to me to have flexibility with so many partners (for which transfers are typically instantaneous). I'm also not above dropping 1,000 points into a family member's air/hotel account to reset an expiration clock.
Mar 4, 2014, 8:49 am
#253
FlyerTalk Evangelist
Join Date: Mar 2006
Location: DFW
Programs: AA 1M
Posts: 31,475
Mar 4, 2014, 9:42 am
#254
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
Mar 4, 2014, 9:43 am
#255
Join Date: Feb 2003
Location: On strike
Posts: 8,135
Before everyone panics, note that
- this doesn't affect older CSP accounts
- the $125 fee was, AFAICT, limited to a specific offer (for 50K + 5K for AU) that has now expired; see wiki at https://www.flyertalk.com/forum/chas...ed-1st-yr.html