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?
May 19, 2014, 11:47 pm
#301
Join Date: May 2014
Posts: 25
I already have (and retained) the Chase Ink Bold, so I have the same airline transfer options as with CSP. Unlike CSP, the Arrival+ opens up different travel reward opportunities, especially boutique hotels and subway fares. Also, Arrival Plus is great for Tmo MS-ing which is how I generate most of my miles after getting off the BB bus when CVS died. And because CSP rarely offers retention bonuses, it was $95 down for little upside.
May 20, 2014, 7:08 pm
#302
Join Date: Aug 2012
Location: SEA
Programs: Bonvoy Gold
Posts: 1,947
...because I had to house my URs somewhere for the time being and the next af hasn't hit yet. It gets pulled out for 5x points categories and then placed back in the sock drawer. Comes in especially handy for buying the occasional WN GC at Staples.
Jun 11, 2014, 12:44 am
#303
Join Date: Oct 2013
Location: Arizona
Programs: Hyatt Diamond, Southwest CP, SPG Gold, Hilton Gold, Club Carlson Gold
Posts: 93
Im going to downgrade because I have Ink cards and an arrival. I'm leaning toward downgrading to Freedom, but I've never had that card before. If I switch it to a Freedom will I lose my ability to get the Freedom signup bonus in the future? If so, I should probably get the in branch 20k offer and then try to downgrade to a second Freedom, right?
Jun 15, 2014, 2:47 pm
#304
Join Date: Aug 2013
Location: Kansas City
Posts: 193
Im going to downgrade because I have Ink cards and an arrival. I'm leaning toward downgrading to Freedom, but I've never had that card before. If I switch it to a Freedom will I lose my ability to get the Freedom signup bonus in the future? If so, I should probably get the in branch 20k offer and then try to downgrade to a second Freedom, right?
Jun 16, 2014, 1:48 am
#305
Join Date: Sep 2011
Posts: 237
Currently have the mastercard version of the CSP but automatically it got converted to the Visa version and the new card has arrived. But I wanted to churn this card later making me hesitant to activate the new card.
Since Chase.com shows the new account number, does it mean it won't matter if I activate the card or not?
I used to have the Visa then cancelled and 6 months later got the MC. It has been 13 month since I had the MC version and after cancellation, was planning to reapply after a year to be safe.
Since Chase.com shows the new account number, does it mean it won't matter if I activate the card or not?
I used to have the Visa then cancelled and 6 months later got the MC. It has been 13 month since I had the MC version and after cancellation, was planning to reapply after a year to be safe.
Jun 18, 2014, 2:01 pm
#306
Join Date: Jan 2009
Posts: 78
Chase Sapphire Card
I downgraded from the Sapphire Preferred at the beginning of the year. Browsing the Chase site I find the no fee Sapphire card is no longer listed. Does anyone know if they are doing away with the no fee version Sapphire card?
Jun 21, 2014, 9:20 am
#307
Join Date: May 2014
Posts: 25
I'm not really sure why you would downgrade and not just cancel and jump to a new card with a good sign up bonus. The Chase Sapphire isn't that great.
Jun 21, 2014, 10:19 am
#308
Join Date: Feb 2003
Location: On strike
Posts: 8,135
- doesn't want to cash out all his/her UR points (nor transfer them all to an air/hotel/Amtrak partner account) AND
- doesn't have another UR account (either his/her own or that of a spouse/domestic partner) in which to warehouse the points AND
- expects to hold the CSP again in the future (or have a spouse/partner who does so)
a downgrade makes sense as a way to preserve value & keep future options open.
Jun 21, 2014, 2:02 pm
#309
Join Date: May 2014
Posts: 25
For someone who
a downgrade makes sense as a way to preserve value & keep future options open.
- doesn't want to cash out all his/her UR points (nor transfer them all to an air/hotel/Amtrak partner account) AND
- doesn't have another UR account (either his/her own or that of a spouse/domestic partner) in which to warehouse the points AND
- expects to hold the CSP again in the future (or have a spouse/partner who does so)
a downgrade makes sense as a way to preserve value & keep future options open.
What is the procedure for transferring points to a spouse with a different UR account?
Jun 21, 2014, 2:28 pm
#310
Join Date: Feb 2003
Location: On strike
Posts: 8,135
What is the procedure for transferring points to a spouse with a different UR account?
- log into Chase account
- go to Ultimate Rewards
- select "Combine points" (at top of window)
- for "Transfer to" in popup dialog, select "Other"
- enter info for spouse/domestic partner UR account
Further discussion should probably go in http://www.flyertalk.com/forum/chase...r-account.html
Jun 23, 2014, 11:36 am
#313
Join Date: Sep 2013
Posts: 466
CSP's rental car collision waiver covers SUVs and 8-passenger vans while most other credit cards do not.
Just something to keep in mind as people consider cancelling the card. This came in handy this past weekend.
Just something to keep in mind as people consider cancelling the card. This came in handy this past weekend.
Jul 21, 2014, 5:18 pm
#314
Join Date: Feb 2009
Posts: 164
Do I really need the chase sapphire preferred?
I have had my chase sapphire preferred for two years (almost) and I am not sure whether to renew the card, especially given the annual fee.
The card is my general spend card, which I use at restaurants unless I am under a 5x special for the other chase card I have. I also use hotel-specific cards at hotels I stay at, and exclusively use some cards to get the spending thresholds etc... But, the sapphire preferred is a good default.
I am kind of balking at the $95 fee, since I am not sure what I really get out of it...I like the 2x restaurant points I receive, and a big plus is merging the UR points from other chase cards to the preferred card and them being able to kick the points to my United account.
I am trying to figure out if the annual fee is really worth it. If I did not have the card, some of the chase cards wouldnt have much value (since I can't xfer the points to United) but I could get other credit cards such as one for Delta and hit the minimum spend with those cards.
Any suggestions?
And yes, I understand the 7% dividend has value, but will be phased out in 2015
The card is my general spend card, which I use at restaurants unless I am under a 5x special for the other chase card I have. I also use hotel-specific cards at hotels I stay at, and exclusively use some cards to get the spending thresholds etc... But, the sapphire preferred is a good default.
I am kind of balking at the $95 fee, since I am not sure what I really get out of it...I like the 2x restaurant points I receive, and a big plus is merging the UR points from other chase cards to the preferred card and them being able to kick the points to my United account.
I am trying to figure out if the annual fee is really worth it. If I did not have the card, some of the chase cards wouldnt have much value (since I can't xfer the points to United) but I could get other credit cards such as one for Delta and hit the minimum spend with those cards.
Any suggestions?
And yes, I understand the 7% dividend has value, but will be phased out in 2015
Jul 21, 2014, 6:40 pm
#315
Join Date: Sep 2013
Location: SFO/DTW
Programs: DL PM 0.5MM, Hyatt Globalist, HHonors Gold, SPG Plat, Marriott Gold, Avis PC, National EE, Hertz PC
Posts: 1,988
You could just say that to the retention specialist and see what they will offer to offset the fee. Otherwise, close the card if you don't want it.