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?
Sep 4, 2014, 12:09 pm
#361
Suspended
Join Date: Dec 2013
Posts: 632
Cancelled today. They didn't seem to care all that much. Will try back again at some point.
Sep 4, 2014, 2:06 pm
#362
Join Date: Jun 2013
Posts: 1,060
OK, so I have read most of this thread - and I wanted to make sure I was covering my bases. I do not want to get into the philosophical/religous debate around UR value - I LOVE UR. I use them all the time for avios, hyatt, SW, and others, but here is my predicament.
1) I have Ink - so I have a premier UR provider
2) I have 3x for dining with Amex Cash card
3) I have 3x for airfare with BRG
4) I have Arrival+ and BOA that give me up to 2.665% on travel
5) primary insurance - covered with chase MPE
So, what else do I lose - the .07% - yeah that is life. Anything else? thankd or help in advance!
1) I have Ink - so I have a premier UR provider
2) I have 3x for dining with Amex Cash card
3) I have 3x for airfare with BRG
4) I have Arrival+ and BOA that give me up to 2.665% on travel
5) primary insurance - covered with chase MPE
So, what else do I lose - the .07% - yeah that is life. Anything else? thankd or help in advance!
Sep 4, 2014, 11:15 pm
#363
Join Date: Dec 2013
Posts: 142
I cancelled mine today. Transferred my points to Hyatt. My wife will open one soon I'm sure, but it doesn't justify the annual fee with all the other cards I've got.
My goal is to open an ink bold (or plus), and a Hyatt card this year. My wife will open a CSP and probably an AAdvantage plat or something if there is still a 50k point bonus with a waived fee.
My goal is to open an ink bold (or plus), and a Hyatt card this year. My wife will open a CSP and probably an AAdvantage plat or something if there is still a 50k point bonus with a waived fee.
Sep 5, 2014, 10:32 am
#364
Join Date: Dec 2011
Posts: 49
moved Q to applying for chase cards thread
Last edited by lollertank; Sep 5, 2014 at 1:21 pm
Sep 7, 2014, 7:25 am
#365
Join Date: Dec 2013
Location: COS - Colorado Springs, CO
Programs: Hilton Diamond. National Biz Exec. AMX Plat. CSR. Bonvoy Brilliant. Delta Reserve.
Posts: 162
My CSP
So all though I had full intentions of doing the 50,000 bonus and cancel, after a recent trip where I had to use the rental insurance coverage (to the tune of $2500), this incident alone pays for years of AFs.
I may reconsider to downgrade once the 7% dividend goes away in 2016, but until then, I am going to keep it just for the travel insurance side of it.
I may reconsider to downgrade once the 7% dividend goes away in 2016, but until then, I am going to keep it just for the travel insurance side of it.
Sep 12, 2014, 6:54 pm
#366
Join Date: Apr 2013
Location: Michigan
Programs: AA, UA, DL, UR, IHG platnium, AirAsia
Posts: 323
AF hit on Sept 1st. Can I just send Chase a Secure Message and cancel the card? I'd rather not call and get the "run-around" from a customer service rep. No point in wasting my time to bargain since no one has had any success at all getting a retention bonus. Thanks
Sep 18, 2014, 9:34 pm
#367
Join Date: Nov 2013
Posts: 4,374
Unrelated: can I downgrade to regular Sapphire and upgrade back to Sapphire Preferred after a couple of years?
Oct 3, 2014, 12:11 pm
#368
Join Date: Feb 2014
Posts: 37
Several CSP thoughts
My annual fee just hit. I've done a lot of thinking over it and wanted to see what some of the options are. I spent a around $15K in a year on the card, and it is my main spender. The vast majority of my discretionary pay is dining, with some travel. I don't MS. I have over 130K UR points between my Freedom and Sapphire Preferred. I don't have immediate ideas to use the points, except maybe a few small BA Avios bookings. I plan on some European and/or South American travel in the next year or two. My airport is mainly delta and US air. I'd rather stretch my points (i.e. fly economy) than fly first class, or use them for Park Hyatt stays. I don't think I spend enough to justify the annual fee or the 7% dividend. I have the Barclay US Air, Amex PRG, and Cap One quicksilver. I will eventually get the Barclay Arrival. A few things will help me decide:
Is this card really going to get a chip + pin?
Would it be better to downgrade to Chase Sapphire, wait one year and apply again for CSP two years after my initial app? Would I get the bonus then? Or is it two years after closure of the card? Would it be better to cancel than downgrade?
Should I go ahead and transfer points out if I cancel or house most in Freedom and wait to get the sign up bonus again in a year with another CSP?
This is the card I like the most, but with so many cards out there. I almost think it's worth racking up sign up bonuses and wait on CSP. That being said, I might look at purchasing a first home soon with a credit score around 760-780. How many CC applies and cancels a year before my score gets hurt?
Thanks for any advice.
Is this card really going to get a chip + pin?
Would it be better to downgrade to Chase Sapphire, wait one year and apply again for CSP two years after my initial app? Would I get the bonus then? Or is it two years after closure of the card? Would it be better to cancel than downgrade?
Should I go ahead and transfer points out if I cancel or house most in Freedom and wait to get the sign up bonus again in a year with another CSP?
This is the card I like the most, but with so many cards out there. I almost think it's worth racking up sign up bonuses and wait on CSP. That being said, I might look at purchasing a first home soon with a credit score around 760-780. How many CC applies and cancels a year before my score gets hurt?
Thanks for any advice.
Oct 5, 2014, 5:22 pm
#369
Join Date: Dec 2013
Location: COS - Colorado Springs, CO
Programs: Hilton Diamond. National Biz Exec. AMX Plat. CSR. Bonvoy Brilliant. Delta Reserve.
Posts: 162
My annual fee just hit. I've done a lot of thinking over it and wanted to see what some of the options are. I spent a around $15K in a year on the card, and it is my main spender. The vast majority of my discretionary pay is dining, with some travel. I don't MS. I have over 130K UR points between my Freedom and Sapphire Preferred. I don't have immediate ideas to use the points, except maybe a few small BA Avios bookings. I plan on some European and/or South American travel in the next year or two. My airport is mainly delta and US air. I'd rather stretch my points (i.e. fly economy) than fly first class, or use them for Park Hyatt stays. I don't think I spend enough to justify the annual fee or the 7% dividend. I have the Barclay US Air, Amex PRG, and Cap One quicksilver. I will eventually get the Barclay Arrival. A few things will help me decide:
Is this card really going to get a chip + pin?
Would it be better to downgrade to Chase Sapphire, wait one year and apply again for CSP two years after my initial app? Would I get the bonus then? Or is it two years after closure of the card? Would it be better to cancel than downgrade?
Should I go ahead and transfer points out if I cancel or house most in Freedom and wait to get the sign up bonus again in a year with another CSP?
This is the card I like the most, but with so many cards out there. I almost think it's worth racking up sign up bonuses and wait on CSP. That being said, I might look at purchasing a first home soon with a credit score around 760-780. How many CC applies and cancels a year before my score gets hurt?
Thanks for any advice.
Is this card really going to get a chip + pin?
Would it be better to downgrade to Chase Sapphire, wait one year and apply again for CSP two years after my initial app? Would I get the bonus then? Or is it two years after closure of the card? Would it be better to cancel than downgrade?
Should I go ahead and transfer points out if I cancel or house most in Freedom and wait to get the sign up bonus again in a year with another CSP?
This is the card I like the most, but with so many cards out there. I almost think it's worth racking up sign up bonuses and wait on CSP. That being said, I might look at purchasing a first home soon with a credit score around 760-780. How many CC applies and cancels a year before my score gets hurt?
Thanks for any advice.
My decision was made when a uninsured lady hit me in my rental car and my CSP card picked up the almost $3k tab for damage. I would have never thought this would have happened, until it did. This benefit alone has made me decide to keep the card.
If I were you, I would move the points to the airline or hotel partner of your choice to cover what you will need for your trip. The remaining points, I'd move to your Freedom account. If you do get another CSP in the future you can always transfer them back.
As for an additional app and new house, I bought a new car in June but opened 3 new accounts late 2013. The loan company questioned why I had so many new accounts and almost charged me an extra 1% until I explained 2 new CCs and a mortgage. I have a 780+ credit score. So with that being said, I'd lay off the apps until you have your mortgage locked in.
Good luck!
Oct 6, 2014, 8:39 am
#370
Join Date: Jan 2013
Location: 212
Programs: Marriott Titanium, Hilton Gold, UA Silver
Posts: 502
My annual fee just hit. I've done a lot of thinking over it and wanted to see what some of the options are. I spent a around $15K in a year on the card, and it is my main spender. The vast majority of my discretionary pay is dining, with some travel. I don't MS. I have over 130K UR points between my Freedom and Sapphire Preferred. I don't have immediate ideas to use the points, except maybe a few small BA Avios bookings. I plan on some European and/or South American travel in the next year or two. My airport is mainly delta and US air. I'd rather stretch my points (i.e. fly economy) than fly first class, or use them for Park Hyatt stays. I don't think I spend enough to justify the annual fee or the 7% dividend. I have the Barclay US Air, Amex PRG, and Cap One quicksilver. I will eventually get the Barclay Arrival. A few things will help me decide:
Is this card really going to get a chip + pin?
Would it be better to downgrade to Chase Sapphire, wait one year and apply again for CSP two years after my initial app? Would I get the bonus then? Or is it two years after closure of the card? Would it be better to cancel than downgrade?
Should I go ahead and transfer points out if I cancel or house most in Freedom and wait to get the sign up bonus again in a year with another CSP?
This is the card I like the most, but with so many cards out there. I almost think it's worth racking up sign up bonuses and wait on CSP. That being said, I might look at purchasing a first home soon with a credit score around 760-780. How many CC applies and cancels a year before my score gets hurt?
Thanks for any advice.
Is this card really going to get a chip + pin?
Would it be better to downgrade to Chase Sapphire, wait one year and apply again for CSP two years after my initial app? Would I get the bonus then? Or is it two years after closure of the card? Would it be better to cancel than downgrade?
Should I go ahead and transfer points out if I cancel or house most in Freedom and wait to get the sign up bonus again in a year with another CSP?
This is the card I like the most, but with so many cards out there. I almost think it's worth racking up sign up bonuses and wait on CSP. That being said, I might look at purchasing a first home soon with a credit score around 760-780. How many CC applies and cancels a year before my score gets hurt?
Thanks for any advice.
1. If I cancel now, I'm eligible for the bonus again in a year (since it will be 2 years since I last received a sign up bonus).
2. My Ink Bold allows me to transfer UR to United/Hyatt/BA for another year.
3. I have a Citi Thank You Premier to earn me 3x TY at Restaurants and 2x on Flights/Hotels.
4. I have an Amex Old Blue earning me 4%+ net on taxis/subways and non-bonus spend (by buying VGC from grocery/drugstores).
5. Primary Car Insurance is covered by my United MileagePlus Explorer.
So whatever I lose in CSP, I have (1st year no fee) replacements for. By the time next year rolls around, I'll re-apply for CSP (and earn another 40k UR) and swap out the other cards above when their fees hit.
Oct 9, 2014, 7:52 am
#371
Join Date: Feb 2014
Posts: 37
I won't advise what's best for your situation, but here's my thought process.
1. If I cancel now, I'm eligible for the bonus again in a year (since it will be 2 years since I last received a sign up bonus).
2. My Ink Bold allows me to transfer UR to United/Hyatt/BA for another year.
3. I have a Citi Thank You Premier to earn me 3x TY at Restaurants and 2x on Flights/Hotels.
4. I have an Amex Old Blue earning me 4%+ net on taxis/subways and non-bonus spend (by buying VGC from grocery/drugstores).
5. Primary Car Insurance is covered by my United MileagePlus Explorer.
So whatever I lose in CSP, I have (1st year no fee) replacements for. By the time next year rolls around, I'll re-apply for CSP (and earn another 40k UR) and swap out the other cards above when their fees hit.
1. If I cancel now, I'm eligible for the bonus again in a year (since it will be 2 years since I last received a sign up bonus).
2. My Ink Bold allows me to transfer UR to United/Hyatt/BA for another year.
3. I have a Citi Thank You Premier to earn me 3x TY at Restaurants and 2x on Flights/Hotels.
4. I have an Amex Old Blue earning me 4%+ net on taxis/subways and non-bonus spend (by buying VGC from grocery/drugstores).
5. Primary Car Insurance is covered by my United MileagePlus Explorer.
So whatever I lose in CSP, I have (1st year no fee) replacements for. By the time next year rolls around, I'll re-apply for CSP (and earn another 40k UR) and swap out the other cards above when their fees hit.
Thanks.
Oct 13, 2014, 6:52 am
#372
Join Date: Jan 2004
Location: ORD, SJD, VNO, sandy places
Programs: AA 1.2MM BIS 'LT' Gld, BA Bronze, AA Plat, now considering SWA.....
Posts: 451
"Is this card really going to get a chip + pin?"
FYI....it already has a chip.
Due to an upcoming international trip, I also requested a 'chip' Ink Plus and Marriott preferred, both are being provided...all have NO FTF......
FYI....it already has a chip.
Due to an upcoming international trip, I also requested a 'chip' Ink Plus and Marriott preferred, both are being provided...all have NO FTF......
Oct 13, 2014, 8:53 am
#373
Join Date: Apr 2014
Location: NL
Programs: KLM, UA, Emirates, Marriotts
Posts: 166
Oct 13, 2014, 1:22 pm
#374
Join Date: Feb 2003
Location: On strike
Posts: 8,135
Oct 24, 2014, 2:47 pm
#375
Join Date: Aug 2012
Posts: 367
Should I keep CSP in my scenario?
So we currently hold a CSP card in my wife's name.
I signed up for one 2 years ago on a good offer, downgraded to CS when the fee came due and we got the CSP for my wife instead. We just got charged our yearly fee and I am trying to decide if it is worth keeping.
We have around 320K UR points (which I am able to transfer between my account and hers), but if I cancel the CSP we will be unable to transfer them to partners. I have a fair build up of points/miles with AA and Marriott, as well as a good amount of MR points with Amex.
We only do (for pleasure) domestic travel with our small children maybe 2-3x a year max. It would likely take me at least a year to burn through just what I have in my AA and Marriott accounts (although I usually transfer MR to BA to book on AA).
It seems that the main 2 benefits I would lose are:
- 2x dining/travel
- 20% when paying with points.
However I would need to spend $4750 on dining/travel to get 9500 points to equal the $95 AF. Since I put air and hotel on their respective cards that means basically only dining and rental cars. I think even if I were lucky with business expenses it would be close to a wash.
The 20% off with points is attractive...but a $500 flight for $400 is still likely cheaper if paying with AA or BA miles. (Or, even if I kept the card transferring UR to BA.)
Right now I'm thinking that it is probably best just to cancel it and to re-apply in a year or two maybe when we might have exhausted our point pools from other sources. I have messaged them about a promotional offer to stay, but i think even if they offered say $50 in benefits if it is worth keeping the card.
Even though I am likely eligible to get a new CSP under my name, I probably don't want to apply for new cards right now due to the credit hit and some loan prospects.
Appreciate any advice.
TIA
I signed up for one 2 years ago on a good offer, downgraded to CS when the fee came due and we got the CSP for my wife instead. We just got charged our yearly fee and I am trying to decide if it is worth keeping.
We have around 320K UR points (which I am able to transfer between my account and hers), but if I cancel the CSP we will be unable to transfer them to partners. I have a fair build up of points/miles with AA and Marriott, as well as a good amount of MR points with Amex.
We only do (for pleasure) domestic travel with our small children maybe 2-3x a year max. It would likely take me at least a year to burn through just what I have in my AA and Marriott accounts (although I usually transfer MR to BA to book on AA).
It seems that the main 2 benefits I would lose are:
- 2x dining/travel
- 20% when paying with points.
However I would need to spend $4750 on dining/travel to get 9500 points to equal the $95 AF. Since I put air and hotel on their respective cards that means basically only dining and rental cars. I think even if I were lucky with business expenses it would be close to a wash.
The 20% off with points is attractive...but a $500 flight for $400 is still likely cheaper if paying with AA or BA miles. (Or, even if I kept the card transferring UR to BA.)
Right now I'm thinking that it is probably best just to cancel it and to re-apply in a year or two maybe when we might have exhausted our point pools from other sources. I have messaged them about a promotional offer to stay, but i think even if they offered say $50 in benefits if it is worth keeping the card.
Even though I am likely eligible to get a new CSP under my name, I probably don't want to apply for new cards right now due to the credit hit and some loan prospects.
Appreciate any advice.
TIA