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?
Nov 9, 2014, 6:03 pm
#391
Join Date: Nov 2009
Posts: 519
Thanks, now I am trying to downgrade it o CS or ask them to transfer credit line to freedom and close it.
Nov 13, 2014, 12:59 pm
#392
Join Date: Jun 2014
Posts: 12
My question is: if I cancel and downgrade my CSP to regular Sapphire, will it stop me from getting sign-up bonus for CSP again if I apply after 24 months? Thanks.
Nov 13, 2014, 10:39 pm
#393
FlyerTalk Evangelist
Join Date: Jan 2014
Location: San Diego, CA
Programs: GE, Marriott Platinum
Posts: 15,507
If Chase actually reads this forum, I will definitely keep my CSP if they follow through and add PIN somewhere on the card. ^
Nov 13, 2014, 11:34 pm
#394
Join Date: Oct 2014
Posts: 374
I think I'll keep my CSP for another year.. however do you think it is possible for Chase to revert my annual fee to the $95 instead of the $125 I applied for?
Nov 14, 2014, 9:08 pm
#395
Join Date: Dec 2013
Posts: 3,504
That is what im wondering too. $125 is a huge AF and I need to decide if I want to keep when my AF kicks in on 12/1.
Nov 15, 2014, 4:55 am
#396
Join Date: Oct 2014
Posts: 374
My annual fee is hitting this upcoming month as well. I don't mind paying the $95 for my Ink Plus card, but $125 for the CSP is a bit too much ($95 I wouldn't mind..).
Nov 15, 2014, 12:18 pm
#397
Join Date: Dec 2013
Posts: 3,504
Same here...only because of the 7% dividend. Unfortunately since the 7% dividend gets paid out in Feb statement, it will be after 60 days from 12/1 of when you can pay the AF and then if you cancel the card you can get the AF back. I guess $95 I wouldn't mind as much but $125 is pretty pricey.
Nov 17, 2014, 2:14 pm
#398
Join Date: Aug 2013
Location: Kansas City
Posts: 193
also in the $125 AF camp as I applied in Nov 2013. Want to try and get it converted to $95. otherwise, downgrade to CS and upconvert to CSP when I need to transfer points.
Nov 17, 2014, 3:45 pm
#399
Join Date: Dec 2013
Posts: 3,504
What is your plan in terms of when you plan to call CSP CSRs to see what they can do? HOw do you upconvert to CSP later on? Wouldn't you have to pay the AF then?
Last edited by ericdabbs; Nov 17, 2014 at 6:18 pm
Nov 17, 2014, 3:58 pm
#400
Join Date: Mar 2014
Posts: 38
What are you guys downgrading to, assuming you are, since the regular Sapphire is now dead?
Nov 17, 2014, 11:29 pm
#402
Join Date: Apr 2004
Programs: AA plt 2 mm, Marriott LTT, HH dia
Posts: 1,215
Well, it can be converted to a Freedom card. But there is also a good promotion for Freedom right now. The main advantages to that are there is no annual fee, and you can keep the age of the account.
Nov 18, 2014, 3:27 pm
#403
Join Date: Mar 2014
Posts: 38
Only problem there is I already have the Freedom too. I guess the Slate is my only choice? My annual fee doesn't hit for a while, but I am likely going to downgrade when it gets close.
Nov 18, 2014, 11:50 pm
#404
Join Date: Aug 2013
Location: Kansas City
Posts: 193
If they won't budge on downgrading the AF, I will just convert it to regular sapphire. I can pay the AF either way, just $125 is a little steep for a card I barely use but to transfer points when ready.
Nov 21, 2014, 3:02 pm
#405
Join Date: Jan 2009
Posts: 78
I downgraded from the CSP to the no fee Sapphire about a year ago. I called Chase this afternoon and asked if the Sapphire was going away. The C.S. Rep seemed shocked and said they were still offering the no fee Sapphire and it was not going away. I think he may have been wrong. Searching the forums and the web I could not find any Sapphire apps. When I would find a link and click on it, I would be taken to a CSP app.