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 21, 2014, 4:25 pm
#406
Join Date: Apr 2004
Programs: AA plt 2 mm, Marriott LTT, HH dia
Posts: 1,215
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.
Nov 26, 2014, 12:43 pm
#408
Join Date: Feb 2014
Posts: 37
CSP to CS
I downgraded to regular Chase Sapphire via secure message. Got it a week ago and it is a plastic blue sapphire looking card with a chip. It looks like the metal CSP, just without being made of metal. They said I could still use my old CSP until I got it, and I have been using that (kinda got attached to the heavy card).
I'm hoping to upgrade or reapply for CSP after I hit 24 months and hopefully by the time they have full Chip + Pin.
I'm hoping to upgrade or reapply for CSP after I hit 24 months and hopefully by the time they have full Chip + Pin.
Nov 28, 2014, 10:19 am
#409
Join Date: Nov 2006
Programs: Marriott Platinum, Hilton Diamond, IHG Platinum
Posts: 3,693
regular CS (not CSP) has no ability to transfer UR to partners, right?
Nov 28, 2014, 3:48 pm
#410
Join Date: Oct 2014
Posts: 374
I contacted chase regarding to lowering my annual fee from $125 to $95 and they wouldn't budge (I would've paid $95 to keep it), but they offered to downgrade me to the regular sapphire card.
Question: I've had the CSP for a year now, so If I downgrade to the regular sapphire, would I eligible for the bonus again in 1 year (24 years since account approval)?
Nov 28, 2014, 6:05 pm
#411
Join Date: Aug 2006
Posts: 756
Data: Wife had downgraded her card to Reg. Sapphire over a yr ago when AF was due, and original bonus was over 24 mths ago. She recently applied for another Sapp. Prefer and was pending--call to recon 2 days later and was rejected for already having the card, So having the regular card prevented her from getting another Preferred card. Some have reported able to get another while having a regular open. Just saying you have a better chance if you no longer have any Sapphires open. So YMMV
Nov 28, 2014, 8:23 pm
#412
Join Date: Jan 2013
Posts: 225
Depends as in most (but not all cases) keeping the no fee Reg Sapphire still keeps the old acct open so could make you ineligible for future bonus as long as you have ANY Sapphire card open.
Data: Wife had downgraded her card to Reg. Sapphire over a yr ago when AF was due, and original bonus was over 24 mths ago. She recently applied for another Sapp. Prefer and was pending--call to recon 2 days later and was rejected for already having the card, So having the regular card prevented her from getting another Preferred card. Some have reported able to get another while having a regular open. Just saying you have a better chance if you no longer have any Sapphires open. So YMMV
Data: Wife had downgraded her card to Reg. Sapphire over a yr ago when AF was due, and original bonus was over 24 mths ago. She recently applied for another Sapp. Prefer and was pending--call to recon 2 days later and was rejected for already having the card, So having the regular card prevented her from getting another Preferred card. Some have reported able to get another while having a regular open. Just saying you have a better chance if you no longer have any Sapphires open. So YMMV
Nov 29, 2014, 3:29 am
#413
Join Date: Oct 2014
Posts: 374
Depends as in most (but not all cases) keeping the no fee Reg Sapphire still keeps the old acct open so could make you ineligible for future bonus as long as you have ANY Sapphire card open.
Data: Wife had downgraded her card to Reg. Sapphire over a yr ago when AF was due, and original bonus was over 24 mths ago. She recently applied for another Sapp. Prefer and was pending--call to recon 2 days later and was rejected for already having the card, So having the regular card prevented her from getting another Preferred card. Some have reported able to get another while having a regular open. Just saying you have a better chance if you no longer have any Sapphires open. So YMMV
Data: Wife had downgraded her card to Reg. Sapphire over a yr ago when AF was due, and original bonus was over 24 mths ago. She recently applied for another Sapp. Prefer and was pending--call to recon 2 days later and was rejected for already having the card, So having the regular card prevented her from getting another Preferred card. Some have reported able to get another while having a regular open. Just saying you have a better chance if you no longer have any Sapphires open. So YMMV
Nov 29, 2014, 6:36 am
#414
Join Date: Feb 2003
Posts: 8,135
Nov 30, 2014, 1:37 am
#415
Join Date: Oct 2014
Location: LAC
Programs: Regal Crown Club
Posts: 488
My CSP has been closed today. All but $500 of the CL has been transferred to my Freedom account.
I had asked them before if I could upgrade my Freedom to the VS version - they said it is a VS already. Did they upgrade all Freedom at some point in the past without sending new cards? I still have the same card from when I openend it (expires end of '15) and it doesn't have the Signature logo in the bottom right corner...
I had asked them before if I could upgrade my Freedom to the VS version - they said it is a VS already. Did they upgrade all Freedom at some point in the past without sending new cards? I still have the same card from when I openend it (expires end of '15) and it doesn't have the Signature logo in the bottom right corner...
Dec 1, 2014, 11:52 pm
#416
Join Date: Jan 2013
Posts: 340
My CSP annual fee posted on 12.1. How long do I have to cancel the card with a full refund? 30 days or 60? Thank you.
Dec 2, 2014, 1:42 am
#417
Join Date: Dec 2013
Posts: 3,501
My CSP has been closed today. All but $500 of the CL has been transferred to my Freedom account.
I had asked them before if I could upgrade my Freedom to the VS version - they said it is a VS already. Did they upgrade all Freedom at some point in the past without sending new cards? I still have the same card from when I openend it (expires end of '15) and it doesn't have the Signature logo in the bottom right corner...
I had asked them before if I could upgrade my Freedom to the VS version - they said it is a VS already. Did they upgrade all Freedom at some point in the past without sending new cards? I still have the same card from when I openend it (expires end of '15) and it doesn't have the Signature logo in the bottom right corner...
Dec 2, 2014, 12:18 pm
#418
Join Date: Apr 2014
Posts: 43
I know Marriott isn't the best transfer partner, but I already have a 5 night stay booked in Hawaii for 160k pts and need 18k more pts to meet 160k.
Dec 2, 2014, 12:24 pm
#419
Join Date: Jan 2013
Posts: 340
I'm in the same boat and plan on canceling. I just need to transfer my remaining UR points to Marriott first. I think it's 60 days.
I know Marriott isn't the best transfer partner, but I already have a 5 night stay booked in Hawaii for 160k pts and need 18k more pts to meet 160k.
I know Marriott isn't the best transfer partner, but I already have a 5 night stay booked in Hawaii for 160k pts and need 18k more pts to meet 160k.
Dec 2, 2014, 12:24 pm
#420
Join Date: Oct 2014
Posts: 374
My $125 annual fee hit today.. I have 60 days to convert/cancel it so I can be credited for the fee. Debating if I should downgrade to the regular sapphire for about a year then cancel and reapply for the CSP again.
I currently have the Ink Plus, Freedom, and United card. Though I am interested in the British Airways card, but I think I might have too much credit with chase at the moment.
I currently have the Ink Plus, Freedom, and United card. Though I am interested in the British Airways card, but I think I might have too much credit with chase at the moment.