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?
Dec 2, 2014, 12:27 pm
#421
Join Date: Jan 2013
Posts: 340
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.
Dec 2, 2014, 12:49 pm
#422
Join Date: Oct 2014
Posts: 374
Dear Steven,
Thank you for taking the time to contact us again in
regards to the annual fee and product change option on
your Chase account ending in xxxx.
I have reviewed your account and would like to inform you
that your first annual fee will be charged on December 1,
2014. Further, I would like to inform you that if you
downgrade your card to a no annual fee card within 60 days
from the annual fee date, the fee will be automatically
credited to your account.
Once you are ready to downgrade your card, you can reply
to this email and we can review your account for the
options available.
Thank you for taking the time to contact us again in
regards to the annual fee and product change option on
your Chase account ending in xxxx.
I have reviewed your account and would like to inform you
that your first annual fee will be charged on December 1,
2014. Further, I would like to inform you that if you
downgrade your card to a no annual fee card within 60 days
from the annual fee date, the fee will be automatically
credited to your account.
Once you are ready to downgrade your card, you can reply
to this email and we can review your account for the
options available.
Dec 2, 2014, 2:37 pm
#423
Join Date: Jan 2014
Posts: 286
My $125 AF just hit on my CSP too. Even though I like the card and spent about $14k on dining with it this past year, I think I'm going to cancel it and wait to re-apply. I'm planning on putting my future dining spend on my Citi Prestige that gets 2x. TYP not worth as much as UR, but I was only getting around 1.8 cpm since I have a family of 4 with two children which limits the premium redemptions. I have a Freedom, Ink Bold, and Ink Plus so I'll be able to bank the points from the CSP and still have the ability to transfer to partners. My question is, should I stop all use of my CSP and wait for all pending points to post before cancelling it? I can transfer all the points I have on it now, but will I still have access to the points that haven't posted yet once the card is cancelled?
I'm open to any comments on my plans as well...
I'm open to any comments on my plans as well...
Dec 2, 2014, 3:03 pm
#424
Join Date: Jan 2002
Location: Dallas, TX, USA
Programs: AA EXP, HH Gold, Hyatt Globalist, IC Plat, SPG Gold
Posts: 961
Anyone able to get the $125 AF reduced to $95?
Dec 2, 2014, 5:06 pm
#425
Join Date: Oct 2014
Posts: 374
My $125 AF just hit on my CSP too. Even though I like the card and spent about $14k on dining with it this past year, I think I'm going to cancel it and wait to re-apply. I'm planning on putting my future dining spend on my Citi Prestige that gets 2x. TYP not worth as much as UR, but I was only getting around 1.8 cpm since I have a family of 4 with two children which limits the premium redemptions. I have a Freedom, Ink Bold, and Ink Plus so I'll be able to bank the points from the CSP and still have the ability to transfer to partners. My question is, should I stop all use of my CSP and wait for all pending points to post before cancelling it? I can transfer all the points I have on it now, but will I still have access to the points that haven't posted yet once the card is cancelled?
I'm open to any comments on my plans as well...
I'm open to any comments on my plans as well...
Dec 8, 2014, 11:20 am
#426
Join Date: Sep 2003
Posts: 265
I want to cash out my UR points on Hyatt but only have the regular Sapphire card. I'm thinking of upgrading, transferring, then downgrading again to avoid the annual fee. Is that a wise idea, or will it trigger some negative consequences? Anyone done this?
Last edited by libralibra; Dec 8, 2014 at 11:29 am
Dec 8, 2014, 12:13 pm
#427
Join Date: Dec 2011
Posts: 445
why not apply for the Ink Plus card, get the bonus, annual fee waived first year, you can transfer your UR points, then canceling Ink next year before fee hits?
Dec 8, 2014, 2:13 pm
#429
Join Date: Sep 2003
Posts: 265
I asked this in a different thread, but maybe this thread is more relevant for my question: has anyone upgraded to CSP just to xfer points to a partner like Hyatt or United, and then downgraded back to CS shortly thereafter to avoid the annual fee? Will this trigger anything negative? (I don't want to take the hit for a new app right now, and don't think I could make the spend for the bonus anyway.)
Dec 8, 2014, 2:19 pm
#430
Join Date: Feb 2003
Location: On strike
Posts: 8,135
Just to confirm: you also don't have a spouse/domestic partner with a CSP/Ink Plus/Ink Bold, right? Because that would be a painless, completely legal way to transfer points to your partner programs without incurring a hard pull or playing upgrade/downgrade games.
Dec 8, 2014, 3:11 pm
#431
Join Date: Sep 2003
Posts: 265
right. I just wanted an easy way to cash out these points, since I have some trips coming up. it'll save me a couple of hundred over a statement credit, so I would do it if others have done this and there's no downside, but don't want to bother if it's a big hassle.
Dec 9, 2014, 3:24 am
#432
Join Date: Sep 2011
Location: USA
Posts: 1,179
Just called CSP. Tried to have them lower the AF to $95, but no dice. You DO have 60 days to cancel and get AF credit, but if you decide to keep the card beyond 30 days, you'll need to pay the AF (to avoid any interest charges) and then get credit back if you decide to cancel the card within 60 days.
Dec 22, 2014, 12:32 am
#433
Join Date: Dec 2011
Location: East or West
Posts: 388
Prorated AF even within 60 days?
I called to downgrade my CSP to regular Sapphire and was told:
- If cancelling completely within 60 days, AF will be refunded
- If downgrading, a prorated AF will be refunded, regardless of the 60-day rule.
Anyone have any experience otherwise? Was hoping to just downgrade, but would also prefer not to lose $15-20 when I could just cancel... it seems other posts in the thread suggest even downgrading should trigger the full refund?
UPDATE: Got the full amount refunded after downgrading
- If cancelling completely within 60 days, AF will be refunded
- If downgrading, a prorated AF will be refunded, regardless of the 60-day rule.
Anyone have any experience otherwise? Was hoping to just downgrade, but would also prefer not to lose $15-20 when I could just cancel... it seems other posts in the thread suggest even downgrading should trigger the full refund?
UPDATE: Got the full amount refunded after downgrading
Last edited by MahiMahi524; Dec 25, 2014 at 1:01 pm Reason: answering my own question
Jan 5, 2015, 1:44 pm
#434
Join Date: Jan 2014
Posts: 22
Need some advice from some seasoned cardholders!
I've had the Sapphire for a while now. I opened a regular Sapphire in 7/2011, long before I "saw the light" about credit card rewards, and after receiving a targeted 12,000 UR offer for upgrading in 11/2012, I took it.
I got the first year of waived AF in 2013, and in 2014, paid the $95 AF last year outright. However, I am not considering getting rid of CSP for a few reasons:
1) Most of my travel spending was work-based with some leisure travel. But I have changed jobs and currently don't travel enough to make the AF worthwhile.
2) I have the Ink Bold card to enable UR transfer to partners.
3) I believe I should be able to churn the bonus after getting rid of CSP.
4) I have a BarclayCard Arrival card that would get 2x on travel and dining.
However, because the CSP is my second oldest credit line, I don't want to cancel it outright. I think downgrading is a better path. I know there is a choice between downgrading from CSP to regular Sapphire or Freedom, so:
1) Has Chase allowed those who already have a Freedom to downgrade and get a second Freedom? I would love to double my quarterly earning potential.
2) I read somewhere in the Forums that if I take regular Sapphire, then I cannot churn the CSP bonus. Does that still hold true?
3) How long have people waited to reopen a CSP after closing one they already had over 24 months?
If anyone is wondering, I have tried to do due diligence on the threads before bringing up my questions. If any seem like common sense, I just want to be very sure of my options and the process before making any irreversible changes.
Thank you!
I've had the Sapphire for a while now. I opened a regular Sapphire in 7/2011, long before I "saw the light" about credit card rewards, and after receiving a targeted 12,000 UR offer for upgrading in 11/2012, I took it.
I got the first year of waived AF in 2013, and in 2014, paid the $95 AF last year outright. However, I am not considering getting rid of CSP for a few reasons:
1) Most of my travel spending was work-based with some leisure travel. But I have changed jobs and currently don't travel enough to make the AF worthwhile.
2) I have the Ink Bold card to enable UR transfer to partners.
3) I believe I should be able to churn the bonus after getting rid of CSP.
4) I have a BarclayCard Arrival card that would get 2x on travel and dining.
However, because the CSP is my second oldest credit line, I don't want to cancel it outright. I think downgrading is a better path. I know there is a choice between downgrading from CSP to regular Sapphire or Freedom, so:
1) Has Chase allowed those who already have a Freedom to downgrade and get a second Freedom? I would love to double my quarterly earning potential.
2) I read somewhere in the Forums that if I take regular Sapphire, then I cannot churn the CSP bonus. Does that still hold true?
3) How long have people waited to reopen a CSP after closing one they already had over 24 months?
If anyone is wondering, I have tried to do due diligence on the threads before bringing up my questions. If any seem like common sense, I just want to be very sure of my options and the process before making any irreversible changes.
Thank you!
Jan 6, 2015, 7:01 am
#435
Join Date: Feb 2013
Programs: Hilton Plastic, Delta Silver Emeritus
Posts: 1,037
I downgraded a CSP to a Freedom Mastercard when they still had those. I had a Freedom Visa at the time. So, it was possible. It may no longer be possible now that they don't issue MC's.