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?
Jun 6, 2012, 3:18 pm
#31
Join Date: Oct 2009
Location: Land of the parrots and parrotheads
Programs: Several dozen
Posts: 4,820
Sapphire (Chase) can "spook" points. Not sure that Discover can. Certainly Citi and AMEX are less than spookworthy.
Jun 6, 2012, 6:11 pm
#33
Join Date: Apr 2011
Location: Philadelphia
Posts: 297
As far as consolidating points, it won't matter which account you consolidate them to since they are all linked to you anyway. One wouldn't be any better than the other.
Jun 6, 2012, 6:14 pm
#34
Join Date: Jun 2011
Location: PEK
Programs: SPG Plat, A3 *A Gold, HH Gold, IHG Plat
Posts: 392
Thanks for all the wonderful feedback.
I have downgraded the card to the $0 annual fee non-preferred and should receive a refund of the $95.
Now, time to keep an eye out for any of the following situations:
1) Sapphire Preferred MC - better than 40,000 bonus offer
2) Ink Bold - better than $10,000 in 3 months offer
3) Approaching demand to transfer point to an airline, then pick one of the above.
I have downgraded the card to the $0 annual fee non-preferred and should receive a refund of the $95.
Now, time to keep an eye out for any of the following situations:
1) Sapphire Preferred MC - better than 40,000 bonus offer
2) Ink Bold - better than $10,000 in 3 months offer
3) Approaching demand to transfer point to an airline, then pick one of the above.
Jun 9, 2012, 11:19 pm
#36
Join Date: Feb 2012
Location: Los Angles
Posts: 2,101
When you go to combine accounts, if you have a business acct (Ink Bold) they will make you use your Ink Bold login as the default one to move all your accounts to. This is assuming you'd like to have all your accounts under one username instead of logging in separately for each one.
As far as consolidating points, it won't matter which account you consolidate them to since they are all linked to you anyway. One wouldn't be any better than the other.
As far as consolidating points, it won't matter which account you consolidate them to since they are all linked to you anyway. One wouldn't be any better than the other.
Jun 9, 2012, 11:26 pm
#37
Join Date: Oct 2003
Location: PDX/AUS
Programs: AA-UA-AS IHG-SPG-Carlson
Posts: 4,562
Jun 10, 2012, 1:39 am
#38
Join Date: Apr 2011
Location: Philadelphia
Posts: 297
You want to transfer UR points to United miles? Any card that gives you UR points will transfer to United, so you could use the UR points you have with your Sapphire Preferred or with your Ink Bold. They are both part of the Ultimate Rewards program, and so they both transfer to United.
Jun 12, 2012, 6:58 am
#39
Join Date: Apr 2012
Posts: 213
My 2nd year fee hit. I use this card heavily, somewhere about $50k spent the last year. They were firm on not removing the fee. Wanted me to downgrade to the non-preferred card without all the benefits.
Wouldn't even give me bonus points, NOTHING.
Maybe another call to CS?
Wouldn't even give me bonus points, NOTHING.
Maybe another call to CS?
Jun 12, 2012, 7:16 am
#40
Join Date: Oct 2009
Location: Land of the parrots and parrotheads
Programs: Several dozen
Posts: 4,820
Jun 21, 2012, 8:39 am
#41
Join Date: Apr 2005
Posts: 68
Cancel or downgrade Chase Sapphire Preferred?
I'm trying to decide whether to downgrade my Chase Sapphire to the no-fee version or cancel (I am considering applying for another Chase card so I would ask to have the credit line transferred to the new card). I also have the Ink Bold, so UR points and transfer options are protected.
Your thoughts?
Thanks!
Your thoughts?
Thanks!
Jun 21, 2012, 8:44 am
#42
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,954
Moderator action
Several discussion of the same topic have been merged.
Jun 21, 2012, 7:10 pm
#43
Join Date: Jul 2004
Location: Dallas, TX
Programs: Marriott Titanium, Hilton Diamond, Ibotta, Southwest A-List
Posts: 368
Yes, I am new to using the Discover car so am unclear on how the cash back will work. I was also told that overseas purchases was unable for any bonus promotions, though the current statement only has overseas transactions and they definitely received 5% cashback.
Jun 21, 2012, 8:19 pm
#44
Join Date: Oct 2011
Posts: 19
Cancel / downgrade Chase card before or after applying for other chase card?
I know there are several threads about cancelling or downgrading credit cards, but I can't seem to figure out the best order to do things in this situation.
I want to get rid of my chase Saphire Preffered. I will likely downgrade it to the Saphire (regular). I also want to apply for the Chase British Airways card.
I also want to cancel or downgrade my Citi AAdvantage Visa and Amex and I want to apply for the Citi Thankyou card.
Should I first apply for the new cards? Or should I first try to downgrade my current cards? Thanks!
I want to get rid of my chase Saphire Preffered. I will likely downgrade it to the Saphire (regular). I also want to apply for the Chase British Airways card.
I also want to cancel or downgrade my Citi AAdvantage Visa and Amex and I want to apply for the Citi Thankyou card.
Should I first apply for the new cards? Or should I first try to downgrade my current cards? Thanks!
Jun 21, 2012, 8:36 pm
#45
Join Date: Mar 2012
Posts: 117
Probably apply first, then cancel but it depends how much time you have to play with before your annual fee hits.