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?
Jan 21, 2015, 1:20 am
#451
Join Date: Jan 2013
Location: Seattle
Posts: 126
got charged $125 on Dec 1. I got the 7% points dividend on my statement today. Will call them in the day to see if they have any offers else will cancel.
Any benefits of downgrading to sapphire and not cancelling ? Does it make any difference when I apply CSP again after a year ?
Any benefits of downgrading to sapphire and not cancelling ? Does it make any difference when I apply CSP again after a year ?
Jan 21, 2015, 1:54 pm
#452
Join Date: Dec 2014
Posts: 8
I just cancelled my CSP about a week ago but I still see it (as closed) in my Chase account.
Does anyone know how long the CSP will remain in my account?
I have some upcoming points about to post to my Freedom and it looks like as of now I still have the ability to transfer my Freedom points to the CSP and then to a transfer partner.
I don't have any of the Inks.
Does anyone know how long the CSP will remain in my account?
I have some upcoming points about to post to my Freedom and it looks like as of now I still have the ability to transfer my Freedom points to the CSP and then to a transfer partner.
I don't have any of the Inks.
Jan 21, 2015, 2:02 pm
#453
Join Date: Mar 2013
Programs: HHonors Diamond, IHG Plat, Club Carlson Gold, SPG Gold, Marriott Gold
Posts: 316
I just cancelled my CSP about a week ago but I still see it (as closed) in my Chase account.
Does anyone know how long the CSP will remain in my account?
I have some upcoming points about to post to my Freedom and it looks like as of now I still have the ability to transfer my Freedom points to the CSP and then to a transfer partner.
I don't have any of the Inks.
Does anyone know how long the CSP will remain in my account?
I have some upcoming points about to post to my Freedom and it looks like as of now I still have the ability to transfer my Freedom points to the CSP and then to a transfer partner.
I don't have any of the Inks.
Jan 21, 2015, 2:10 pm
#455
Join Date: Dec 2014
Posts: 8
Thanks Namaste1 & TMM1982. Maybe I asked the wrong question - what I really want to know is when I'll lose the ability to transfer my Freedom points to CSP and then to a partner?
Jan 21, 2015, 2:20 pm
#456
Suspended
Join Date: Dec 2014
Posts: 8,460
Perhaps I'm mistaken but if your CSP is closed, and you have no other UR eligible cards, I don't think you can transfer your Freedom points to CSP. You will only be able to use your Freedom points as cash back. The other option is to apply for an Ink card and then transfer Freedom to Ink to Travel Partner.
Jan 21, 2015, 2:35 pm
#457
Join Date: Dec 2014
Posts: 8
Perhaps I'm mistaken but if your CSP is closed, and you have no other UR eligible cards, I don't think you can transfer your Freedom points to CSP. You will only be able to use your Freedom points as cash back. The other option is to apply for an Ink card and then transfer Freedom to Ink to Travel Partner.
Jan 21, 2015, 5:46 pm
#458
Join Date: May 2012
Location: HNL
Programs: AS MVPG, HA Plat
Posts: 1,268
Are you sure you want to try transferring points to a closed card knowing that points are forfeited on closure? I'd be worried that even if the Freedom-CSP transfer went through, the CSP-partner transfer might not.
Jan 24, 2015, 12:22 am
#459
Join Date: Dec 2013
Posts: 3,507
Checked my Jan statement and to my surprise the 7% dividend points posted to that statement. I would have figured it was in the Feb statement like it was in 2014. Probably a good time to cancel and transfer credit to my Freedom card and get back my AF.
Jan 24, 2015, 12:24 am
#460
Join Date: Dec 2013
Posts: 3,507
I would recommend if you plan to transfer to partner that you do all the transferring of points to the partner before calling in to close account. I would not want to transfer the Freedom URs to a closed CSP account.
Jan 24, 2015, 11:52 am
#461
Join Date: Jun 2014
Location: NYC
Posts: 35
Like many of you I'm on the $125 Annual Fee CSP and looking to either downgrade to regular Sapphire or cancel.
One question, if I downgrade to regular Sapphire am I able to apply for CSP again in 2 years and receive the sign up bonus? Since, technically Regular Sapphire and CSP are two different products..
Anyone have experiences with this method?
One question, if I downgrade to regular Sapphire am I able to apply for CSP again in 2 years and receive the sign up bonus? Since, technically Regular Sapphire and CSP are two different products..
Anyone have experiences with this method?
Jan 25, 2015, 11:57 am
#462
Join Date: Dec 2013
Posts: 3,507
Like many of you I'm on the $125 Annual Fee CSP and looking to either downgrade to regular Sapphire or cancel.
One question, if I downgrade to regular Sapphire am I able to apply for CSP again in 2 years and receive the sign up bonus? Since, technically Regular Sapphire and CSP are two different products..
Anyone have experiences with this method?
One question, if I downgrade to regular Sapphire am I able to apply for CSP again in 2 years and receive the sign up bonus? Since, technically Regular Sapphire and CSP are two different products..
Anyone have experiences with this method?
Jan 30, 2015, 3:52 pm
#464
Join Date: Jul 2014
Posts: 57
AF posted Dec. 1, already received 7%, out of laziness called today about options and decided to downgrade to Sapphire instead of closing since I do like the 2 UR points for restaurants (and I have an Ink). Learned that you only have 45 days to downgrade so I did agree to only a refund of $79 due to my laziness.
Jan 30, 2015, 10:51 pm
#465
Join Date: Dec 2013
Posts: 3,507
AF posted Dec. 1, already received 7%, out of laziness called today about options and decided to downgrade to Sapphire instead of closing since I do like the 2 UR points for restaurants (and I have an Ink). Learned that you only have 45 days to downgrade so I did agree to only a refund of $79 due to my laziness.