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?
Feb 1, 2015, 8:13 pm
#466
Join Date: Jan 2005
Posts: 492
I only have the $125 annual fee on my Jan statement, and if I choose to wait for the 7% points bonus from Feb statement, should I must pay off the fee first -- otherwise there will be late fee and financial charge?
Feb 2, 2015, 3:23 pm
#467
Join Date: Dec 2013
Posts: 3,507
The 7% bonus should have been paid out in your Jan statement. I would double check your Jan statement again because it should be in there like many others who have reported the same thing (including myself). At that point you can cancel the card. When did the $125 AF hit your card?
Feb 2, 2015, 4:13 pm
#468
Suspended
Join Date: Dec 2014
Posts: 8,460
The 7% bonus should have been paid out in your Jan statement. I would double check your Jan statement again because it should be in there like many others who have reported the same thing (including myself). At that point you can cancel the card. When did the $125 AF hit your card?
Feb 6, 2015, 8:11 am
#472
Join Date: Aug 2011
Location: LAX
Programs: UA, AA, BA
Posts: 162
deleted
Last edited by yztim; Feb 8, 2015 at 7:25 pm Reason: wrong forum
Feb 8, 2015, 8:28 am
#473
Join Date: Aug 2011
Location: LAX
Programs: UA, AA, BA
Posts: 162
deleted
Last edited by yztim; Feb 8, 2015 at 7:25 pm Reason: wrong forum
Feb 9, 2015, 9:09 am
#474
Join Date: Jul 2011
Location: Sunny AZ
Programs: HH Diamond, Sixt Platinum, IHG Spire Ambassador, Marriott/SPG Gold .....
Posts: 3,215
I just downgraded mine (after receiving the 7% bonus and before the 2nd year AF hits) to the regular Sapphire. Will wait a few month and reapply for the CSP (24month after the bonus was received on the old card).
Feb 11, 2015, 1:16 pm
#475
Join Date: Jan 2014
Location: CA
Programs: AA Plat Pro, FPC Premier, UA Silver, Hyatt Explorist, SPG Gold
Posts: 187
If I cancel my CSP (which I've had for 2+ yrs), can I transfer my entire credit line to another Chase card? Any data points?
(I know AMEX is picky about this, and won't transfer the entire line if you've made ANY purchases using the to-be-cancelled card in the last 3 months....)
Thanks in advance!
(I know AMEX is picky about this, and won't transfer the entire line if you've made ANY purchases using the to-be-cancelled card in the last 3 months....)
Thanks in advance!
Feb 11, 2015, 1:40 pm
#476
Join Date: Apr 2014
Location: DC
Posts: 360
Probably not all of it, but almost all.
I recently called a UA card and was able to transfer $3950 out of $5k.
I recently called a UA card and was able to transfer $3950 out of $5k.
Feb 12, 2015, 12:04 pm
#477
Join Date: Nov 2014
Location: New York
Programs: DL PLT, Hilton Diamond, CX MPC Silver
Posts: 265
Has anyone downgraded to Freedom or Sapphire (regular) but still been able to use their existing CSP card?
Feb 13, 2015, 9:26 am
#480
Join Date: Jul 2014
Posts: 57
I downgraded to regular Sapphire two weeks ago and am still waiting for the new card to show up. I've been using my CSP card nearly everyday since then without issue.
If your question is whether you can keep the metal card permanently, I know I've read a story on some thread here about a person asking the CSR if they could keep the metal card even though it was only a Sapphire and when Chase sent the new card is was the metal one.
If your question is whether you can keep the metal card permanently, I know I've read a story on some thread here about a person asking the CSR if they could keep the metal card even though it was only a Sapphire and when Chase sent the new card is was the metal one.