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Chase Sapphire Preferred - Keep, Downgrade, or Cancel?

Chase Sapphire Preferred - Keep, Downgrade, or Cancel?

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Old Dec 28, 16, 12:13 am   -   Wikipost
Please read: This is a community-maintained wiki post containing the most important information from this thread. You may edit the Wiki once you have been on FT for 90 days and have made 90 posts.
 
Last edit by: der_saeufer
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Why should I keep my CSP?
Possible reasons to keep the card include
  • 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
  • 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.
Why should I cancel my CSP?
Possible reasons to cancel the card include
  • 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
  • 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
Why should I downgrade my CSP?
Possible reasons to downgrade the card include
  • 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
What can I downgrade to (no AF), and why would I want to?
  • 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.
And, of course, if you have CSR you can move the UR earned with the other cards to the CSR and transfer it to partners. Likewise, if you re-apply or PC to CSP, you can transfer points earned with F or FU to partners as well.

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?
Please read about/discuss this issue in Best use of Ultimate Rewards points [Consolidated].
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Old Feb 15, 15, 7:06 pm
  #481  
 
Join Date: Sep 2013
Posts: 458
I downgraded over a month ago and still haven't received my replacement card.

Does that mean I get to keep the shiny metal one?
SansSerif is offline  
Old Feb 19, 15, 11:52 am
  #482  
 
Join Date: Jun 2013
Posts: 14
Downgrade to Freedom/Reapply for CSP

Hi all,

The annual fee on my (reluctant) husband's CSP is coming due soon. I would like to downgrade this card to a Freedom card, and then reapply for the CSP (for the bonus, and because my husband loves the customer service on this card) when we have safely passed the 24 month marker. Is it possible that having downgraded the card will jeopardize the ability to get the bonus on a new CSP card?

We would like the Freedom card without the hard pull, and while keeping this line open, but not at the expense of 40,000 UR points.

Thanks for your help!
Smileesha is offline  
Old Mar 4, 15, 6:59 pm
  #483  
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Originally Posted by Smileesha View Post
Hi all,

The annual fee on my (reluctant) husband's CSP is coming due soon. I would like to downgrade this card to a Freedom card, and then reapply for the CSP (for the bonus, and because my husband loves the customer service on this card) when we have safely passed the 24 month marker. Is it possible that having downgraded the card will jeopardize the ability to get the bonus on a new CSP card?

We would like the Freedom card without the hard pull, and while keeping this line open, but not at the expense of 40,000 UR points.

Thanks for your help!
AFAIK, downgrading a CSP to a regular Sapphire will negate getting another CSP sign up bonus. Downgrading to a Freedom will NOT negate a new CSP sign up bonus. (24 month rule still applies.) If you read through the last 30 pages, other FTers have reported this. YMMV.
jn in ca is offline  
Old Mar 16, 15, 8:52 pm
  #484  
 
Join Date: Sep 1999
Location: too far from the airport
Posts: 3,267
I downgraded to a regular Sapphire about two years ago, then, after letting it sit in a drawer for a long time, I closed the account about 6 months ago. It still shows (as closed) when I log in, though.

I might want to apply for a new CSP, since it's been much longer than 2 years since the last bonus. What are the odds that the now-closed regular Sapphire will interfere with the 40K UR bonus points?
honu is offline  
Old Mar 17, 15, 3:56 am
  #485  
 
Join Date: Jul 2011
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Originally Posted by jn in ca View Post
Quote:





Originally Posted by Smileesha


Hi all,

The annual fee on my (reluctant) husband's CSP is coming due soon. I would like to downgrade this card to a Freedom card, and then reapply for the CSP (for the bonus, and because my husband loves the customer service on this card) when we have safely passed the 24 month marker. Is it possible that having downgraded the card will jeopardize the ability to get the bonus on a new CSP card?

We would like the Freedom card without the hard pull, and while keeping this line open, but not at the expense of 40,000 UR points.

Thanks for your help!




AFAIK, downgrading a CSP to a regular Sapphire will negate getting another CSP sign up bonus. Downgrading to a Freedom will NOT negate a new CSP sign up bonus. (24 month rule still applies.) If you read through the last 30 pages, other FTers have reported this. YMMV.
How can this be as it is a different product?
blitzen is offline  
Old Mar 28, 15, 1:11 pm
  #486  
 
Join Date: Jul 2014
Posts: 194
unable to downgrade to Freedom

I opened CSP about 8 months ago. When I called to downgrade it to a 2nd Freedom (i already have one), CSR offered to downgrade it to CS, but not Freedom. Anyone was able to get 2nd Freedom?
ACVid is offline  
Old Mar 28, 15, 3:59 pm
  #487  
 
Join Date: Feb 2013
Location: NYC
Programs: AA Gold, US Silver, Starwood Gold, Starbucks Gold
Posts: 327
Originally Posted by ACVid View Post
I opened CSP about 8 months ago. When I called to downgrade it to a 2nd Freedom (i already have one), CSR offered to downgrade it to CS, but not Freedom. Anyone was able to get 2nd Freedom?
You need to wait until your account has been open for 1 year + 1 day before being able to downgrade. I just called to downgrade my second CSP to my third Freedom and had success.
midnightinharlem is offline  
Old Apr 2, 15, 12:35 pm
  #488  
 
Join Date: May 2010
Posts: 926
Originally Posted by honu View Post
I downgraded to a regular Sapphire about two years ago, then, after letting it sit in a drawer for a long time, I closed the account about 6 months ago. It still shows (as closed) when I log in, though.

I might want to apply for a new CSP, since it's been much longer than 2 years since the last bonus. What are the odds that the now-closed regular Sapphire will interfere with the 40K UR bonus points?
I can't imagine a regular Sapphire would prevent you from getting a new bonus. The requirements for the bonus are that you are not a current cardmember (which you aren't) and that it has been more than 24 months since you last received the bonus. Since you downgraded the CSP to a CS, you wouldn't have received any type of bonus.

Of course this is all conjecture on my part, but in my mind it makes sense.
kenbo is offline  
Old Apr 2, 15, 3:22 pm
  #489  
 
Join Date: Feb 2015
Posts: 5
Is it possible to downgrade\Change the Chase sapphired preferred to Chase IHG card, considering I already have Chase IHG. That will make 2 IHG card.
krashed is offline  
Old Apr 2, 15, 11:21 pm
  #490  
 
Join Date: Nov 2014
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Originally Posted by krashed View Post
Is it possible to downgrade\Change the Chase sapphired preferred to Chase IHG card, considering I already have Chase IHG. That will make 2 IHG card.
Unlikely, because the IHG card doesn't earn UR points.
travel_mav is offline  
Old Apr 6, 15, 11:32 am
  #491  
 
Join Date: Dec 2003
Location: LAX
Posts: 8,991
Any recent reports on whether downgrading to regular sapphire (rather than freedom) prevents new csp bonus?
azepine00 is offline  
Old Apr 28, 15, 11:45 am
  #492  
 
Join Date: Nov 2014
Location: New York
Programs: AA PLT, Hilton Diamond, SPG Gold, CX MPC Silver
Posts: 263
Originally Posted by azepine00 View Post
Any recent reports on whether downgrading to regular sapphire (rather than freedom) prevents new csp bonus?
No, because it's considered a different card product.
travel_mav is offline  
Old May 1, 15, 3:51 pm
  #493  
 
Join Date: Jan 2014
Location: CA
Programs: AA Plat Pro, FPC Premier, UA Silver, Hyatt Explorist, SPG Gold
Posts: 151
Hello all,

About 3 months ago I cancelled my CSP after having it about 3 yrs. Now, I would like to apply again... I spoke to 3 different reps, each of whom told me I could not apply for the CSP within 24 months of canceling. After some discussion, the last rep agreed that I could apply for the card, but I would not receive a bonus. When I quoted the "24 month" clause in the T&Cs, she said she was speaking from experience and regardless of what the T&Cs say I would not receive the bonus... Is she correct? Any thoughts on this?
cdmca is offline  
Old May 1, 15, 7:11 pm
  #494  
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Would you believe a rep. over what is written on the Chase website? I wouldn't.
philemer is offline  
Old May 2, 15, 8:43 am
  #495  
 
Join Date: Mar 2011
Posts: 111
Outside of the Sapphire Preferred, I have a Chase Ink Bold (which keeps me in UR), Amex Premier Rewards Gold, Chase Freedom, Citi Thank You Premier, Barclay Arrival. Beyond that I have the United, US Airways, & IHG cards. I was thinking of downgrading the card partly just to keep 2x on Dining for the 8/9 months out of the year that the Freedom doesn't offer 5x on Restaurants. Other option is to cancel it completely - only benefit there seems to be I could re-apply and try to get the bonus again after waiting quite a while.

While I find Chase to be far and away the most valuable program between Amex, Citi, etc. , I just wonder how many URs I'm getting on 2x on travel each year to make it worth it. I can get more than 1 point through Amex or Citi for many things, including travel (although Citi transfer partners aren't as good, that's for sure). But 3x Citi for travel (and its a wider travel category now) versus 2x on CSP... I dunno.

Is there a way to see how many points I gained on the travel category on Chase.com? I plan on sniffing around on my own, but if I strike out I'll come back and check here.

But between all my other cards, regularly trying to meet minimum spend on new app-o-ramas, and the fact that I can keep 2x on dining with the no-fee CS card.. I'm not sure I see the point!

Guess I'm looking for others thoughts though, so I can either affirm my feelings or change them.
nonstopski is offline  

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