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?
May 4, 2015, 10:30 am
#496
Join Date: Feb 2013
Posts: 58
Any changes to 24 month period?
Hi All,
Just a follow up to this...Has anyone heard of Chase being more stringent on getting approved for the CSP a second time after 24 months?
I have an Ink Bold annual fee, and just closed my CSP a month back after 2 years of having it (and paying 1 annual fee). I received the bonus over 24 months ago. Thus, I plan on cancelling the Bold but applying for the CSP to keep the UR points potential. Just hearing some scuttlebutt (including a blog post today), that has said people have been having issues getting CSP approved again.
Any recent news to support or negate this info?
Thanks!
Just a follow up to this...Has anyone heard of Chase being more stringent on getting approved for the CSP a second time after 24 months?
I have an Ink Bold annual fee, and just closed my CSP a month back after 2 years of having it (and paying 1 annual fee). I received the bonus over 24 months ago. Thus, I plan on cancelling the Bold but applying for the CSP to keep the UR points potential. Just hearing some scuttlebutt (including a blog post today), that has said people have been having issues getting CSP approved again.
Any recent news to support or negate this info?
Thanks!
May 7, 2015, 8:23 am
#497
Join Date: Mar 2011
Posts: 127
I have not heard anything about them being more stringent, but also haven't been paying as close as attention to the CSP application process.
I just called to downgrade to the CS from CSP (paid the fee once before). The fee was charged 8 days ago and I decided this year it wasn't worth it. I calculated that I only really gained about an extra 500 points through travel this year from the CSP 2x bonus (lots of other ways I earn points through travel through airline cards or other new cards/minimum spend/etc).
The main benefit to me is still the 2x on dining (and I value Chase points higher than Citi and Amex, so this will be my #1 dining card when the Freedom doesn't give back 5x).
I just called to downgrade to the CS from CSP (paid the fee once before). The fee was charged 8 days ago and I decided this year it wasn't worth it. I calculated that I only really gained about an extra 500 points through travel this year from the CSP 2x bonus (lots of other ways I earn points through travel through airline cards or other new cards/minimum spend/etc).
The main benefit to me is still the 2x on dining (and I value Chase points higher than Citi and Amex, so this will be my #1 dining card when the Freedom doesn't give back 5x).
May 8, 2015, 10:29 pm
#498
Join Date: May 2013
Posts: 18
Downgraded my CSP to a Freedom today after the AF hit last week. Loved transferring points to SW and United and didn't feel like 2x UR on dining/travel was a big enough bonus for a $95 fee.
Got the second Freedom and plan to max out the category spending on gas and groceries. I think the local grocery store codes their gas as a gas purchase, so when Q3 rolls around i'll max out the category and use the gift cards to pay for groceries and gas through the rest of the year.
Then next year I'll sign up for the CSP again and transfer the points over.
I'll have to pull my Citi Forward out of the sock drawer for food.
Got the second Freedom and plan to max out the category spending on gas and groceries. I think the local grocery store codes their gas as a gas purchase, so when Q3 rolls around i'll max out the category and use the gift cards to pay for groceries and gas through the rest of the year.
Then next year I'll sign up for the CSP again and transfer the points over.
I'll have to pull my Citi Forward out of the sock drawer for food.
May 11, 2015, 2:02 am
#499
Suspended
Join Date: Dec 2014
Posts: 8,460
I will do the same shortly. I just got the Citi Prestige and it spanks CSP's behind to Timbuktu.
May 11, 2015, 11:01 am
#500
Join Date: Feb 2014
Posts: 825
I also just downgraded my CSP to a freedom, so I have 2 of them now.
IMO, the CSP benefits do not compare to the barclay arrival or other similar cards. Especially since my ink bold gives the same 1.25 ratio of ultimate rewards points and generates more points with office expenses.
IMO, the CSP benefits do not compare to the barclay arrival or other similar cards. Especially since my ink bold gives the same 1.25 ratio of ultimate rewards points and generates more points with office expenses.
May 11, 2015, 7:41 pm
#501
Join Date: Apr 2015
Posts: 16
Is there a reason you guys downgrade to a freedom instead of a regular sapphire (grandfathered and no longer offered to new applicants but can be pc'd to)
May 12, 2015, 1:39 am
#504
Suspended
Join Date: Dec 2014
Posts: 8,460
If you downgrade to Freedom, you're missing out on the sign-up bonus that the card comes with. It's better to downgrade to Sapphire to maintain credit history and then just apply for Freedom separately if you want it.
May 12, 2015, 7:51 am
#505
Join Date: Feb 2014
Posts: 825
Downgrading to the freedom did not hurt my credit history, the account number is unchanged.
May 29, 2015, 8:08 pm
#506
Join Date: Dec 2009
Location: NYC/CT
Programs: AA, UA, SPG
Posts: 81
Rental Car Insurance
Does anyone know or can comment about the difference between the primary coverage offered by the CSP and the Premium Car Rental Protection offered by American Express. I understand that the Amex PCRP, you have to enroll your card specifically and it's charged per rental period of less than 42 consecutive days.
Besides the cost, is the coverage identical, can anyone comment on their experience with Amex PCRP?
I'm in the boat of my annual fee coming due on my CSP, I want to keep it for the primary rental car protection because I don't own a car and rent a car when I need. I have my own name not owner liability auto policy. I would like to get the LDW and CDW from my credit card.
Thanks
Besides the cost, is the coverage identical, can anyone comment on their experience with Amex PCRP?
I'm in the boat of my annual fee coming due on my CSP, I want to keep it for the primary rental car protection because I don't own a car and rent a car when I need. I have my own name not owner liability auto policy. I would like to get the LDW and CDW from my credit card.
Thanks
May 29, 2015, 8:16 pm
#507
Join Date: Jun 2013
Location: SJC/SFO
Posts: 373
I'm in the boat of my annual fee coming due on my CSP, I want to keep it for the primary rental car protection because I don't own a car and rent a car when I need. I have my own name not owner liability auto policy. I would like to get the LDW and CDW from my credit card.
May 30, 2015, 11:35 am
#508
Join Date: Dec 2009
Location: NYC/CT
Programs: AA, UA, SPG
Posts: 81
So the CSP would just act in lieu of my comp and collision insurance.
May 30, 2015, 12:04 pm
#509
Join Date: Jun 2013
Location: SJC/SFO
Posts: 373
Apologies, I misread the last line of your post. Looking at Amex page, one major difference is that Amex does *not* have worlwide coverage (it excludes Australia, Ireland, Israel, Italy, Jamaica, and New Zealand). The CSP has truly worldwide coverage. The CSP policy excludes luxury vehicles plus vans that can transport more than 8 people. Amex covers up to $100k in damage, the CSP policy does not mention a number. Amex provide accidental death or dismemberment coverage while CSP does not (CSP only provides it for flights, not for car rentals).
Jun 1, 2015, 10:11 am
#510
Join Date: Nov 2011
Location: ORD
Programs: status free since 2017
Posts: 2,188
I have the card for last few yrs and last few months it's only keeping its place as a back-up card.
With decline in MS methods, I am utilizing daily spend on new apps. So this card is not seeing a lot of action. Not to mention 3x airfare/ 2x dining on Amex and CITI TYP is pretty good deal.
Is $95 worth it for:
Do I have to use Sapphire card for it to cover Trip Insurance or Auto rental?
I find UR highly useful but I prefer Chase Ink 5x strategy for earning URs.
With decline in MS methods, I am utilizing daily spend on new apps. So this card is not seeing a lot of action. Not to mention 3x airfare/ 2x dining on Amex and CITI TYP is pretty good deal.
Is $95 worth it for:
Travel Protection
Auto Rental CDW (Primary)
Lost or Delayed Luggage Reimbursement (covers award tickets)
Trip Cancellation or Interruption Insurance (covers award tickets)
Travel Accident Insurance (Life insurance, $500,000)
Auto Rental CDW (Primary)
Lost or Delayed Luggage Reimbursement (covers award tickets)
Trip Cancellation or Interruption Insurance (covers award tickets)
Travel Accident Insurance (Life insurance, $500,000)
I find UR highly useful but I prefer Chase Ink 5x strategy for earning URs.