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?
Oct 1, 2015, 6:58 pm
#526
Join Date: Nov 2011
Location: ORD
Programs: status free since 2017
Posts: 2,188
Most credit cards offer some form of rental car insurance, but it’s usually secondary insurance, which covers only what your primary car insurance policy doesn’t. With the Chase Sapphire Preferred® Card’s primary rental car insurance, you may not even have to file a claim with your primary car insurance company. Not only can this save you from seeing an increase in your insurance premiums after you get home from your trip, but you’ll also escape the hassle of filing claims with two different companies: your primary insurer and the credit card company.
**copied from the interweb
no
**copied from the interweb
no
Oct 5, 2015, 8:59 pm
#527
Join Date: May 2014
Location: Dayton, OH
Programs: CarlsonGold,HHDiamond, SPGGold,ChoiceGold, *Silver, WNCompanionPass, ASMVPGold, HyattDiamond,IHGPlat
Posts: 255
I'm in the same boat. Except I've never gotten the CSP. I'm going to go ahead and grab it, but I'll most certainly cancel after year 1 without a retention bonus.
Oct 6, 2015, 1:59 am
#528
Join Date: May 2015
Location: Philly suburbs
Programs: Amtrak Guest Rewards, BOA Travel Visa,
Posts: 56
one of the most important benefits is the primary CDW on rental cars. Very few cards have CDW which is primary
Oct 6, 2015, 3:01 am
#529
Join Date: Nov 2011
Location: ORD
Programs: status free since 2017
Posts: 2,188
Oct 6, 2015, 5:44 am
#530
Join Date: Feb 2003
Location: On strike
Posts: 8,135
Oct 6, 2015, 2:35 pm
#531
Join Date: Nov 2011
Location: ORD
Programs: status free since 2017
Posts: 2,188
I've looked through the CSP Guide to Benefits and am not finding that exclusion. Can you elaborate a bit or point to a relevant resource?
My brother rented a car in Caribbean and used the CSP. Even CSR at rental agency recognized the card and knew about its insurance benefits (surprising!). No other insurance coverage was purchased from car rental agency.
Moving on... tire met with a pothole and incurred some tire/wheel damage. He called CSP for insurance claim but it was denied by saying "tire/wheels are not covered for rental cars". Paid $250 out of pocket to car rental.
Oct 6, 2015, 7:44 pm
#532
Join Date: Feb 2003
Location: On strike
Posts: 8,135
Personal experience.
My brother rented a car in Caribbean and used the CSP. Even CSR at rental agency recognized the card and knew about its insurance benefits (surprising!). No other insurance coverage was purchased from car rental agency.
Moving on... tire met with a pothole and incurred some tire/wheel damage. He called CSP for insurance claim but it was denied by saying "tire/wheels are not covered for rental cars". Paid $250 out of pocket to car rental.
My brother rented a car in Caribbean and used the CSP. Even CSR at rental agency recognized the card and knew about its insurance benefits (surprising!). No other insurance coverage was purchased from car rental agency.
Moving on... tire met with a pothole and incurred some tire/wheel damage. He called CSP for insurance claim but it was denied by saying "tire/wheels are not covered for rental cars". Paid $250 out of pocket to car rental.
Oct 8, 2015, 9:52 am
#533
Join Date: Oct 2012
Location: BOS
Programs: MR, UR, AA, AS, HH Gold, SPG Gold, HGP, RR
Posts: 708
I'm likely going to cancel my CSP after 3 years now that I have the Ink. I do have a few questions:
I have a small amount of UR points remaining on my CSP. If I cancel will they stay available to transfer via the Ink card or do I need to do something specific with them before canceling?
I have a 3,000 point shopping portal bonus pending, will that be lost if I cancel before it posts?
I recently booked a rental car through CSP using UR points. I would be canceling the card before the rental dates. Will that be a problem?
Since my bonus was originally received just over 3 years ago, am I eligible for another one if approved? I know about the 24 month "rule" but is there a specific amount of time I need to have between cancel and reapply?
TIA for your input.
I have a small amount of UR points remaining on my CSP. If I cancel will they stay available to transfer via the Ink card or do I need to do something specific with them before canceling?
I have a 3,000 point shopping portal bonus pending, will that be lost if I cancel before it posts?
I recently booked a rental car through CSP using UR points. I would be canceling the card before the rental dates. Will that be a problem?
Since my bonus was originally received just over 3 years ago, am I eligible for another one if approved? I know about the 24 month "rule" but is there a specific amount of time I need to have between cancel and reapply?
TIA for your input.
Oct 8, 2015, 10:25 am
#534
Join Date: Nov 2011
Location: ORD
Programs: status free since 2017
Posts: 2,188
No. But they may not give the sign-up bonus under 24mos.
Oct 8, 2015, 11:11 am
#535
Join Date: Oct 2012
Location: BOS
Programs: MR, UR, AA, AS, HH Gold, SPG Gold, HGP, RR
Posts: 708
Is it Ink Cash or Ink Plus? You earn UR with Ink Plus so you can move your UR balance to Ink account (and should). Otherwise points will be lost on closing the a/c.
I would wait until it posts.
Shouldn't be a problem.
No. But they may not give the sign-up bonus under 24mos.
I would wait until it posts.
Shouldn't be a problem.
No. But they may not give the sign-up bonus under 24mos.
On your last answer, which question are you answering? No I'm not eligible or no there is no set time that needs to pass between cancel and new app?
Thanks again!
Oct 8, 2015, 11:55 am
#536
Join Date: Nov 2014
Location: New York
Programs: DL PLT, Hilton Diamond, CX MPC Silver
Posts: 265
It's an Ink Plus - so do I need to move the CSP points to the Ink somehow or will they remain in the overall account? When I sign into my UR I see the total of all points but then I have to choose which card to access so they are separate there... (I also have the Freedom card if that matters)
On your last answer, which question are you answering? No I'm not eligible or no there is no set time that needs to pass between cancel and new app?
Thanks again!
On your last answer, which question are you answering? No I'm not eligible or no there is no set time that needs to pass between cancel and new app?
Thanks again!
On the other hand, if you are simply doing a product change on the CSP to a CS or Freedom then you can transfer the points before or after the change is made.
Oct 16, 2015, 4:18 pm
#537
Join Date: Oct 2014
Posts: 7
I called to downgrade my CSP (holding for 8 months) to freedom today, but the CSR told me that the only option I had on my account was CS, no freedom option. Is that because I haven't kept this card for enough time or some other reason?
Thank you.
Thank you.
Oct 17, 2015, 7:51 am
#538
Join Date: Dec 2014
Posts: 80
I got the same. They told me more options become available at 12 months.
Oct 19, 2015, 12:24 pm
#539
Join Date: Nov 1999
Location: if it's Thursday, this must be Belgium
Programs: UA 1K MM
Posts: 6,484
apologies I haven't followed the entire 20 page thread here... Just a quick question for you all:
In general, what have you found to be the best yielding use of Chase Sapphire points accumulated? Is it to redeem through their airline booking tool (points--> dollars), conversion to hotel/airline points, or conversion to cash (doesn't seem likely)?
Thanks!
In general, what have you found to be the best yielding use of Chase Sapphire points accumulated? Is it to redeem through their airline booking tool (points--> dollars), conversion to hotel/airline points, or conversion to cash (doesn't seem likely)?
Thanks!
Oct 19, 2015, 2:02 pm
#540
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,958
If you use points to purchase airline tickets they have a fixed value of $0.0125 each. If you transfer to an airline (or Hyatt) you can extract more than $0.02 each, BUT this will depend on your specific redemptions. There's no substitute for doing your own calculations because it involves intangible factors that are difficult to put a price on, but miles should be worth more than $0.0125.