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?
Aug 23, 2016, 2:04 pm
#571
Join Date: Nov 2007
Location: PHX
Posts: 4,787
My wife just got the CSR and now is thinking about downgrading to Freedom, but I just want to be sure I understand. If she does this, does the card keep the original opening date for purposes of the 5/24 rule both for her and me (as an AU)?
Aug 23, 2016, 2:22 pm
#572
Join Date: Dec 2012
Posts: 159
If I downgrade my Chase sapphire preferred to a freedom (want to get the sapphire reserve)
a) I already have a freedom, am I eligible for another $1500 cap for each bonus category? I.e. between both cards do I get $3,000 for each bonus or still just $1,500?
b) I got a $60 statement credit when I renewed at the beginning of June, I get the annual fee pro-rated correct? Will i have to give back the statement credit?
c) will my card # change?
d) will any of the extended warranty protection change?
thanks! Sure some of these have been asked before, apologies.
a) I already have a freedom, am I eligible for another $1500 cap for each bonus category? I.e. between both cards do I get $3,000 for each bonus or still just $1,500?
b) I got a $60 statement credit when I renewed at the beginning of June, I get the annual fee pro-rated correct? Will i have to give back the statement credit?
c) will my card # change?
d) will any of the extended warranty protection change?
thanks! Sure some of these have been asked before, apologies.
Aug 23, 2016, 4:10 pm
#573
Join Date: Aug 2016
Programs: Delta Skymiles, Ritz Carlton Rewards,
Posts: 15
If it's a PC, which this is, you usually don't get to take advantage of signup bonus offers. If it's just based on category spending, you should be able to get the bonus on that.
I'd think your card number would stay the same. I just PC'ed my CSP to the Freedom Unlimited after getting my CSR approved, and I was told my CSP card number would stay the same on the freedom unlimited.
I'd think your card number would stay the same. I just PC'ed my CSP to the Freedom Unlimited after getting my CSR approved, and I was told my CSP card number would stay the same on the freedom unlimited.
Last edited by mjb59463; Aug 23, 2016 at 4:22 pm
Aug 24, 2016, 1:47 am
#574
Join Date: Jun 2016
Posts: 2,257
hi, i know everyone is all abuzz with CSR, so my question here would deviate from that.
with my CSP $95 annual fee coming up in the next 6 months, i am thinking of canceling it or PC-ing it to something else, as i now have Ink+ so can use that for UR points transfer. plus, this year i have been quite busy and have been keeping up with multiple CC applications(and meeting their minimum spend, and noticed that i end up not using CSP that much afterall to justify paying another annual fee
i have had CSP for >4 years, i travel a lot internationally and it is always my go-to card for foreign transactions. but at this stage, the only reasons i can come up with for keeping CSP are (i) VISA is more commonly accepted outside of US, compared to Amex, and (ii) rental car benefits.
also, i m thinking long-term and hope to be eligible for the CSP sign-up bonus again in future, or to be able to apply for CSR, or to do both, though all these might be a while before it can become reality (aka, for me to be under 5/24 assuming i dont sign up for more CCs)
questions
1) have anyone be successful recently in getting retention offers for CSP? it seems to be quite rare, so if it happens to you, mind letting me know what you are offered?
2) if i decide to PC, am i right that the below cards are my only 'downgrade' options?
* sapphire
* freedom
* freedom unlimited
3) what's the points collection system for sapphire? i cannot find any information online, but if i understand correctly, for sapphire, the only bonus points you get is 2X for dining, with the rest of purchases including travel coded as 1X, is that correct? are the rental car benefits for sapphire as good as CSP? what other differences betw these two cards?
4) if i cancel the CSP now (with 6 months left), do i get pro-rated refund of annual fee?
with my CSP $95 annual fee coming up in the next 6 months, i am thinking of canceling it or PC-ing it to something else, as i now have Ink+ so can use that for UR points transfer. plus, this year i have been quite busy and have been keeping up with multiple CC applications(and meeting their minimum spend, and noticed that i end up not using CSP that much afterall to justify paying another annual fee
i have had CSP for >4 years, i travel a lot internationally and it is always my go-to card for foreign transactions. but at this stage, the only reasons i can come up with for keeping CSP are (i) VISA is more commonly accepted outside of US, compared to Amex, and (ii) rental car benefits.
also, i m thinking long-term and hope to be eligible for the CSP sign-up bonus again in future, or to be able to apply for CSR, or to do both, though all these might be a while before it can become reality (aka, for me to be under 5/24 assuming i dont sign up for more CCs)
questions
1) have anyone be successful recently in getting retention offers for CSP? it seems to be quite rare, so if it happens to you, mind letting me know what you are offered?
2) if i decide to PC, am i right that the below cards are my only 'downgrade' options?
* sapphire
* freedom
* freedom unlimited
3) what's the points collection system for sapphire? i cannot find any information online, but if i understand correctly, for sapphire, the only bonus points you get is 2X for dining, with the rest of purchases including travel coded as 1X, is that correct? are the rental car benefits for sapphire as good as CSP? what other differences betw these two cards?
4) if i cancel the CSP now (with 6 months left), do i get pro-rated refund of annual fee?
Aug 24, 2016, 7:06 am
#575
Join Date: Aug 2016
Posts: 53
I've had the CSP for 2 months but now have the CSR, is it too soon to downgrade the CSP?
Aug 24, 2016, 9:49 am
#576
Join Date: May 2015
Location: LAX, BUR
Programs: AS,AA,JB, HH Gold, Starriott Titanium Elite, Hyatt Explorist, Global Entry
Posts: 1,933
Before one year you can only downgrade to regular Sapphire.
Might as well keep it for the rest of the first free year then go to one of the Freedoms.
Besides you'll have referrals you can send out to hopefully get 10K UR points.
Might as well keep it for the rest of the first free year then go to one of the Freedoms.
Besides you'll have referrals you can send out to hopefully get 10K UR points.
Aug 24, 2016, 9:53 am
#577
Join Date: Jul 2015
Posts: 15
a) You can get $3000 combined
b) You will get prorated refund. Will not have to give back $60 credit.
c) No. But they might change expiry date etc.
d) Not sure. I believe CSP warranty protection is still valid on charges made before PC, but you may want to doublecheck this with Chase.
b) You will get prorated refund. Will not have to give back $60 credit.
c) No. But they might change expiry date etc.
d) Not sure. I believe CSP warranty protection is still valid on charges made before PC, but you may want to doublecheck this with Chase.
If I downgrade my Chase sapphire preferred to a freedom (want to get the sapphire reserve)
a) I already have a freedom, am I eligible for another $1500 cap for each bonus category? I.e. between both cards do I get $3,000 for each bonus or still just $1,500?
b) I got a $60 statement credit when I renewed at the beginning of June, I get the annual fee pro-rated correct? Will i have to give back the statement credit?
c) will my card # change?
d) will any of the extended warranty protection change?
thanks! Sure some of these have been asked before, apologies.
a) I already have a freedom, am I eligible for another $1500 cap for each bonus category? I.e. between both cards do I get $3,000 for each bonus or still just $1,500?
b) I got a $60 statement credit when I renewed at the beginning of June, I get the annual fee pro-rated correct? Will i have to give back the statement credit?
c) will my card # change?
d) will any of the extended warranty protection change?
thanks! Sure some of these have been asked before, apologies.
Aug 24, 2016, 9:56 am
#578
Join Date: Jun 2013
Posts: 172
Just got CSR .. downgraded my CSP (5 years) to a freedom unlimited to go along with my freedom
Aug 24, 2016, 6:18 pm
#579
Join Date: Aug 2016
Posts: 53
I'm gonna call Chase anyways to see what they can do, but I gotta wait until after the wife gets back from England before I risk changing the one CC she has with her lol.
Aug 24, 2016, 6:43 pm
#580
Join Date: Mar 2015
Location: NYC (Primarily EWR)
Programs: UA 1K / *G, Marriott Bonvoy Gold; Avis PC
Posts: 9,005
Aug 25, 2016, 11:14 am
#581
Join Date: Mar 2014
Programs: AA Exec Plat, Hilton Diamond, Marriott Bonvoy Platinum
Posts: 235
Just a request, since this thread is 39 pages long. Would it be possible to add to the wiki a summary of "Why should I downgrade my CSP?"
Looks like we already have pretty good answers on "keep" and "cancel" but not a summary on "downgrade."
I am looking for a way to keep my UR points right now without paying another annual fee on my CSP. I figure that downgrading might be the right answer until I'm ready to apply for another CSP or the CSR.
Looks like we already have pretty good answers on "keep" and "cancel" but not a summary on "downgrade."
I am looking for a way to keep my UR points right now without paying another annual fee on my CSP. I figure that downgrading might be the right answer until I'm ready to apply for another CSP or the CSR.
Sep 11, 2016, 6:48 pm
#582
Join Date: Dec 2010
Location: DEL
Posts: 1,056
So I just noticed something interesting...
I got a shiny new CSR, and I just paid the AF for the CSP, so I downgraded it to Freedom to get my $95 back. I'm still chasing the minimum spend for the CSR, so I haven't used the Freedom at all.
...but I now have a few thousand UR points pending for CSP spend from Jul-Sep that fits into the Freedom categories. Even better, on restaurants I'm getting 6 points because Chase already gave me the CSP bonus and is retroactively giving me the Freedom bonus as well.
I got a shiny new CSR, and I just paid the AF for the CSP, so I downgraded it to Freedom to get my $95 back. I'm still chasing the minimum spend for the CSR, so I haven't used the Freedom at all.
...but I now have a few thousand UR points pending for CSP spend from Jul-Sep that fits into the Freedom categories. Even better, on restaurants I'm getting 6 points because Chase already gave me the CSP bonus and is retroactively giving me the Freedom bonus as well.
Sep 11, 2016, 8:54 pm
#583
Join Date: Apr 2010
Posts: 18
Couple of quick questions as I await my CSR card.
I currently have a CSP and Freedom card.
1) When I receive my CSR, is it best to call in to downgrade the CSP to the Chase Freedom Unlimited card (as I do not see the regular Sapphire offered anymore)? Outright closing the account would not be preferred due to a slight credit hit correct?
2) If/when I downgrade the CSP, will the annual fee refund be prorated?
3) Before downgrading the CSP, should I move my UR miles on the CSP card to the CSR/Freedom card?
Thanks!
I currently have a CSP and Freedom card.
1) When I receive my CSR, is it best to call in to downgrade the CSP to the Chase Freedom Unlimited card (as I do not see the regular Sapphire offered anymore)? Outright closing the account would not be preferred due to a slight credit hit correct?
2) If/when I downgrade the CSP, will the annual fee refund be prorated?
3) Before downgrading the CSP, should I move my UR miles on the CSP card to the CSR/Freedom card?
Thanks!
Sep 11, 2016, 10:00 pm
#584
Join Date: Mar 2016
Location: New York City
Programs: SPG Platinum, Marriott Platinum, UA Platinum
Posts: 141
Do you guys know when downgrading CSP to Freedom, does the new Freedom card count as a new account (and hence, +1 new account on your credit report)? Asking because I don't want to fall afoul of the chase 5/24 rule, and if downgrading to a Freedom card generates a +1 new account, then I would just suck it up and pay the $95 AF.
Secondly, does the credit limit change when downgrading from CSP to Freedom? Anyone has such an experience?
Secondly, does the credit limit change when downgrading from CSP to Freedom? Anyone has such an experience?
Sep 12, 2016, 6:48 am
#585
Join Date: Sep 2015
Location: flyover country
Posts: 2,435
When I talked to a Chase rep by phone before applying for Reserve, she told me that the annual fee would be prorated if I canceled after getting Reserve. We did not discuss conversion; that might be different, but I don't know why. On FlyerTalk, I have read others' posts saying there is no prorating. I hope someone with actual experience will report.