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?
Sep 12, 2016, 7:26 am
#586
Join Date: Sep 2011
Posts: 1,857
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!
2. My understanding is Chase prorates annual fees on downgrades.
3. You can move your points to CSR before or after downgrading.
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?
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.
Sep 12, 2016, 7:32 am
#587
FlyerTalk Evangelist
Join Date: Jan 2014
Location: San Diego, CA
Programs: GE, Marriott Platinum
Posts: 15,508
I got my CSR on August 31st and downgraded CSP to FU the same day. It looks like they refunded all of my AF (originally charged on July 1st), so I'm not sure how helpful that DP is.
Sep 12, 2016, 10:50 am
#588
Join Date: Feb 2015
Location: Seattle
Programs: AS
Posts: 2,293
As posted on many other sites, you can look up time to refund AF by banking institutions.
Chase has 60 days currently posted for annual fee refunds.
Approved for CSR and waiting for card. Will downgrade CSP and get FU.
AF posted 9-1 for CSP,so requesting AF refund should not be a problem.
Chase has 60 days currently posted for annual fee refunds.
Approved for CSR and waiting for card. Will downgrade CSP and get FU.
AF posted 9-1 for CSP,so requesting AF refund should not be a problem.
Sep 12, 2016, 10:53 am
#589
Join Date: May 2015
Location: LAX
Programs: AA, AS, UA, WN, Hyatt Globalist, Marriott Platinum
Posts: 88
Thanks, that is actually a very helpful data point. If the whole $95 was refunded and you downgraded on 8/31, that is actually 61 days, as both July and August contain 31 days. That leads me to believe that the policy is not 60 days, but rather EOM the month following the annual fee, which always hits on the 1st.
Sep 13, 2016, 8:16 pm
#590
Join Date: Mar 2016
Location: New York City
Programs: SPG Platinum, Marriott Platinum, UA Platinum
Posts: 141
I downgraded from CSP to Freedom today. How long did it take for the AF for CSP refund to hit your accounts after the downgrade?
Sep 14, 2016, 6:25 am
#592
Join Date: Mar 2016
Location: New York City
Programs: SPG Platinum, Marriott Platinum, UA Platinum
Posts: 141
Sep 14, 2016, 9:57 am
#594
Join Date: Dec 2010
Location: DEL
Posts: 1,056
See the wiki. If you activate the quarterly bonus on Freedom (deadline is tomorrow), you get the bonus points back to the beginning of the quarter. If you got Freedom by PCing from another card, you get the bonus points even on stuff you bought with the previous card, even for stuff that earned bonus points (e.g. 2x for dining) on the other card.
Sep 14, 2016, 9:58 am
#595
Join Date: Mar 2016
Location: New York City
Programs: SPG Platinum, Marriott Platinum, UA Platinum
Posts: 141
See the wiki. If you activate the quarterly bonus on Freedom (deadline is tomorrow), you get the bonus points back to the beginning of the quarter. If you got Freedom by PCing from another card, you get the bonus points even on stuff you bought with the previous card.
Sep 14, 2016, 11:08 am
#596
Join Date: May 2016
Programs: Chase Ultimate Rewards
Posts: 4
Couple questions, and feel free to post links to the answers/move to correct forum ... wasn't able to immediately find. I have a Chase Sapphire Reserve and now looking to downgrade my existing Preferred:
1. Will downgrading the Preferred to a Freedom product hurt my Credit Score in terms of Credit History Age?
2. Is there a maximum to how much Credit Limit I can transfer from the Preferred to the Reserve?
3. Is it true that Chase does a hard credit pull if total new credit limit exceeds 35k?
Thanks!
1. Will downgrading the Preferred to a Freedom product hurt my Credit Score in terms of Credit History Age?
2. Is there a maximum to how much Credit Limit I can transfer from the Preferred to the Reserve?
3. Is it true that Chase does a hard credit pull if total new credit limit exceeds 35k?
Thanks!
Sep 14, 2016, 12:11 pm
#597
Join Date: Mar 2016
Location: New York City
Programs: SPG Platinum, Marriott Platinum, UA Platinum
Posts: 141
Couple questions, and feel free to post links to the answers/move to correct forum ... wasn't able to immediately find. I have a Chase Sapphire Reserve and now looking to downgrade my existing Preferred:
1. Will downgrading the Preferred to a Freedom product hurt my Credit Score in terms of Credit History Age?
2. Is there a maximum to how much Credit Limit I can transfer from the Preferred to the Reserve?
3. Is it true that Chase does a hard credit pull if total new credit limit exceeds 35k?
Thanks!
1. Will downgrading the Preferred to a Freedom product hurt my Credit Score in terms of Credit History Age?
2. Is there a maximum to how much Credit Limit I can transfer from the Preferred to the Reserve?
3. Is it true that Chase does a hard credit pull if total new credit limit exceeds 35k?
Thanks!
2) don't think so. Mine transferred entirely. 20k credit limit remained
3) not sure
Sep 14, 2016, 12:29 pm
#598
Join Date: Jul 2016
Location: Dallas, TX
Programs: WN A-List Pref, Hilton Diamond, Marriott Gold, IHG Plat
Posts: 460
Sep 19, 2016, 6:39 pm
#599
Join Date: Dec 2007
Location: SFO
Programs: UA 1MM, Marriott LTP, Hilton Gold, Hyatt Explorist, Hertz PC
Posts: 1,003
I just got approved for a CSR card, and I plan to cancel the CSP card in a few months. I don't want a Freedom card so I will just cancel the CSP card.
I just realized that UR points are kept by account. Just wanted to confirm. Will I be able to transfer the points from CSP to CSR?
I just realized that UR points are kept by account. Just wanted to confirm. Will I be able to transfer the points from CSP to CSR?
Sep 19, 2016, 7:31 pm
#600
Join Date: Mar 2016
Location: New York City
Programs: SPG Platinum, Marriott Platinum, UA Platinum
Posts: 141
I just got approved for a CSR card, and I plan to cancel the CSP card in a few months. I don't want a Freedom card so I will just cancel the CSP card.
I just realized that UR points are kept by account. Just wanted to confirm. Will I be able to transfer the points from CSP to CSR?
I just realized that UR points are kept by account. Just wanted to confirm. Will I be able to transfer the points from CSP to CSR?