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 19, 2016, 9:32 pm
#601
Join Date: Dec 2007
Location: SFO
Programs: UA 1MM, Marriott LTP, Hilton Gold, Hyatt Explorist, Hertz PC
Posts: 1,003
Sep 20, 2016, 2:41 am
#602
Join Date: May 2011
Location: CGN
Programs: DL PM, HH Gold
Posts: 108
Hi-- hopefully a short question. If I downgrade my CSP to a Freedom (or Unlimited), will I hurt my chances of getting a future sign-up bonus on either of these cards if I decide to apply for them in a year or so?
Sep 20, 2016, 4:27 am
#603
Join Date: Apr 2011
Location: Naples, Florida
Programs: AA Lifetime Gold, Hyatt Platinum,Marriott Silver,Hilton Honors Gold
Posts: 595
Sep 20, 2016, 7:12 am
#604
Join Date: Mar 2016
Location: New York City
Programs: SPG Platinum, Marriott Platinum, UA Platinum
Posts: 141
Sep 20, 2016, 8:15 am
#605
Join Date: Sep 2011
Posts: 1,857
Even if you don't want a Freedom card, I can't think of any reason why you shouldn't downgrade instead of canceling, just in case.
Online: click on your UR Points, choose "Combine Points" and enter your CSR card #. No reason to send secured message.
Sep 20, 2016, 8:18 am
#606
Join Date: Sep 2011
Posts: 1,857
No problem, but you'll need to then cancel the Freedom (or Unlimited) in advance of applying for the same card. I'm talking weeks not months prior.
Sep 20, 2016, 9:48 am
#607
Join Date: Sep 2015
Posts: 199
Has anyone product change CSP to CSR? I have a Freedom, and could downgrade CSP to Freedom Unlimited. I am way above 5/24, so I wanted to PC my CSP to CSR. Will this result in a credit pull as it is not a "downgrade"?
Sep 20, 2016, 10:17 am
#608
Join Date: Apr 2014
Location: DC
Posts: 360
I did upgrade it. No credit pull at all.
The only caveat is that you need at least $10k as a credit limit in your CSP to be able to upgrade.
If you do have $10k, just call and in 2 minutes you'll be upgraded.
The only caveat is that you need at least $10k as a credit limit in your CSP to be able to upgrade.
If you do have $10k, just call and in 2 minutes you'll be upgraded.
Sep 20, 2016, 1:02 pm
#609
Join Date: Mar 2013
Posts: 506
DP: Just downgraded CSP to Freedom Unlimited. Had the CSP since January 2013, and recently got a CSR card.
The rep was helpful and also asked about the weather.
The rep was helpful and also asked about the weather.
Sep 20, 2016, 1:11 pm
#610
Join Date: Jul 2006
Posts: 131
When upgrading CSP to CSR, do you still qualify for the 100k points for $4k spend?
Sep 20, 2016, 1:12 pm
#611
Join Date: Sep 2015
Posts: 199
Thank you. If I've had the CSP for less than a year would the fee be prorated(not really concerned about that just curious)?
Sep 20, 2016, 1:13 pm
#612
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,958
Sep 20, 2016, 7:59 pm
#614
Join Date: Mar 2013
Posts: 506
I was just hesitant because it took secondary review to get my CSR
Sep 21, 2016, 3:20 am
#615
Join Date: Apr 2015
Posts: 456
I've only had the CSP for less than a year. Am I better off cancelling it completely rather than PCing it? I'm actually at 5/24 right now after my approval for CSR, but I'll be back down to 4/24 by the end of next month. However, I'm an expat so the FU isn't a useful option for me due to the FTF. Since my history on the CSP is so short, wouldn't it possibly help my FICO by increasing the average age of my active accounts?
(Geez... Enough acronyms for one post?)
(Geez... Enough acronyms for one post?)
Last edited by baroqen; Sep 21, 2016 at 3:20 am Reason: typos