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 21, 2016, 8:00 am
#616
Join Date: Jul 2003
Location: CT/ Germany - Ich spreche deutsch
Programs: UA 1K, Bonvoy LTTE, HH Dia, HY Expl
Posts: 4,657
After getting the Reserve, I downgraded my Sapphire Preferred to a Freedom Unlimited over the phone last week. Overall easy process and the CS agent was pleasant and didn't seem surprised by my request because evidently this is a common thing now. Everything stays the same for the FU other than the security code according to the CS agent. Honestly it is a little weird seeing all my UR points now listed under the FU card. I think I'm going to transfer them to the Reserve once I have some points post in there.
Sep 21, 2016, 9:44 am
#617
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,958
Sep 21, 2016, 5:53 pm
#618
Join Date: Sep 2015
Location: flyover country
Posts: 2,435
And the phone numbers on the card. Based on extremely limited experience, Sapphire Preferred has the A team and Freedom Unlimited has the B team at best.
Sep 21, 2016, 10:54 pm
#619
Join Date: Dec 2007
Location: SFO
Programs: UA 1MM, Marriott LTP, Hilton Gold, Hyatt Explorist, Hertz PC
Posts: 1,003
Sep 23, 2016, 2:21 pm
#620
Join Date: Jan 2012
Posts: 5
for those who have the reserve card and thinking about canceling the preferred, you should have the rep transfer your credit line to the reserve to minimize the credit score impact. i did just that and will now cancel (instead of downgraded). I see no point of downgrading to freedom or regular sapphire just for the sake of maintaining credit utilization ratios.
Sep 23, 2016, 2:26 pm
#621
Join Date: Jul 2016
Location: Dallas, TX
Programs: WN A-List Pref, Hilton Diamond, Marriott Gold, IHG Plat
Posts: 460
for those who have the reserve card and thinking about canceling the preferred, you should have the rep transfer your credit line to the reserve to minimize the credit score impact. i did just that and will now cancel (instead of downgraded). I see no point of downgrading to freedom or regular sapphire just for the sake of maintaining credit utilization ratios.
Dec 12, 2016, 3:35 pm
#622
Join Date: Dec 2010
Location: DFW
Programs: UA 1K, AA Platinum, Hilton Diamond, Bonvoy Gold
Posts: 466
Cancel or Switch Sapphire Preferred
I now have the Chase Sapphire Reserve card which makes my Preferred card obsolete. So to avoid the $95 fee for a card I don't use, should I cancel it or transfer it to something else? I already have the Chase Freedom card which was automatically given to me when Amtrak ended their relationship with Chase. So it should be another card with no annual fee because I'll hardly ever use this new card. But perhaps there is something I can get just to keep my credit limit up. I also understand that sign up bonuses are usually given when cards are simply transferred into a new one. Or is it better to just close the account?
Dec 12, 2016, 4:14 pm
#623
FlyerTalk Evangelist
Join Date: Dec 2006
Location: Pacific Northwest
Programs: UA Gold 1MM, AS 75k, AA Plat, Bonvoyed Gold, Honors Dia, Hyatt Explorer, IHG Plat, ...
Posts: 16,855
Personally, I switched my CSP to a Freedom Unlimited. It fills an earnings gap for me.
Dec 19, 2016, 11:26 am
#624
Join Date: Oct 2005
Posts: 286
CSP - 2nd bonus - want to make sure I do this properly
I have a CSP that I applied for in November 2014
I also have a Chase Freedom from December 2015
Plan is to move all points to the Freedom, cancel the CSP, wait a month, then reapply for the CSP so I am again eligible for the bonus. Is this the correct process?
I think I will need to wait though because of the 5/24 rule. I wasn't aware of it when I started applying for other cards and screwed myself. I shouldn't have bothered with the Delta or 2nd AAdvantage card where the bonus was questionable (didn't get it).
1. CSP issued 11/14
2. Chase Freedom 12/15
3. Delta AMEX 12/15
4. Citibank AAdvantage 1/16
5. Citibank AAdvantage business 4/16 (I read business cards may not count?)
6. Citibank AAdvantage #2 5/16 (didn't get bonus so cancelled)
7. Citi Prestige - 6/16
I applied for the Chase United Mileage plus explorer card 70k bonus on 6/16 but was denied due to 5/24 rule
I've read about others getting around the 5/24? Or do I simply cancel the CSP, get my annual renewal fee (dec 1) refunded and wait it out a year and reapply in Jan 2018? I really don't use the card.
I also have a Chase Freedom from December 2015
Plan is to move all points to the Freedom, cancel the CSP, wait a month, then reapply for the CSP so I am again eligible for the bonus. Is this the correct process?
I think I will need to wait though because of the 5/24 rule. I wasn't aware of it when I started applying for other cards and screwed myself. I shouldn't have bothered with the Delta or 2nd AAdvantage card where the bonus was questionable (didn't get it).
1. CSP issued 11/14
2. Chase Freedom 12/15
3. Delta AMEX 12/15
4. Citibank AAdvantage 1/16
5. Citibank AAdvantage business 4/16 (I read business cards may not count?)
6. Citibank AAdvantage #2 5/16 (didn't get bonus so cancelled)
7. Citi Prestige - 6/16
I applied for the Chase United Mileage plus explorer card 70k bonus on 6/16 but was denied due to 5/24 rule
I've read about others getting around the 5/24? Or do I simply cancel the CSP, get my annual renewal fee (dec 1) refunded and wait it out a year and reapply in Jan 2018? I really don't use the card.
Dec 19, 2016, 6:03 pm
#625
Join Date: May 2015
Location: LAX, BUR
Programs: AS,AA,JB, HH Gold, Starriott Titanium Elite, Hyatt Explorist, Global Entry
Posts: 1,933
Whatever else happens you should downgrade the CSP to another Freedom, rather than just canceling.
Dec 19, 2016, 6:10 pm
#626
Join Date: Oct 2005
Posts: 286
What's the reason behind downgrading and having two? I just moved all the points off to my Freedom and was literally about to call and cancel.
Dec 19, 2016, 6:41 pm
#627
Moderator: Travel Buzz
Join Date: Aug 2012
Location: Sunny San Diego
Posts: 3,099
Hi robr.
Moderator Note:
We've got a complete thread on the downgrading process, and since downgrading the CSP to a Freedom or Freedom Unlimited might be your best option, I'm going to move the thread over there for further discussion.
Moderator Note:
We've got a complete thread on the downgrading process, and since downgrading the CSP to a Freedom or Freedom Unlimited might be your best option, I'm going to move the thread over there for further discussion.
Dec 19, 2016, 7:53 pm
#628
Join Date: Oct 2005
Posts: 286
Thanks for the thread move, I've just read through this thread and don't really see much reason to have two Freedom cards, I don't use any of my chase cards at all. I'm focused on earning AA miles. But I'll downgrade anyway for now then when I drop below 5/24 I'll get a new CSP and move the UR points back. I only have 10k points, so might as well bank them to combine with a new CSP bonus in the future.
Dec 19, 2016, 11:19 pm
#629
Join Date: May 2015
Location: LAX, BUR
Programs: AS,AA,JB, HH Gold, Starriott Titanium Elite, Hyatt Explorist, Global Entry
Posts: 1,933
Dec 22, 2016, 2:06 am
#630
Join Date: Jun 2016
Posts: 2,257
plan to downgrade CSP to Freedom tomorrow.
is the downgrade effective immediately? and if yes, does that mean that i can take advantage of the 2016 Q4 drug store + wholesale stores 5x bonus, even though the new freedom card would not arrive before 31 Dec?
is the downgrade effective immediately? and if yes, does that mean that i can take advantage of the 2016 Q4 drug store + wholesale stores 5x bonus, even though the new freedom card would not arrive before 31 Dec?