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?
Dec 22, 2016, 7:15 am
#631
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,958
Dec 28, 2016, 6:57 am
#633
Join Date: Dec 2016
Posts: 29
Downgrading Chase card count toward 5/24?
Recently downgraded my CSP to Freedom, in order to reapply for CSP and get the bonus again (I've had the card for 3 years). Applied again, and was told my application was pending further review. I am currently 4/24, but if the downgrade counts as a new card I'd be 5/24.
Anyone know if the downgrade transaction counts toward the 5/24 rule? Did I screw myself by downgrading instead of transferring the credit and cancelling?
Anyone know if the downgrade transaction counts toward the 5/24 rule? Did I screw myself by downgrading instead of transferring the credit and cancelling?
Last edited by MDsteve; Dec 28, 2016 at 7:03 am
Dec 28, 2016, 7:37 am
#634
Join Date: Dec 2010
Location: DEL
Posts: 1,056
It doesn't count toward 5/24 because it's not a new account. See the wiki in the keep/downgrade/cancel thread: http://www.flyertalk.com/forum/chase...de-cancel.html
Mar 2, 2017, 8:58 pm
#635
Join Date: Aug 2009
Posts: 166
Recently downgraded my CSP to Freedom, in order to reapply for CSP and get the bonus again (I've had the card for 3 years). Applied again, and was told my application was pending further review. I am currently 4/24, but if the downgrade counts as a new card I'd be 5/24.
Anyone know if the downgrade transaction counts toward the 5/24 rule? Did I screw myself by downgrading instead of transferring the credit and cancelling?
Anyone know if the downgrade transaction counts toward the 5/24 rule? Did I screw myself by downgrading instead of transferring the credit and cancelling?
Mar 3, 2017, 7:38 am
#636
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,958