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?
Feb 21, 2013, 9:49 pm
#91
Join Date: Mar 2012
Programs: Hilton, Hyatt, Priority, SPG - AA, Hawaiian Airline, United, US Airline
Posts: 608
I just called today to downgrade my CSP to Freedom. An representative said that he can downgrade it to Chase Sapphire only. He can't downgrade it to Freedom. He also told me that if I want Freedom card, I need to apply Freedom card. I really dont want to apply for a new credit card which will get a hard pull on my credit report. In addition, Freedom has only 10,000 bonus point for sign up bonus. It is not worth to get a hard pull. I really dont know why somebody can downgrade it to Freedom but not me????
Feb 22, 2013, 11:30 am
#93
Join Date: Feb 2012
Posts: 731
I just called today to downgrade my CSP to Freedom. An representative said that he can downgrade it to Chase Sapphire only. He can't downgrade it to Freedom. He also told me that if I want Freedom card, I need to apply Freedom card. I really dont want to apply for a new credit card which will get a hard pull on my credit report. In addition, Freedom has only 10,000 bonus point for sign up bonus. It is not worth to get a hard pull. I really dont know why somebody can downgrade it to Freedom but not me????
In my experience, I first downgraded my CSP to a regular Sapphire card, then I called back a few months later to convert the regular Sapphire card to a Freedom Mastercard.
Now I have both a Freedom Visa and a Freedom Mastercard to double up on the 5x bonus categories!
Also, I've never been asked to return a CSP card before.
Feb 22, 2013, 4:00 pm
#94
Join Date: Mar 2012
Programs: Hilton, Hyatt, Priority, SPG - AA, Hawaiian Airline, United, US Airline
Posts: 608
This is the fifth call. There is no option for me to switch to Freedom. I asked the reason. A representative told me that maybe my CSP is not yet 1 year. This coming March is gonna be 1 year. I think I am on Chase blacklist. However, I was just approved for a United Chase card 1 week ago. I am really happy when I was approved for Chase card. So I dont know I am on the Chase Freedom blacklist or not. So I think I will call back after March. Let's see.
Last edited by happy9zz; Feb 22, 2013 at 6:05 pm
Feb 25, 2013, 2:53 pm
#95
Join Date: May 2008
Location: SFO
Posts: 851
This is the fifth call. There is no option for me to switch to Freedom. I asked the reason. A representative told me that maybe my CSP is not yet 1 year. This coming March is gonna be 1 year. I think I am on Chase blacklist. However, I was just approved for a United Chase card 1 week ago. I am really happy when I was approved for Chase card. So I dont know I am on the Chase Freedom blacklist or not. So I think I will call back after March. Let's see.
Feb 25, 2013, 11:33 pm
#96
Join Date: Nov 2011
Posts: 229
Move credit limit when downgrading???
I downgraded my CSP to Slate because of the annual fee yesterday. I asked the rep if I moved the credit limit from CSP to another Chase card, would that have any negative impact to my credit score? She said they might do a credit inquiry but it all depends. I didn't want to take the risk so nothing moved. Now the downgrade is done, what is the chance of moving the credit limit? Is that even a good idea?
I'm just trying to prepare for the future churning so that I have a good amount to give up for new accounts. If Chase is Ok to pull credit limit from more than one account to open a new card, then I am fine with leaving my credit limit exactly where they are. Any advise?
I'm just trying to prepare for the future churning so that I have a good amount to give up for new accounts. If Chase is Ok to pull credit limit from more than one account to open a new card, then I am fine with leaving my credit limit exactly where they are. Any advise?
May 21, 2013, 2:33 pm
#97
Join Date: Apr 2009
Location: CLD
Programs: ua S, marriott P, hilton G, ihg P
Posts: 579
close sapphire preferred, and get what?
the annual fee showed in my sapphire preferred statement. Called CS to ask for waiver (I used the card a lot since it's my everyday card), but was told the fee cannot be waived. So I'm debating whether to close it.
I like the feature of being able to transfer UR points to other FF programs A LOT. So after closing this card, can I get some other card with similar features? maybe some version of ink?
I also have a freedom card. So before closing, I can transfer the points over to freedom. Upon getting the new card, I can then transfer to the new card ('cause eventually I want to transfer them to FF programs). Will this be a good strategy?
can really use some expert advice here..
I like the feature of being able to transfer UR points to other FF programs A LOT. So after closing this card, can I get some other card with similar features? maybe some version of ink?
I also have a freedom card. So before closing, I can transfer the points over to freedom. Upon getting the new card, I can then transfer to the new card ('cause eventually I want to transfer them to FF programs). Will this be a good strategy?
can really use some expert advice here..
May 21, 2013, 11:00 pm
#98
Join Date: Apr 2012
Location: MKE
Programs: Hyatt Diamond, SPG Plat, Hilton Gold, Club Carlson Gold,
Posts: 639
Why not down grade the card to no fee version. Apply after x months ( not sure might be a year) for Mastercard version. Get bonus again. I will likely do this for my wife. I don't really care about annual fees. I get more than $95 worth of value anyway.
May 21, 2013, 11:19 pm
#99
Join Date: Apr 2009
Location: CLD
Programs: ua S, marriott P, hilton G, ihg P
Posts: 579
only problem is I don't want to loss the capability of transferring points out at any time I might need them. that's why i'm looking to get another card straightaway.
thanks for the master version tip. will look into that option, too.
thanks for the master version tip. will look into that option, too.
May 22, 2013, 2:25 pm
#100
Join Date: Jan 2008
Location: LAS
Programs: DL PM, UA PS, Hyatt Globalist, Marriott Titanium
Posts: 4,904
Get an Ink card and transfer the Sapphire points over to Ink. Same transfer features.
I have a Sapphire Preferred annual fee coming up, paid last year (and got some points out of it) but no recon this year. Going to end up applying for another card (non-UR) and replacing the SP with it, but only after putting the points in my Ink Bold account. I'll apply for the SP Mastercard later on (can't find the link at the moment but it's in the SP MC thread).
I have a Sapphire Preferred annual fee coming up, paid last year (and got some points out of it) but no recon this year. Going to end up applying for another card (non-UR) and replacing the SP with it, but only after putting the points in my Ink Bold account. I'll apply for the SP Mastercard later on (can't find the link at the moment but it's in the SP MC thread).
May 22, 2013, 2:25 pm
#101
Join Date: Aug 2012
Location: SE US
Posts: 94
Why not keep the card for another year since you've paid the fee? Then wait until next year when your annual fee is about to hit and call BEFORE and see if you can get a retention bonus (eg. more points, waived fee).
If the retention bonus is not to your liking, call back a couple of days later and cancel the card. Then get something else. No brainer.
If the retention bonus is not to your liking, call back a couple of days later and cancel the card. Then get something else. No brainer.
May 22, 2013, 3:07 pm
#102
Join Date: Jan 2008
Location: LAS
Programs: DL PM, UA PS, Hyatt Globalist, Marriott Titanium
Posts: 4,904
Why not keep the card for another year since you've paid the fee? Then wait until next year when your annual fee is about to hit and call BEFORE and see if you can get a retention bonus (eg. more points, waived fee).
If the retention bonus is not to your liking, call back a couple of days later and cancel the card. Then get something else. No brainer.
If the retention bonus is not to your liking, call back a couple of days later and cancel the card. Then get something else. No brainer.
May 22, 2013, 6:50 pm
#103
Join Date: Apr 2009
Location: CLD
Programs: ua S, marriott P, hilton G, ihg P
Posts: 579
Get an Ink card and transfer the Sapphire points over to Ink. Same transfer features.
I have a Sapphire Preferred annual fee coming up, paid last year (and got some points out of it) but no recon this year. Going to end up applying for another card (non-UR) and replacing the SP with it, but only after putting the points in my Ink Bold account. I'll apply for the SP Mastercard later on (can't find the link at the moment but it's in the SP MC thread).
I have a Sapphire Preferred annual fee coming up, paid last year (and got some points out of it) but no recon this year. Going to end up applying for another card (non-UR) and replacing the SP with it, but only after putting the points in my Ink Bold account. I'll apply for the SP Mastercard later on (can't find the link at the moment but it's in the SP MC thread).
May 22, 2013, 8:37 pm
#104
Join Date: Mar 2012
Posts: 784
Take a look around, many reports of Chase pulling two bureaus on personal cards too.
May 22, 2013, 9:10 pm
#105
Join Date: Dec 2012
Posts: 335
Since you use your CSP for everyday spend, what did your 7% dividend come out to this year? If it was over 9000 UR points, you've made up the annual fee already.
But if you def want to close it, sounds like a good plan to open an Ink as you wont lose transfer privileges.
But if you def want to close it, sounds like a good plan to open an Ink as you wont lose transfer privileges.