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?
Jun 9, 2013, 6:12 pm
#121
Join Date: Feb 2013
Programs: Hilton Plastic, Delta Silver Emeritus
Posts: 1,037
Neither of the cards has 3x on dining. Both cards have 2x on dining, but only the Preferred has 2x on travel, no foreign transaction fees, a 7% points dividend, 1.25 cents per point when redeeming for travel on Ultimate Rewards, and ability to transfer points to partner travel programs like United MileagePlus.
I also need to decide in early fall whether to downgrade CSP or Ink Bold. I think it makes more sense for me to downgrade Bold as my side businesses don't have revenue of $25,000 (Ink Classic 5x limit) so they can't have expenses over $25,000. I think other than lounge access the other benefits are redundant.
Jun 10, 2013, 2:17 am
#123
Suspended
Join Date: Aug 2012
Location: NYC & PEK
Programs: Hyatt Diamond, UA GS, AA EXP
Posts: 292
I got CSP last feb and I paid the annual fee this year. This April, I applied for mastercard version and got pending. I made a phone call and representative told me I can't have visa and mastercard. I downgrade CSP visa to freedom card and got mastercard approved.
Jun 11, 2013, 10:42 am
#124
Join Date: Feb 2012
Programs: UA, AA, SW, Marriott, SPG, Hyatt, TYN
Posts: 59
Downgrade SP to either Sapphire or Freedom?
My Sapphire Preferred is up for AF. My spouse has a separate SP CC, and all my purchases have been on her card and go into her UR account.
It doesn't seem necessary for me continue to pay for the preferred card. I am considering applying for a regular Sapphire or Freedom card, both of which are no fee and accrue UR points.
The question I have is whether UR points earned on those 2 cards can eventually be transferred to my wife's UR account.
Thanks for any input.
It doesn't seem necessary for me continue to pay for the preferred card. I am considering applying for a regular Sapphire or Freedom card, both of which are no fee and accrue UR points.
The question I have is whether UR points earned on those 2 cards can eventually be transferred to my wife's UR account.
Thanks for any input.
Jun 11, 2013, 12:34 pm
#125
Join Date: Feb 2012
Posts: 731
Any UR points earned with any of the Chase UR credit cards (Freedom, Ink, Sapphire, Sapphire preferred) can be transferred to your wife's SP UR account.
In my experience, my Sapphire Preferred could not be converted into a Freedom card, and could only downgrade to the regular Sapphire card.
Later after a few months, I was able to convert my Sapphire card into a Freedom Mastercard.
In my experience, my Sapphire Preferred could not be converted into a Freedom card, and could only downgrade to the regular Sapphire card.
Later after a few months, I was able to convert my Sapphire card into a Freedom Mastercard.
Jun 11, 2013, 2:18 pm
#126
Join Date: Mar 2013
Location: Tampa, FL
Programs: SPG Plat, Marriott Plat, Hyatt Diamond, IHG Plat
Posts: 194
I would suggest thinking a bit farther than just this annual fee. You mention you have an Ink Bold which is what you plan to use to transfer to UR partners. So it sounds like your plan is to downgrade the CSP and keep the Bold, even paying the $95 annual fee for the Bold if required? That is certainly one option.
I have the CSP, Ink Plus and Ink Bold today. My long-term plan plan is to keep the CSP as my card to transfer to UR partners, and downgrade Ink Plus/Bold to regular Ink (dropping the other if needed to get another Chase card). This gives me the 5x UR for telecomm, office supply stores, but I get to keep the broader travel bonus categories of the CSP and the 7% annual div.
I have the CSP, Ink Plus and Ink Bold today. My long-term plan plan is to keep the CSP as my card to transfer to UR partners, and downgrade Ink Plus/Bold to regular Ink (dropping the other if needed to get another Chase card). This gives me the 5x UR for telecomm, office supply stores, but I get to keep the broader travel bonus categories of the CSP and the 7% annual div.
Jun 12, 2013, 12:16 am
#127
Join Date: Jul 2009
Location: ORD
Programs: American Airlines EXP, Marriott Titanium, Hyatt Globalist
Posts: 410
But at some point you'll have to rationalize if you want to keep any of them over the long term happily paying the annual fee (and in that case which one, or more, to keep), or you're just in it for the sign-up bonus and will move to fee-free or cancel when the annual fee becomes due.
This really depends on each individual person and their spend habits, so the original question really needs to be answered by you. All this thread will provide is a sample of data points on what other people are doing but remember their situations are different.
I will keep the CSP paying the annual fee because the 2x UR points on my international restaurant spend will in itself almost cover the $95 annual fee with no foreign exchange fees.
Jun 12, 2013, 10:57 am
#128
Join Date: Mar 2013
Location: Tampa, FL
Programs: SPG Plat, Marriott Plat, Hyatt Diamond, IHG Plat
Posts: 194
Not a bad idea at all. Many people cycle through the CSP, Plus and Bold to be the vehicle to transfer UR points to partners, taking advantage of the first fee-free year.
But at some point you'll have to rationalize if you want to keep any of them over the long term happily paying the annual fee (and in that case which one, or more, to keep), or you're just in it for the sign-up bonus and will move to fee-free or cancel when the annual fee becomes due.
This really depends on each individual person and their spend habits, so the original question really needs to be answered by you. All this thread will provide is a sample of data points on what other people are doing but remember their situations are different.
I will keep the CSP paying the annual fee because the 2x UR points on my international restaurant spend will in itself almost cover the $95 annual fee with no foreign exchange fees.
But at some point you'll have to rationalize if you want to keep any of them over the long term happily paying the annual fee (and in that case which one, or more, to keep), or you're just in it for the sign-up bonus and will move to fee-free or cancel when the annual fee becomes due.
This really depends on each individual person and their spend habits, so the original question really needs to be answered by you. All this thread will provide is a sample of data points on what other people are doing but remember their situations are different.
I will keep the CSP paying the annual fee because the 2x UR points on my international restaurant spend will in itself almost cover the $95 annual fee with no foreign exchange fees.
Jun 13, 2013, 8:49 am
#129
Join Date: Mar 2013
Location: Tampa, FL
Programs: SPG Plat, Marriott Plat, Hyatt Diamond, IHG Plat
Posts: 194
So for those of you on the edge of your seats, I think I've made my decision..
I am going to downgrade the card for now. I will avoid paying the fee and will lose the 2x on travel. I have other cards that give me extra points for travel so I can use those for now.
I can upgrade the card back at any time and pay the annual fee.
The only downside is I will lose out on that 7% rebate at the end of the year. By my estimates, I earned ~24,000 points so far, so 7% of that would be 1680. Not a huge chunk of points, but nothing to sneeze at either.
I am going to downgrade the card for now. I will avoid paying the fee and will lose the 2x on travel. I have other cards that give me extra points for travel so I can use those for now.
I can upgrade the card back at any time and pay the annual fee.
The only downside is I will lose out on that 7% rebate at the end of the year. By my estimates, I earned ~24,000 points so far, so 7% of that would be 1680. Not a huge chunk of points, but nothing to sneeze at either.
Jun 13, 2013, 3:55 pm
#130
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
I've decided to downgrade my CSP and keep my Ink Bold (and Palladium). I chose to keep the Ink Bold over the CSP because the Ink Bold tends to get retention offers that net out the AF, while I haven't seen a single report of a CSP retention offer in several months.
Additionally, I get 2x on travel through Palladium anyway so the only thing I'm really missing by not having CSP is the 7% dividend, and I don't spend more than $33,928 per year in dining on my CSP to make the financials work.
If I don't get a retention offer on the Ink Bold, I'll probably cancel that as well though.
The regular Sapphire gets 3x on First Friday dining as well.
Additionally, I get 2x on travel through Palladium anyway so the only thing I'm really missing by not having CSP is the 7% dividend, and I don't spend more than $33,928 per year in dining on my CSP to make the financials work.
If I don't get a retention offer on the Ink Bold, I'll probably cancel that as well though.
The regular Sapphire gets 3x on First Friday dining as well.
Jun 14, 2013, 11:57 am
#131
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
If you downgrade a CSP to CS, will any travel charges the post between your last statement and the day of the downgrade still get 2x? I'm wondering if they give you a final CSP statement on the day you downgrade, or just switch things over to CS and keep the same statement cycle.
Jun 14, 2013, 11:58 am
#132
Join Date: Mar 2013
Location: Tampa, FL
Programs: SPG Plat, Marriott Plat, Hyatt Diamond, IHG Plat
Posts: 194
If you downgrade a CSP to CS, will any travel charges the post between your last statement and the day of the downgrade still get 2x? I'm wondering if they give you a final CSP statement on the day you downgrade, or just switch things over to CS and keep the same statement cycle.
Jun 14, 2013, 12:04 pm
#133
Join Date: Mar 2013
Location: Tampa, FL
Programs: SPG Plat, Marriott Plat, Hyatt Diamond, IHG Plat
Posts: 194
Here's another thought. If I downgrade my sapphire now, but upgrade it BACK before the end of the year, will I still get that 7% rebate on ALL points earned?
Jun 14, 2013, 12:29 pm
#134
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279
Jun 14, 2013, 12:30 pm
#135
Join Date: Feb 2013
Location: NYC
Programs: UA 1K, AA EP, Hyatt Diamond, SPG Platinum, M life Noir
Posts: 1,279