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?
Nov 11, 2011, 5:52 pm
#1
Original Poster
Join Date: Feb 2002
Location: Laguna Niguel, CA USA
Posts: 39
Chase Sapphire Preferred - Keep, Downgrade, or Cancel?
For 8 years I have had a Platinum Card with approx $40K per year in spending. Last year I was visiting the bank and the representative recommended that I upgrade to the Chase Sapphire Preferred. I did not ask or receive any bonus miles to upgrade and I did not realize that there was a $95 annual fee after the first year. I just received my statement and there is the $95 renewal fee….
My questions are:
1. Should I have received bonus miles for upgrading from Platinum to Sapphire Preferred?
2. Should I call and request a waiver of the annual fee for year 2?
3. Should I downgrade back to the Platinum to avoid the annual fee?
4. Will I be able to transfer my 300K miles to an airline using a downgrade card? My original Platinum card did not allow me to transfer miles.
5. Why are there so many posts regarding transferring miles to CO's Program? Is there an advantage to transferring to CO or to UA? I am enrolled in both FF Programs.
Any recommendation would be appreciated.
My questions are:
1. Should I have received bonus miles for upgrading from Platinum to Sapphire Preferred?
2. Should I call and request a waiver of the annual fee for year 2?
3. Should I downgrade back to the Platinum to avoid the annual fee?
4. Will I be able to transfer my 300K miles to an airline using a downgrade card? My original Platinum card did not allow me to transfer miles.
5. Why are there so many posts regarding transferring miles to CO's Program? Is there an advantage to transferring to CO or to UA? I am enrolled in both FF Programs.
Any recommendation would be appreciated.
Nov 11, 2011, 9:31 pm
#2
Join Date: Nov 2011
Posts: 2
yes, yes, no, no, depends on your preference. I bet if you called in and complained that you didn't get the bonus they'll give it to you. A year ago they would give you an extra 50k (in addition to the normal 50k bonus) if you complained.
Nov 12, 2011, 10:32 am
#3
FlyerTalk Evangelist
Join Date: Jan 2005
Location: home = LAX
Posts: 25,933
Until extremely recently you couldn't transfer from Sapphire Preferred to UA, only to CO. It's only been in recent weeks that they finally announced the ability to transfer to UA. So all posts you see before that were about transfering to CO because that used to be the only way to do it.
Nov 15, 2011, 3:31 pm
#4
Original Poster
Join Date: Feb 2002
Location: Laguna Niguel, CA USA
Posts: 39
Thanks for the advice. I will reply with the outcome.
Nov 15, 2011, 3:51 pm
#5
Join Date: Sep 2003
Location: W29
Programs: It's Complicated...
Posts: 6,817
I didn't realize people signed up for cards without a signup bonus. 
I would definitel ask about the points and would think no fee for 2nd year would be the minimum they could do.
I would definitel ask about the points and would think no fee for 2nd year would be the minimum they could do.
May 31, 2012, 11:54 am
#6
Join Date: Feb 2003
Location: SFO or OAK
Programs: AA 1MM GLD, Hertz #1 Gold, bunch of other programs w/no status
Posts: 1,454
Cancelling Sapphire but keeping Ink Bold questions
I just received a new Ink Bold card (targeted 50K pt UR bonus on first purchase 
) and plan on cancelling my Sapphire card as the annual fee is due. I have already combined the two cards onto my online chase.com account. But before I cancel the Sapphire, I want to make sure I get everything right:
1) I assume Ink Bold UR points will now go into my existing UR account, and that my current point balance won't go away when I cancel the Sapphire, right?
2) I should transfer my Sapphire credit line to my Ink Bold.
3) If I keep the Sapphire for some reason, will I earn the 7% dividend on UR points earned via Ink Bold (esp. the sign-on bonus) since it is one account? I suspect not, but I figured I'd ask just in case.
thanks!
) and plan on cancelling my Sapphire card as the annual fee is due. I have already combined the two cards onto my online chase.com account. But before I cancel the Sapphire, I want to make sure I get everything right:1) I assume Ink Bold UR points will now go into my existing UR account, and that my current point balance won't go away when I cancel the Sapphire, right?
2) I should transfer my Sapphire credit line to my Ink Bold.
3) If I keep the Sapphire for some reason, will I earn the 7% dividend on UR points earned via Ink Bold (esp. the sign-on bonus) since it is one account? I suspect not, but I figured I'd ask just in case.
thanks!
May 31, 2012, 12:18 pm
#7
Formerly known as iahsumr
Join Date: Jan 2011
Posts: 520
First, I very much agree with the strategy of keeping the Ink Bold but cancelling the Sapphire Preferred after the free year. Many folks will get a much better bonus out of the Ink Bold than the CSP.
1. I would transfer all of the UR points from your CSP account to your Ink Bold account before calling to close your account.
2. They probably won't let you transfer a personal line of credit to your business card. They do allow that sometimes to open a business card, but I would be surprised to hear that you do it once the account is open. Of course, I could be wrong so it is worth a shot.
3. There were some reports last year of UR points transferred into a CSP account from other accounts counting toward the 7% bonus, so I would give it a maybe, maybe not answer.
1. I would transfer all of the UR points from your CSP account to your Ink Bold account before calling to close your account.
2. They probably won't let you transfer a personal line of credit to your business card. They do allow that sometimes to open a business card, but I would be surprised to hear that you do it once the account is open. Of course, I could be wrong so it is worth a shot.
3. There were some reports last year of UR points transferred into a CSP account from other accounts counting toward the 7% bonus, so I would give it a maybe, maybe not answer.
May 31, 2012, 2:17 pm
#8
Join Date: Feb 2003
Location: SFO or OAK
Programs: AA 1MM GLD, Hertz #1 Gold, bunch of other programs w/no status
Posts: 1,454
Thanks MP! OK, so just because I have both cards under one online account, it appears the UR points go into separate accounts. Is there a way to move points between accounts online or do I have to call?
May 31, 2012, 2:22 pm
#9
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,954
- Go to: http://ultimaterewards.com
- Login
- Click: Manage Ultimate Rewards
- Click: Combine Points
May 31, 2012, 2:47 pm
#10
In memoriam
Join Date: Jan 2006
Posts: 4,020
I closed my Sapphire Pref a few weeks ago and just before doing so went on line as described above to transfer the points balance to my Ink Bold card. Very easy.
Interestingly, when I called to close the Sapp card the rep checked to see what my point balance was so that, if there had been one, rep could transfer it to another account thus avoiding point loss. That was very nice of the rep and I wonder if it is Chase policy?
Interestingly, when I called to close the Sapp card the rep checked to see what my point balance was so that, if there had been one, rep could transfer it to another account thus avoiding point loss. That was very nice of the rep and I wonder if it is Chase policy?
May 31, 2012, 2:55 pm
#11
Join Date: Feb 2003
Location: SFO or OAK
Programs: AA 1MM GLD, Hertz #1 Gold, bunch of other programs w/no status
Posts: 1,454
Thanks mia
Thanks for the info - moving points was super-easy.
May 31, 2012, 4:28 pm
#12
Join Date: Jun 2011
Location: AL
Programs: All of the Above
Posts: 1,374
You can't transfer the credit limit from the CSP to the Ink Bold because the Ink Bold doesn't have a "credit limit". It's a charge card with a soft limit. I'd be surprised if they did this since there's not really a limit on the Ink Bold (but there kinda is, just not officially).
May 31, 2012, 5:10 pm
#13
Join Date: Feb 2003
Location: SFO or OAK
Programs: AA 1MM GLD, Hertz #1 Gold, bunch of other programs w/no status
Posts: 1,454
You can't transfer the credit limit from the CSP to the Ink Bold because the Ink Bold doesn't have a "credit limit". It's a charge card with a soft limit. I'd be surprised if they did this since there's not really a limit on the Ink Bold (but there kinda is, just not officially).
May 31, 2012, 5:16 pm
#14
Join Date: May 2008
Location: SFO
Posts: 851
i'd recommend not cancelling the CSP but rather downgrading to the normal chase sapphire with no annual fee. still get 2x on dining out, just lose the 2x on travel and 7% annual bonus. plus you keep your credit line open with the same account, which helps me a lot cause i have relatively short credit history on average.
Jun 2, 2012, 8:40 am
#15
Join Date: Feb 2011
Location: CVG
Programs: Hyatt Giraffe
Posts: 1,664
i'd recommend not cancelling the CSP but rather downgrading to the normal chase sapphire with no annual fee. still get 2x on dining out, just lose the 2x on travel and 7% annual bonus. plus you keep your credit line open with the same account, which helps me a lot cause i have relatively short credit history on average.