Feb 12, 2016, 8:56 am
Last edit by: beltway
This is the general 2016-2019 thread for weighing the relative merits
of keeping, downgrading, or canceling Chase-issued credit cards.
Post-2019 discussion continues in this thread.
of keeping, downgrading, or canceling Chase-issued credit cards.
Post-2019 discussion continues in this thread.
What's the main reason people product change (PC)?
The benefits offered by a particular card, might suit you better than the card you are holding. Many people, unable to qualify for a new Chase Sapphire Reserve application, upgraded from the Sapphire Preferred to the Sapphire Reserve, because the benefits of the CSR's cash reimbursements made the annual fee a nominal difference the first year. And vice versa- the onerous $450 yearly fee of the CSR makes an appealing case to downgrade to the Sapphire Preferred, and eventually to the no-fee Sapphire or a Freedom card.
Many people product change to avoid the annual fees on the premium versions of the card. Keeping the card open, via a product change, keeps the account open. This allows you to retain the seasoned account, and the banking relationship that the older card has established with Chase.
Why not just cancel the card and be done with it?
This may be the right choice for you, but others want some of the card benefits without having to reapply. Also, Chase has become very restrictive for new card applicants. For Chase cards, you must wait 24- 48 months since the last time you received a bonus before reapplying. Please see the threads on the individual cards for updated overlay rules.
An additional (and more stringent) overlay is the infamous 5/24 rule, which Chase instituted in May 2016 as a counter-measure against churning, or, as they refer to it, "Serial Starters." The 5/24 rule is that you won't be eligible for most Chase card products if you've opened more than 5 credit cards in 24 months. For more on this and other application-related issues, see the current "Applying for Chase Credit Cards " Master thread.
Finally, canceling certain cards--those earning Chase Ultimate Rewards--may deprive you of the ability to exchange UR for miles/points in air & hotel programs. See Ultimate Rewards transfer partners, times & rules.
Is there any way I can keep a card without paying the annual fee?
See Chase Retention Bonuses: June 2015-Present
Are there any restrictions on product changes?
Product changes are only allowed within the same card "family," and are not permitted between business and personal cards. Also, Chase cites the federal CARD Act to deny product changes on any account less that one year old.
Will a product change count as a new card?
No, you will keep your same card number, "opened on" date, credit line, automatic payment arrangements, etc. A product change does not count against Chase's 5/24 limitations on new cards.
Will I get a signup bonus when I change?
No, product changes do not result in point bonuses. Signup bonuses are reserved for new applicants only. For the complete list of public sign up offers, check the Chase sitemap here: https://creditcards.chase.com/sitemap
Is there a place I can look to compare cards?
Go here: https://creditcards.chase.com/credit...D=177087865887
Click: All cards
Place a checkmark in the Compare box for up to three cards.
Click: Compare cards...and you should see a side-by-side display.
I've figured out what I want to switch to. How do I product change my card?
Call the number on the back of your card.
Product changes for the Ultimate Reward Business and Personal Card Family
The UR family of cards includes the Chase Ink business cards, the Freedom Unlimited, the Freedom Card, and the Chase Sapphire Preferred, Reserve and Sapphire.
The Slate (personal) card is also available to downgrade to. It has no annual fee and does not earn any type of reward points. It offers a low fee (currently 0% for the first 60 days) balance transfers and APR.
Personal Cards
- Freedom: 5X points in rotating quarterly categories up to $1500 spend per quarter. If you max out the $1500 every quarter, it totals 7500 UR per quarter, or 30,000 UR per year.
- Freedom Unlimited: 1.5X for all spending, no bonus categories. $20,000 in spend would net 30,000 UR per year.
- Sapphire Reserve: $450 annual fee, $300 annual travel credit, 3X points for travel and dining. Books travel through the UR portal for 1.5 per dollar. Lounge access and other goodies. See the thread here for details.
- Sapphire Preferred: $95 annual fee, 2X points for travel & dining
- For discussion specific to the Sapphire Preferred Card, see Chase Sapphire Preferred - Keep, Downgrade, or Cancel?
- Sapphire: Not available to new applicants. Available as a product downgrade/change only, must tier down from the Sapphire Reserve to Sapphire Preferred to Sapphire or Freedom cards. No annual fee. Some Customer Service Reps are citing that the original product (i.e., the CSR), must be held for one year before downgrading. Please provide data points in the thread if this happens to you.
Business Cards
- Ink Plus: $95 annual fee, 5X office supplies, 5X cellular/landline/cable; 2X gas and hotels
- Ink Preferred: 3x on travel, shipping, internet/phone/cable, & some online advertising.
- Ink Cash: No annual fee, 5X office supplies, 5X cellular/landline/cable; 2X gas and restaurants
If you still have a legacy Ink Classic or Ink Bold business card, neither of which is available for new signups, you can product change to one of the other Ink cards.
Considerations for downgrading/upgrading:
Can I combine my UR points?
Yes, UR can be combined freely across the cardholder's own personal and business accounts.
What about transfering my UR to another person's Chase UR account? To their air/hotel partner account?
With restrictions, UR from a personal card can be transferred to a person living at the same address. Business cards allow transfer to owners of the company listed as authorized users.
However, be warned that there are transfer restrictions. Unauthorized transfers have resulted in shut-downs. Review the Chase T&C for details before planning a transfer. For discussion, see http://www.flyertalk.com/forum/chase...-accounts.html.
The Freedom cards, no-fee Ink Cash, and no-fee Sapphire cards do not allow UR transfer to airline/hotel partners. If you are downgrading from a premium UR card and will only have no-fee cards left, it may be prudent to transfer your points to the partner of your choice beforehand.
I know I can use UR to pay for travel directly (as opposed to transfering points into a travel partner program). Do the Chase UR cards differ on this?
Only the Sapphire Reserve books travel on the UR portal for 1.5. So you can stack your card bonus opportunities when your UR points are combined into your CSR account and used for booking travel. If, for instance, you earned 5x on your Ink Plus on your phone bill, and combine those 5x Ink earned points into your CSR's UR account, you'll now get an additional .5 in value when you redeem them on the travel portal.
Product Changes for United Airlines Cards
There are options to downgrade or upgrade UA cards.
- United Mileage Plus Card- no annual fee, 1 UA mile per $2 in spend
- United Mileage Plus Explorer Card- $95 annual fee, 1 mile per dollar earning, additional award inventory on UA, free checked bag, 25% bonus on the shopping portal.
- United Plus Club Card- $450 annual fee, 1.5 miles per $1, many additional premium card benefits
- Business Cards for the Mileage Plus and Club Card give you a choice to upgrade or downgrade between those two.
Southwest Airlines Cards
The difference here is a nominal $30/3000 points per year.
Personal cards
- Plus Card- $69 annual fee, 3000 bonus points upon renewal
- Premiere Card- $99 annual fee, 6000 bonus points upon renewal
Chase Product Change/Card Conversion: Downgrade, Upgrade, Keep or Cancel? (2016-2019)
Aug 29, 2016, 10:00 am
#196
Join Date: Dec 2015
Location: DCA
Posts: 818
My CSP was 9 months old. I was able to downgrade it to a Sapphire, then called the next day and PC'd to a Freedom Unlimited. Nice workaround for those with a (now useless) CSP who want to product change before the 1 year mark.
Aug 29, 2016, 10:39 am
#197
Moderator: Budget Travel forum & Credit Card Programs, FlyerTalk Evangelist
Join Date: Aug 2002
Location: YYJ/YVR and back on Van Isle ....... for now
Programs: UA lifetime MM / *A Gold
Posts: 14,429
Aug 29, 2016, 11:03 am
#198
Join Date: Apr 2010
Posts: 391
Closing a CSP vs downgrading to CS
Hi,
I have a question for all you experts. I moved to the US 2 years ago. So my credit history is 2 years old (excellent credit, almost 800, but short).
I currently have these credit cards:
1) Chase Freedom (AU)
2) Chase Freedom unlimited
3) Chase Sapphire Preferred
4) Credit Union one
5) Capital One credit card
6) Chase Sapphire Reserve
Since I don't want to double pay, I want to cancel or downgrade my CSP. Of course I can downgrade it to CS and not use it at all. Since I don't like unused credit cards, I was wondering, how bad would it be (credit score) to cancel the CSP? Is the hit big?
BTW, does utilization being calculated for each CC or total? Meaning for instance, lets say you have 3 cc with 10K limit each. and you spend on one 6K and 1K on each other. is that ok (low utilization), or since on one card you have 60% utilization that is a bad thing?
Thanks,
Joe
I have a question for all you experts. I moved to the US 2 years ago. So my credit history is 2 years old (excellent credit, almost 800, but short).
I currently have these credit cards:
1) Chase Freedom (AU)
2) Chase Freedom unlimited
3) Chase Sapphire Preferred
4) Credit Union one
5) Capital One credit card
6) Chase Sapphire Reserve
Since I don't want to double pay, I want to cancel or downgrade my CSP. Of course I can downgrade it to CS and not use it at all. Since I don't like unused credit cards, I was wondering, how bad would it be (credit score) to cancel the CSP? Is the hit big?
BTW, does utilization being calculated for each CC or total? Meaning for instance, lets say you have 3 cc with 10K limit each. and you spend on one 6K and 1K on each other. is that ok (low utilization), or since on one card you have 60% utilization that is a bad thing?
Thanks,
Joe
Last edited by jjoe123; Aug 29, 2016 at 11:30 am
Aug 29, 2016, 11:34 am
#199
Join Date: Dec 2015
Location: DCA
Posts: 818
You can downgrade it to a Freedom and double up on the 5x categories.
Aug 29, 2016, 11:48 am
#200
Join Date: Apr 2010
Posts: 391
Well, since I already have Freedom (AU, but can still combine points), I'd rather not accumulate credit cards that I will just put in the drawer...Unless it would affect my credit score much. They of course I'd play the "game" and downgrade it (and not use it)
Aug 29, 2016, 12:05 pm
#201
FlyerTalk Evangelist
Join Date: Aug 2002
Location: Intermountain West
Programs: Too many to list
Posts: 12,088
The benefits are minimal. Have her keep the card (good for credit score-AAoA) and apply for the Chase Mileage Plus Explorer card. She will rec. at least a 30K mile bonus.
Aug 29, 2016, 12:12 pm
#202
Join Date: Apr 2014
Location: DC
Posts: 360
You don't understand. Downgrading to a Freedom will give you another shot at 5%.
For example, Oct-Dez. this year will bring you 5% at Amazon.com. You already have one Freedom, which will give you 5% up to $1,500 spend. If you get another Freedom, you can get 5% in another $1,500.
You might say "well, I never maximize the categories as they are". That might be true, but you never know what the future will bring.
For example, Oct-Dez. this year will bring you 5% at Amazon.com. You already have one Freedom, which will give you 5% up to $1,500 spend. If you get another Freedom, you can get 5% in another $1,500.
You might say "well, I never maximize the categories as they are". That might be true, but you never know what the future will bring.
Aug 29, 2016, 12:16 pm
#203
Join Date: Apr 2010
Posts: 391
Oh, now I understand. Btw, does cancelling an AU card affects my score?
I mean, I can downgrade to Freedom, and then cancel my AU one (my wife will still keep her card, so we will have the 2 Freedoms to use).
Also, they suggested in the branch, to downgrade to Chase Sapphire. From what I've seen there is no reason in the world to do that (and not Freedom), right?
I mean, I can downgrade to Freedom, and then cancel my AU one (my wife will still keep her card, so we will have the 2 Freedoms to use).
Also, they suggested in the branch, to downgrade to Chase Sapphire. From what I've seen there is no reason in the world to do that (and not Freedom), right?
Aug 29, 2016, 12:21 pm
#204
Join Date: Nov 2014
Location: NYC
Posts: 581
Oh, now I understand. Btw, does cancelling an AU card affects my score?
I mean, I can downgrade to Freedom, and then cancel my AU one (my wife will still keep her card, so we will have the 2 Freedoms to use).
Also, they suggested in the branch, to downgrade to Chase Sapphire. From what I've seen there is no reason in the world to do that (and not Freedom), right?
I mean, I can downgrade to Freedom, and then cancel my AU one (my wife will still keep her card, so we will have the 2 Freedoms to use).
Also, they suggested in the branch, to downgrade to Chase Sapphire. From what I've seen there is no reason in the world to do that (and not Freedom), right?
Aug 29, 2016, 12:26 pm
#205
Join Date: Apr 2010
Posts: 391
1) Chase Freedom (AU) - Wife's card 1.5 years, AU one 3 months
2) Chase Freedom unlimited - 4 months
3) Chase Sapphire Preferred 1.5 years
4) Credit Union one - 2 years
5) Capital One credit card - 2 years
6) Chase Sapphire Reserve - new
2) Chase Freedom unlimited - 4 months
3) Chase Sapphire Preferred 1.5 years
4) Credit Union one - 2 years
5) Capital One credit card - 2 years
6) Chase Sapphire Reserve - new
Aug 29, 2016, 12:36 pm
#206
Join Date: Jun 2012
Location: NYC
Programs: UA 1K, Hyatt Globalist, Bonvoy Titanium, Hilton Diamond
Posts: 368
The card doesn't show up. Only these cards of which it isn't. https://www.chase.com/online/Credit-...rcards-new.htm I'm gonna have her call Chase tonight and see if they can provide any info.
Aug 29, 2016, 12:37 pm
#207
Join Date: Jun 2012
Location: NYC
Programs: UA 1K, Hyatt Globalist, Bonvoy Titanium, Hilton Diamond
Posts: 368
Yea we don't intend to close the card, its her oldest so its being kept for the age on credit history. Already got her into the CSP at 50k.
Aug 29, 2016, 1:00 pm
#208
Join Date: Apr 2014
Location: DC
Posts: 360
Right.
Aug 29, 2016, 1:19 pm
#209
FlyerTalk Evangelist
Join Date: Aug 2009
Location: ZOA, SFO, HKG
Programs: UA 1K 0.9MM, Marriott Gold, HHonors Gold, Hertz PC, SBux Gold, TSA Pre✓
Posts: 13,811
Utilization only matters when you carry balance. It is based on total CLs you have.
Aug 29, 2016, 1:24 pm
#210
Join Date: Apr 2010
Posts: 391
I don't carry balance at all (pay fully every month). From what I understood, it is good to have low utilization every statement (e.g., total bill less than 10% or 30% etc).
So if let's say combined I have 100K CL, and I only use 6K (6%) that is considered low utilization? Even if I use it all on one card that its CL is 10K? (60%)?
So if let's say combined I have 100K CL, and I only use 6K (6%) that is considered low utilization? Even if I use it all on one card that its CL is 10K? (60%)?