Downgrading Chase Sapphire Preferred

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squirm
Posts: 1306
Joined: Sat Mar 19, 2011 11:53 am

Downgrading Chase Sapphire Preferred

Post by squirm » Sat Dec 09, 2017 2:52 pm

I got my wife a CSP card a couple years ago and received the bonus points, we haven't used them yet though. We just got hit with the annual fee, I called Chase and they didn't budge about waiving it. So I think I will downgrade the card to regular and sock drawer it, however we just paid the fee so does it make sense to wait or will they prorate it? Are the bonus points less valuable with the Sapphire card?

TravelGeek
Posts: 1928
Joined: Sat Oct 25, 2014 3:23 pm

Re: Downgrading Chase Sapphire Preferred

Post by TravelGeek » Sat Dec 09, 2017 2:59 pm

Only the CSR and the CSP allow point transfer to partner programs (hotels, airlines). If this was what you got the bonus for, you’d lose that ability.

squirm
Posts: 1306
Joined: Sat Mar 19, 2011 11:53 am

Re: Downgrading Chase Sapphire Preferred

Post by squirm » Sat Dec 09, 2017 3:00 pm

TravelGeek wrote:
Sat Dec 09, 2017 2:59 pm
Only the CSR and the CSP allow point transfer to partner programs (hotels, airlines). If this was what you got the bonus for, you’d lose that ability.
No, I just want to keep the ability to use it with the Ultimate Rewards Website. We generally don't stay at hotels (usually use VRBO).
Last edited by squirm on Sat Dec 09, 2017 3:01 pm, edited 1 time in total.

BW1985
Posts: 1737
Joined: Tue Mar 23, 2010 6:12 pm

Re: Downgrading Chase Sapphire Preferred

Post by BW1985 » Sat Dec 09, 2017 3:00 pm

TravelGeek wrote:
Sat Dec 09, 2017 2:59 pm
Only the CSR and the CSP allow point transfer to partner programs (hotels, airlines). If this was what you got the bonus for, you’d lose that ability.
Ink also does for sure.
"Squirrels figured out how to save eons ago. They buried acorns. Some, they dug up, for food. Others, they let to sprout, in new oak trees. We could learn from squirrels." -john94549

BW1985
Posts: 1737
Joined: Tue Mar 23, 2010 6:12 pm

Re: Downgrading Chase Sapphire Preferred

Post by BW1985 » Sat Dec 09, 2017 3:03 pm

squirm wrote:
Sat Dec 09, 2017 3:00 pm
TravelGeek wrote:
Sat Dec 09, 2017 2:59 pm
Only the CSR and the CSP allow point transfer to partner programs (hotels, airlines). If this was what you got the bonus for, you’d lose that ability.
No, I just want to keep the ability to use it with the Ultimate Rewards Website. We generally don't stay at hotels (usually use VRBO).
You’ll need a premium card to access ultimate rewards. If you downgrade to Freedom within 30 days of fee they will return fee but you will only be able to either transfer points to someone else in your household or redeem for cash.

I downgraded mine but my wife just opened a CSP so I transferred my points to her.
"Squirrels figured out how to save eons ago. They buried acorns. Some, they dug up, for food. Others, they let to sprout, in new oak trees. We could learn from squirrels." -john94549

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whodidntante
Posts: 3433
Joined: Thu Jan 21, 2016 11:11 pm

Re: Downgrading Chase Sapphire Preferred

Post by whodidntante » Sat Dec 09, 2017 3:08 pm

See point #7.
https://www.doctorofcredit.com/18-thing ... out-chase/

I've gotten the fee refunded for another Chase card and I keep the account open. I put a lot of spending on that card (27k this year, 25-40k in past years), which might help.
Last edited by whodidntante on Sat Dec 09, 2017 3:10 pm, edited 1 time in total.

squirm
Posts: 1306
Joined: Sat Mar 19, 2011 11:53 am

Re: Downgrading Chase Sapphire Preferred

Post by squirm » Sat Dec 09, 2017 3:09 pm

BW1985 wrote:
Sat Dec 09, 2017 3:03 pm
squirm wrote:
Sat Dec 09, 2017 3:00 pm
TravelGeek wrote:
Sat Dec 09, 2017 2:59 pm
Only the CSR and the CSP allow point transfer to partner programs (hotels, airlines). If this was what you got the bonus for, you’d lose that ability.
No, I just want to keep the ability to use it with the Ultimate Rewards Website. We generally don't stay at hotels (usually use VRBO).
You’ll need a premium card to access ultimate rewards. If you downgrade to Freedom within 30 days of fee they will return fee but you will only be able to either transfer points to someone else in your household or redeem for cash.

I downgraded mine but my wife just opened a CSP so I transferred my points to her.
MIght be over 30 days....but maybe not. I also have a CSP, can I transfer the points to my account?

TravelGeek
Posts: 1928
Joined: Sat Oct 25, 2014 3:23 pm

Re: Downgrading Chase Sapphire Preferred

Post by TravelGeek » Sat Dec 09, 2017 3:11 pm

BW1985 wrote:
Sat Dec 09, 2017 3:00 pm
TravelGeek wrote:
Sat Dec 09, 2017 2:59 pm
Only the CSR and the CSP allow point transfer to partner programs (hotels, airlines). If this was what you got the bonus for, you’d lose that ability.
Ink also does for sure.
Right, but the OP has a consumer card, and I don’t think they would let them change it to a business card. Also, it has a $95 annual fee as well.

squirm
Posts: 1306
Joined: Sat Mar 19, 2011 11:53 am

Re: Downgrading Chase Sapphire Preferred

Post by squirm » Sat Dec 09, 2017 3:12 pm

whodidntante wrote:
Sat Dec 09, 2017 3:08 pm
See point #7.
https://www.doctorofcredit.com/18-thing ... out-chase/

I've gotten the fee refunded for another Chase card and I keep the account open. I put a lot of spending on that card (27k this year, 25-40k in past years), which might help.
Chase gave me a nice statement credit earilier this year...I think it was $60 or so, so I still have my CSP...

squirm
Posts: 1306
Joined: Sat Mar 19, 2011 11:53 am

Re: Downgrading Chase Sapphire Preferred

Post by squirm » Sat Dec 09, 2017 3:13 pm

whodidntante wrote:
Sat Dec 09, 2017 3:08 pm
See point #7.
https://www.doctorofcredit.com/18-thing ... out-chase/

I've gotten the fee refunded for another Chase card and I keep the account open. I put a lot of spending on that card (27k this year, 25-40k in past years), which might help.
Chase gave me a nice statement credit earilier this year...I think it was $60 or so, so I still have my CSP...

drk
Posts: 524
Joined: Mon Jul 24, 2017 10:33 pm
Location: Seattle

Re: Downgrading Chase Sapphire Preferred

Post by drk » Sat Dec 09, 2017 3:24 pm

If it's been two years since you got the bonus, you should:

1. Downgrade your current card to a Freedom or Freedom Unlimited
2. Apply for the Sapphire Preferred to get the bonus again

If you're within 60 days of your account anniversary, downgrading the card will get Chase to refund the annual fee via a credit to your account. Just make sure you apply 30 days after downgrading and 24 months after the last time you received the bonus (not when you opened the card last).

BW1985
Posts: 1737
Joined: Tue Mar 23, 2010 6:12 pm

Re: Downgrading Chase Sapphire Preferred

Post by BW1985 » Sat Dec 09, 2017 3:36 pm

drk wrote:
Sat Dec 09, 2017 3:24 pm
If it's been two years since you got the bonus, you should:

1. Downgrade your current card to a Freedom or Freedom Unlimited
2. Apply for the Sapphire Preferred to get the bonus again

If you're within 60 days of your account anniversary, downgrading the card will get Chase to refund the annual fee via a credit to your account. Just make sure you apply 30 days after downgrading and 24 months after the last time you received the bonus (not when you opened the card last).
Believe they changed it to 30 days. FYI
"Squirrels figured out how to save eons ago. They buried acorns. Some, they dug up, for food. Others, they let to sprout, in new oak trees. We could learn from squirrels." -john94549

BW1985
Posts: 1737
Joined: Tue Mar 23, 2010 6:12 pm

Re: Downgrading Chase Sapphire Preferred

Post by BW1985 » Sat Dec 09, 2017 3:37 pm

squirm wrote:
Sat Dec 09, 2017 3:09 pm
BW1985 wrote:
Sat Dec 09, 2017 3:03 pm
squirm wrote:
Sat Dec 09, 2017 3:00 pm
TravelGeek wrote:
Sat Dec 09, 2017 2:59 pm
Only the CSR and the CSP allow point transfer to partner programs (hotels, airlines). If this was what you got the bonus for, you’d lose that ability.
No, I just want to keep the ability to use it with the Ultimate Rewards Website. We generally don't stay at hotels (usually use VRBO).
You’ll need a premium card to access ultimate rewards. If you downgrade to Freedom within 30 days of fee they will return fee but you will only be able to either transfer points to someone else in your household or redeem for cash.

I downgraded mine but my wife just opened a CSP so I transferred my points to her.
MIght be over 30 days....but maybe not. I also have a CSP, can I transfer the points to my account?
Yes
"Squirrels figured out how to save eons ago. They buried acorns. Some, they dug up, for food. Others, they let to sprout, in new oak trees. We could learn from squirrels." -john94549

BW1985
Posts: 1737
Joined: Tue Mar 23, 2010 6:12 pm

Re: Downgrading Chase Sapphire Preferred

Post by BW1985 » Sat Dec 09, 2017 3:39 pm

TravelGeek wrote:
Sat Dec 09, 2017 3:11 pm
BW1985 wrote:
Sat Dec 09, 2017 3:00 pm
TravelGeek wrote:
Sat Dec 09, 2017 2:59 pm
Only the CSR and the CSP allow point transfer to partner programs (hotels, airlines). If this was what you got the bonus for, you’d lose that ability.
Ink also does for sure.
Right, but the OP has a consumer card, and I don’t think they would let them change it to a business card. Also, it has a $95 annual fee as well.
Gotcha. I wasn’t thinking product change I was thinkimg opening a new card. Annual fee yes but 80k points totally worth the fee.
"Squirrels figured out how to save eons ago. They buried acorns. Some, they dug up, for food. Others, they let to sprout, in new oak trees. We could learn from squirrels." -john94549

drk
Posts: 524
Joined: Mon Jul 24, 2017 10:33 pm
Location: Seattle

Re: Downgrading Chase Sapphire Preferred

Post by drk » Sat Dec 09, 2017 4:03 pm

BW1985 wrote:
Sat Dec 09, 2017 3:36 pm
drk wrote:
Sat Dec 09, 2017 3:24 pm
If it's been two years since you got the bonus, you should:

1. Downgrade your current card to a Freedom or Freedom Unlimited
2. Apply for the Sapphire Preferred to get the bonus again

If you're within 60 days of your account anniversary, downgrading the card will get Chase to refund the annual fee via a credit to your account. Just make sure you apply 30 days after downgrading and 24 months after the last time you received the bonus (not when you opened the card last).
Believe they changed it to 30 days. FYI
That's just for cancelling, IIRC.

FB01
Posts: 499
Joined: Fri May 20, 2011 12:36 am

Re: Downgrading Chase Sapphire Preferred

Post by FB01 » Sun Dec 10, 2017 7:25 pm

But if you are planning to apply for Chase Sapphire later just for bonus, you might want to cancel it and reapply after 2 years.

They just got the policy wherein you cannot apply for the same card if you are having one and should be 2 years for you to not have that card.

-FB

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