Got Chase sapphire reserve credit card. Can I close C S preferred

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ram
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Got Chase sapphire reserve credit card. Can I close C S preferred

Post by ram » Wed Oct 19, 2016 10:42 pm

I have had Chase sapphire preferred card for the last 1 yr and 10 months. I have about 11000 ultimate rewards points currently from using this card.
I got the CS reserve card a few weeks ago.

Can the UR points collected by using the CS preferred card be used in association with the CS reserve card. Though the travel portal they are worth 150% with the CS reserve card and only 125% with the CS preferred card.

or

Should I use up the UR points collected by spending on the CS preferred while I have that card open. I am planning to close the CSP card before the next annual fee is due.
( I have not yet spent 4000 on the CSR card and have not yet completed the first month so have not gotten any UR points from it yet)
Ram

master36
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Re: Got Chase sapphire reserve credit card. Can I close C S preferred

Post by master36 » Wed Oct 19, 2016 10:49 pm

My recommendation would be to not close it, but convert it to either the Chase Freedom (1% cash back on all purchase, and 5% on rotating categories) or the Chase Freesom Unlimted (1.5% cash back on all purchases). Both cards have no yearly fees.

I personally have both. I called chase and easily converted my chase sapphire preferred card, kept my points and leverage the new card for all purchases that are not travel or dining

One additional benefit of the CSR is that any other ultimate rewards points earned through the other cards can also be redeemed at 1.5x through the travel portal, or can also be transferred to your partner of choice.

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Doom&Gloom
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Re: Got Chase sapphire reserve credit card. Can I close C S preferred

Post by Doom&Gloom » Thu Oct 20, 2016 10:45 am

+1 to master36's response.

There is no need to hurry to use the points on your CSP. Simply click the UR button on your web account page and transfer them to the CSR.

If you have had the CSP for > 1 year, you should get a pro-rated refund of the annual fee on your next statement if you convert to a Freedom or Freedom Unlimited.

Drew777
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Re: Got Chase sapphire reserve credit card. Can I close C S preferred

Post by Drew777 » Thu Oct 20, 2016 11:36 am

I would agree with product changing your CSP to a Freedom Unlimited. Use the CSR for dining/travel expenses and the Freedom Unlimited for everything else.

Pam01
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Re: Got Chase sapphire reserve credit card. Can I close C S preferred

Post by Pam01 » Thu Oct 20, 2016 11:42 am

I already had a Chase Freedom and didn't need Unlimited as I have 2% cashback cards already. So I went ahead and closed CSP and got the annual fee refunded in full.

Paladin01
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Re: Got Chase sapphire reserve credit card. Can I close C S preferred

Post by Paladin01 » Thu Oct 20, 2016 2:49 pm

I am in the same situation. As mentioned above, it is easy to transfer the Rewards. However, if you convert the card to either Freedom or Freedom Unlimited, you do not get the sign up bonuses for those cards. So you may want to close the Preferred account and open up new Freedom and/or Freedom Unlimited so you get the $500 bonus.

fh2000
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Re: Got Chase sapphire reserve credit card. Can I close C S preferred

Post by fh2000 » Thu Oct 20, 2016 3:07 pm

master36 wrote:My recommendation would be to not close it, but convert it to either the Chase Freedom (1% cash back on all purchase, and 5% on rotating categories) or the Chase Freesom Unlimted (1.5% cash back on all purchases). Both cards have no yearly fees.

I personally have both. I called chase and easily converted my chase sapphire preferred card, kept my points and leverage the new card for all purchases that are not travel or dining

One additional benefit of the CSR is that any other ultimate rewards points earned through the other cards can also be redeemed at 1.5x through the travel portal, or can also be transferred to your partner of choice.
How does redeeming at 1.5X work?
Say, you just received 100,000 points and want to book a flight that normally cost 50,000 points. Booking it thru UR portal would cost how many points?

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Doom&Gloom
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Re: Got Chase sapphire reserve credit card. Can I close C S preferred

Post by Doom&Gloom » Thu Oct 20, 2016 3:11 pm

Paladin01 wrote:I am in the same situation. As mentioned above, it is easy to transfer the Rewards. However, if you convert the card to either Freedom or Freedom Unlimited, you do not get the sign up bonuses for those cards. So you may want to close the Preferred account and open up new Freedom and/or Freedom Unlimited so you get the $500 bonus.
Where do you see $500 bonus? I see $150 bonus after $500 spend for each of those cards.

Also, be aware that the Chase 5/24 rule will be in effect for new applications for those cards. But, yes, that is an option.

jcavana1
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Re: Got Chase sapphire reserve credit card. Can I close C S preferred

Post by jcavana1 » Fri Oct 21, 2016 9:17 am

Not my website but CreditCardpeDiem has a good CSR synopsis

Drew777
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Re: Got Chase sapphire reserve credit card. Can I close C S preferred

Post by Drew777 » Fri Oct 21, 2016 9:39 am

fh2000 wrote:
master36 wrote:My recommendation would be to not close it, but convert it to either the Chase Freedom (1% cash back on all purchase, and 5% on rotating categories) or the Chase Freesom Unlimted (1.5% cash back on all purchases). Both cards have no yearly fees.

I personally have both. I called chase and easily converted my chase sapphire preferred card, kept my points and leverage the new card for all purchases that are not travel or dining

One additional benefit of the CSR is that any other ultimate rewards points earned through the other cards can also be redeemed at 1.5x through the travel portal, or can also be transferred to your partner of choice.
How does redeeming at 1.5X work?
Say, you just received 100,000 points and want to book a flight that normally cost 50,000 points. Booking it thru UR portal would cost how many points?
It's totally different, the UR price through the portal is tied to the cash price of the flight. When you use miles with an airline it's (usually) based on what region you're traveling too regardless of the cash price of the flight. You just get 1.5 cents per point through the portal. Most of the time that's going to be less than you would get transferring to airlines, especially for international flights. Maybe not for cheap domestic flights.

Drew777
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Re: Got Chase sapphire reserve credit card. Can I close C S preferred

Post by Drew777 » Fri Oct 21, 2016 9:42 am

Pam01 wrote:I already had a Chase Freedom and didn't need Unlimited as I have 2% cashback cards already. So I went ahead and closed CSP and got the annual fee refunded in full.
The advantage of the Freedom Unlimited isn't redeeming for cash back, it's transferring to travel partners. Earning 1.5 UR per dollar is more like earning 3%+ if you transfer to travel partners.

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ram
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Re: Got Chase sapphire reserve credit card. Can I close C S preferred

Post by ram » Fri Oct 21, 2016 10:27 pm

Thank you everybody. I will close the card. I have other 2% cashback cards ( Fido visa). Later if I open the freedom card I will collect the new ac bonus for the freedom card. I would not be affected by the 5/24 rule.
Ram

Paladin01
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Re: Got Chase sapphire reserve credit card. Can I close C S preferred

Post by Paladin01 » Fri Oct 21, 2016 11:27 pm

Doom&Gloom wrote:
Paladin01 wrote:I am in the same situation. As mentioned above, it is easy to transfer the Rewards. However, if you convert the card to either Freedom or Freedom Unlimited, you do not get the sign up bonuses for those cards. So you may want to close the Preferred account and open up new Freedom and/or Freedom Unlimited so you get the $500 bonus.
Where do you see $500 bonus? I see $150 bonus after $500 spend for each of those cards.

Also, be aware that the Chase 5/24 rule will be in effect for new applications for those cards. But, yes, that is an option.
Sorry, you are correct. $150 bonus for $500 spend

Drew777
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Re: Got Chase sapphire reserve credit card. Can I close C S preferred

Post by Drew777 » Mon Oct 24, 2016 9:54 am

ram wrote:Thank you everybody. I will close the card. I have other 2% cashback cards ( Fido visa). Later if I open the freedom card I will collect the new ac bonus for the freedom card. I would not be affected by the 5/24 rule.
Chase has a ton of valuable signup bonuses, personally I would rather product change your Sapphire to a Freedom and earn other more valuable signup bonuses. The Freedom signup bonus is pretty small.

Pam01
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Re: Got Chase sapphire reserve credit card. Can I close C S preferred

Post by Pam01 » Mon Oct 24, 2016 11:35 am

Drew777 wrote:
Pam01 wrote:I already had a Chase Freedom and didn't need Unlimited as I have 2% cashback cards already. So I went ahead and closed CSP and got the annual fee refunded in full.
The advantage of the Freedom Unlimited isn't redeeming for cash back, it's transferring to travel partners. Earning 1.5 UR per dollar is more like earning 3%+ if you transfer to travel partners.
That is a good point. I may get that card at some point when the signup bonus looks attractive. Just having Chase Freedom Unlimited is not sufficient to transfer to travel partners, correct? You need either CSP or CSR in order to do so, correct?

Drew777
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Re: Got Chase sapphire reserve credit card. Can I close C S preferred

Post by Drew777 » Tue Oct 25, 2016 9:07 am

Pam01 wrote:
Drew777 wrote:
Pam01 wrote:I already had a Chase Freedom and didn't need Unlimited as I have 2% cashback cards already. So I went ahead and closed CSP and got the annual fee refunded in full.
The advantage of the Freedom Unlimited isn't redeeming for cash back, it's transferring to travel partners. Earning 1.5 UR per dollar is more like earning 3%+ if you transfer to travel partners.
That is a good point. I may get that card at some point when the signup bonus looks attractive. Just having Chase Freedom Unlimited is not sufficient to transfer to travel partners, correct? You need either CSP or CSR in order to do so, correct?
Right. Personally I would rather get the CSP and CSR and downgrade one to a Freedom Unlmited since the FU is never going to have a very bigger signup bonus. Chase has a ton of cards with much more valuable signup bonuses, and you can only get so many.

muffins14
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Re: Got Chase sapphire reserve credit card. Can I close C S preferred

Post by muffins14 » Wed Oct 26, 2016 4:18 am

Just went through the same process myself. Upon calling Chase to cancel the preferred card, they offered to transfer the line of credit on the preferred card onto the reserve, so I didn't lose any spending power. Perhaps that results in some imperceptible credit score benefit by keeping a higher total credit availability and not opening another new line of credit (like the freedom card), despite closing the preferred account....but I would be surprised if anything measurable happened.

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