With the increased sign-up bonus on the Chase Sapphire Preferred card, we are getting a lot of inquiries on downgrading it in order to re-apply. Let’s go over the basics of how to downgrade a Chase card and when it makes sense to do so.
It makes sense to downgrade the Chase Sapphire Preferred or Chase Sapphire Reserve card when it’s been at least 48 months since you received the welcome offer on that card. Why? To get a sign-up bonus again, of course! We are all over those SUBs, and Chase Ultimate Rewards are our favorite! (Remember that you can only have either the Sapphire Preferred or the Sapphire Reserve, not both.)
You could, of course, cancel the card and re-apply but only if you don’t have any points left! Ultimate Rewards don’t expire if you have a card that earns them, but you will lose them if you don’t have one. Here are the personal and business cards that earn Ultimate Rewards:
Make sure that you don’t outright cancel a card unless you have one of the cards above. If you don’t have one, plan to downgrade instead of cancel. Note that you won’t be able to get the sign-up bonus on the card that you downgrade to for a while.
You can downgrade a CSP or CSR by calling the number on the back of your card.
Occasionally, you will want to cancel or downgrade a credit card. In my opinion, if it had been 48 months+ since I received the welcome offer on my Chase Sapphire Preferred or Chase Sapphire Reserve card, I’d want to know how to downgrade it so that I could jump on the increased bonus on the Sapphire Preferred.
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