Author Topic: Close Chase Sapphire Preferred or downgrade?  (Read 3399 times)

HAPPYINAZ

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Close Chase Sapphire Preferred or downgrade?
« on: December 07, 2016, 09:55:24 AM »
Since we now have the Chase Sapphire Reserve I figure we don't need our two CSP cards.  They are still under a year, so I could close them before annual fee is charged.  I have already transferred all my points over to the Reserve.  I see many people downgrade to the Chase Freedom unlimited, but if I do that, then we can't get signup bonus of $150 for the freedom card, right?  So I am thinking it's best to close the CSPs and eventually apply for other Chase cards to get the bonuses.  I would keep the CSP and enroll in the tradeline sales, but most companies don't allow Chase cards and I don't want to risk losing Chase Reserve card. 

So my question is....is it better to just close the CSPs or to downgrade?  I don't see a reason to downgrade and lose future possible bonus signups, except to keep the age of the cards on my credit score, but they are less than a year old anyway, so not likely a big impact to credit score.  Am I missing any reason to downgrade rather than close?


Catbert

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Re: Close Chase Sapphire Preferred or downgrade?
« Reply #1 on: December 07, 2016, 10:23:59 AM »
This in part depends on whether you plan to churn credit cards.  If you do, you'll easily run afoul of 5/24 within a yea or so.  Personally I downgraded my CSP to the regular Chase Freedom for the rotating 5% categories.  I wouldn't *waste* a 5/24 slot for $150 bonus. 

HAPPYINAZ

  • Bristles
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Re: Close Chase Sapphire Preferred or downgrade?
« Reply #2 on: December 08, 2016, 03:43:44 PM »
This in part depends on whether you plan to churn credit cards.  If you do, you'll easily run afoul of 5/24 within a yea or so.  Personally I downgraded my CSP to the regular Chase Freedom for the rotating 5% categories.  I wouldn't *waste* a 5/24 slot for $150 bonus.

Thanks for your input.  I hadn't thought about the 5% rotating categories.  I am already at 5/24.  And plan to keep getting cards as I can.  Chase Ink business cards and Southwest cards are what I would like next, but waiting two years to get clear of the 5/24 seems like for ever!