Don't miss out! Join the thousands of people who subscribe to our once-daily email or our free miles and points Facebook group with all the best travel news. Points With a Crew has partnered with CardRatings for our coverage of credit card products. Points With a Crew and CardRatings may receive a commission from card issuers.
A little over a year ago I decided to upgrade my Chase Sapphire Preferred card to a Chase Sapphire Reserve (SEE: Should I upgrade my Chase Sapphire Preferred to a Reserve?). Fortuitously, I was granted a Chase card beyond 5/24, with the conversion of my Fairmont Visa into the Sapphire product. Although I didn’t receive any sort of bonus when I upgraded the product, I considered the benefits of the Sapphire Reserve to be worth it.
But now I might cancel the card altogether. Here’s why:
I’ve already gotten the $300 travel credit. Twice.
This shouldn’t be possible, yet it is the case for my account. I converted products in January 2018 and used the travel credit within weeks. I thought I might even get a second one immediately, as the renewal date of the credit on my account was in late February. But it didn’t reset.
However, the credit has reset for 2019, and I have already used it. Oddly, the annual fee has not been billed. Last year this fee was not billed until months later, which was strange then. But it appears to be holding true this year as well.
I’m not sure what the implications would be if I cancel the card (i.e. does it risk a Chase shutdown pocketing the credit for this year), but I am leaning toward that option, which brings me to my second reason.
Sign-up bonus for a new Sapphire Product
Over four years (seven, actually) have passed since I first received a bonus on a Sapphire product, which means I am in the clear for a new bonus based on Chase’s 48-month rule for bonuses on Sapphire products. As I am planning to drop below 5/24 by November or December of this year, I could pick up either a new Sapphire Preferred or Sapphire Reserve. I would actually lean more toward a new Sapphire Preferred with the annual fee waived the first year.
(SEE ALSO: Why I keep recommending the Chase Sapphire Preferred for people starting out)
Previously, I did not have another card that provided Priority Pass access, which is one reason I have held onto the Reserve. But I now hold the American Express Hilton Aspire card, which is a premium card I am seriously considering keeping long-term onto due to the array of benefits it provides. This does weaken the benefits of holding the Reserve a bit, and I only really want to hold onto one premium card at a time.
I’m still not 100% sold on dropping my Chase Sapphire Reserve, as I have really enjoyed the perks it provides, the 3x earning on travel and dining (put to good use during work travel), and the ability to redeem Ultimate Rewards points at 1.5 cents per point. But getting another 50,000-point sign up bonus would more than make up for this difference in value.
What would you do? Should I cancel the card and avoid a fee, or stick with the product?
Points With a Crew has partnered with CardRatings for our coverage of credit card products. Points With a Crew and CardRatings may receive a commission from card issuers. Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered. Other links on this page may also pay me a commission - as always, thanks for your support if you use them
Why cancel when you can convert/downgrade to a freedom +/- unlimited?
I already have a Freedom, and I don’t see a point to having a second Freedom Unlimited, as my wife already has one. I guess changing to a CFU it would give us the option of upgrading her Freedom Unlimited to a Sapphire Preferred, should we want to use the Ultimate Rewards points for travel in the interim before I get a new card?
We could shuffle so that I have the Freedom Unlimited and she has a Freedom. Would let us both capitalize on the quarterly bonus categories. Didn’t think of that angle.
I have multiple Freedom cards. How could having extra spend for UR’s be a bad thing?
Interesting. I guess I just figured that Chase wouldn’t let you hold two of the same card. That would be the way to go!
I think having multiple Freedoms makes more sense than multiple Freedom Unlimiteds. Why would you need multiple FUs? Unless you were hitting your credit limit? With multiple Freedoms (I used to have 3 but now have 2) that would let you do multiples of the quarter bonus
Downgrade to another freedom as the other commenter said. Makes way more sense.
I completely agree with the poster above. There is 0 reason to have multiple freedom unlimiteds. You can have multiple regular freedoms.
I think I shall!
Does anyone regard this shuffling around as cheating, do you feel its what the company expects, and do you think you are entitled to ill gained benefits because of the unevenness of big business?
Not judging, just wondering. It seems like a lot of trouble for not much return, unless your policy is to never buy something you wouldn’t normally, and pay off cards before due date. How do you track it all?
I always pay off cards before payment due date. There is no way to make this hobby work if you don’t do that.
In regard to the “ill gotten gains”, as long as I operate within the rules set by the banks (and they do as well), I have no qualms obtaining more value from their products than I give them. It’s part of what they offer to consumers, hoping to trap them with interest, fees, and the like. You just need to be more savvy than that.
The taxpayers footed a $12 billion bailout for JP Morgan. I have no qualms dealing with Chase or any other bank in this manner. Their customers (and employees) are just numbers on a spreadsheet.
So based on your “header” I clicked on to read your reasons why yet neither was there a reason as promised by the introduction you in fact state that your not 100% so tell me what is it?
Disclaimer I too have the card and seriously considering not renewing however I am also at the stage where I am slowing down and reducing my “footprint” hence the reason I opened your post. after reading it “click bait’? you tell us.
I guess my reasons don’t count as reasons?
1) Two $300 credits have been credited to me. I’ve been billed one $450 annual fee. Would rather not pay the second $450.
2) Dropping it for another sign up bonus is appealing. I’m more likely to pick up the Chase Sapphire Preferred.
Hidden third reason: card is less appealing for PP access, as I have the Hilton Aspire that will provide this for me through April 2020, leading to reason #2 being even more attractive, as there will be no “lapse” in benefits.
Anything can happen, and while I’d say I am 90% convinced that I’ll drop the card, I won’t need to make the decision until the fee actually posts.
But as commenters pointed out, I missed a key strategy, which would be to downgrade to another Freedom card.
if I was going to drop or switch my CSR, I am not, it would be to get the Citi Prestige giving 5 points on air, 5 points on restaurants & 3 on hotels, primary car insurance along with all the other insurances that others (read AMEX) do not. Oh, priority pass, $250 travel credits each year AND 50,000 bonus points.
Prestige is a decent card. I’m not into paying multiple huge fees, and I have the $450 Aspire this year that I’ve already swallowed. Otherwise, I might consider the Prestige, as the 24-month clock from downgrading my ThankYou Premier should be up by summer.