What Is Chase Sapphire Preferred Card
What Is Chase Sapphire Preferred Card 2023? If you are interested in obtaining a credit card with points, then the Chase Sapphire Preferred Card may be a great choice for you. You can earn rewards and get protection on your purchases. Plus, you can transfer your account to other partners. However, there are some disadvantages you may want to consider when looking at this type of card.
Minimum credit limit
The Chase Sapphire preferred card is an excellent way to earn points while also enjoying a variety of perks. However, it can be a bit tricky to get the card if you don’t have a good credit score.
The Sapphire Preferred is a great starter rewards card for someone who is new to the world of rewards cards. It offers plenty of benefits, including a global lifeline in case of emergency, lost luggage reimbursement, purchase protection and more.
There are also plenty of ways to redeem your points, such as statement credits, rotating categories and travel. Ultimately, your number of points will depend on your spending and how much you pay off.
If you are thinking of getting the Sapphire Preferred, you’ll be happy to know that it comes with a minimum credit limit of $5,000. You’ll be able to upgrade to a higher credit limit once your score improves.
To qualify for the card, you’ll need a good to excellent credit score and a good income. As a bonus, you can also enjoy benefits like trip delay reimbursement, baggage delay insurance and purchase protection.
The Sapphire Preferred also comes with the highest credit limit among its rivals. This card has a signup bonus of 60,000 points when you spend $4000 on purchases in the first 3 months. These points can be redeemed for $900 toward travel redemption.
If you are an avid traveler and you have a good credit score, you may want to consider applying for the Chase Sapphire Preferred card. The card offers a generous bonus worth up to $750 toward travel, which is more than you can get from the Chase Ultimate Rewards portal.
Besides the sign-up bonus, the Chase Sapphire Preferred offers a variety of other benefits. For instance, the card provides primary car rental insurance coverage. It also has extended warranty protection. You can even enjoy 24/7 roadside assistance.
In addition, the card allows you to earn extra points on online grocery purchases. You can use these points on purchases beyond travel, such as movies.
Chase Sapphire Preferred has no foreign transaction fees. But there is a $10 or 5% charge for cash advances. That’s on top of the annual fee, which is $95. However, the fee is lower than those on competing travel cards.
Unlike many other cards, the Chase Sapphire Preferred lets you convert points to cash. You can then transfer the rewards to your airline or hotel loyalty partners. These points can be redeemed for travel at a rate of 1.25 cents per point.
This makes the Sapphire Preferred a solid option for all travelers. If you are a foodie, however, the Capital One Venture Rewards Credit Card may be a better choice. Its 5X miles on travel and dining purchases make it a better choice for travelers who spend more on dining than on other types of purchases.
Chase Sapphire Preferred Card offers one of the best rewards in the travel category. It’s got an array of benefits for frequent travelers, including the ability to transfer points to airline and hotel partners. Plus, it has a sign-up bonus that’s worth up to 60,000 points.
The Sapphire Preferred has an annual fee of $95, which is fairly reasonable for a travel credit card. However, the fee is offset by the $300 annual travel credit.
Another great feature is the TSA PreCheck fee credit. If you’re a frequent flyer, it can save you a lot of money. You also get a free year of DashPass, which unlocks a number of conveniences. For example, you can use it to access lower service and delivery fees.
The Chase Sapphire Preferred is a good starter card for those looking to build a rewards credit history. However, it’s a bit difficult to get approved for, especially if you’ve been rejected from other travel rewards cards in the past.
The Chase Sapphire Preferred Card is also good for everyday purchases. Because it is part of the Ultimate Rewards program, you can earn points for your purchases that can be used to redeem for statement credits. And if you are interested in earning points for dining and other purchases outside of travel, you’ll be happy to know that the Sapphire Preferred has some of the most lucrative bonus categories.
The Chase Sapphire Preferred has a number of benefits that make it one of the best travel credit cards on the market. For example, it offers a 60,000-point welcome bonus, a $100 travel credit, and the ability to transfer points to 14 travel partners. It also comes with a host of purchase protections and no foreign transaction fees.
Despite its lower annual fee, the Sapphire Preferred has a regular variable APR. You can avoid interest charges by making your payments on time.
The card also has a host of other benefits, including an application fee credit for TSA PreCheck. In addition, it provides a $50 statement credit for hotel stays. Moreover, it has a hefty travel insurance package.
The card also has a “Pay Yourself Back” feature, which allows you to take advantage of its perks even when you’re not traveling. Alternatively, you can use the card’s travel portal to get 1.25 cents per point. This is the best redemption rate you’ll find with a credit card.
The Sapphire Preferred is best for people who spend a lot on dining. But it also has a few travel bonus categories, such as hotel stays and online grocery purchases.
Considering that you can earn more points with other travel rewards cards, you’ll want to decide between the two. If you’re not particularly interested in bonus categories, the Capital One Venture Rewards Credit Card is probably a better choice. Besides the 5 miles on purchases made with the card, it has other benefits, such as airport lounge access through Priority Pass Select.
Protections for damaged or stolen purchases
If you travel often, you’ll be happy to know that the Chase Sapphire preferred card offers protections for damaged or stolen purchases. While it may seem like a small detail, this feature can save you a lot of money on travel insurance.
In addition to offering purchase protection, the Chase Sapphire preferred card also comes with travel benefits. These benefits include an auto rental collision damage waiver and travel accident insurance. You’ll also enjoy a trip delay reimbursement and baggage delay insurance.
The Chase Sapphire preferred card is ideal for those who want to take advantage of valuable rewards while traveling. It offers a signup bonus of 60,000 points after spending $4,000 in the first three months. Plus, you can redeem these points at a 25% rate to earn cash back.
In addition to travel benefits, the Sapphire card also has a number of other useful features. For example, it provides an elevated reward rate on dining, and you’ll receive a free year of access to the DashPass service. That means you can use your card for DoorDash or other delivery services, without paying a delivery fee.
When you’re planning a vacation, you’ll likely need to buy new items. If you buy them on your Chase Sapphire preferred card, you’ll be covered for theft or damage for up to 120 days.
However, you can’t depend on this coverage to cover everything. Specifically, the benefits don’t cover motorized vehicles, perishable items, or items confiscated by authorities.
If you’re looking for the best travel credit card, the Chase Sapphire Preferred is an excellent option. It offers a great welcome bonus, strong travel protections, and a variety of ways to redeem points.
In addition, the Sapphire Preferred’s annual fee is paid for in full by a reward that lasts for several years. This makes it a very attractive choice for frequent travelers.
The card also has a high rewards rate for dining. You can earn three points per dollar for restaurants, and two points for all other purchases. Those rewards can be redeemed for statement credits, or transferred to a hotel loyalty program.
The Chase Sapphire Preferred’s travel protections can save you thousands of dollars. Members have access to travel insurance, lost and damaged purchases coverage, and trip delay reimbursement. They can even be eligible for baggage delay and return protection.
With the Sapphire Preferred, you’ll also receive a 25% point redemption bonus. That means your rewards are worth 25% more when you redeem them for statement credits.
Chase also counts purchases made with hotel and airline partners, including rental cars, taxis, and cruise lines. Plus, it includes discounts on travel websites. And you can even enjoy complimentary access to the Priority Pass Select membership, which gives you access to more than 1,000 VIP airport lounges worldwide.
Another advantage of the Chase Sapphire Preferred is its high spending limit. Cardholders can make a minimum of $3,000 in purchases each month, and earn 6,000 miles each month.https://www.youtube.com/embed/lXh2hL4H8UA
How to Use Chase Sapphire Preferred
If you are a frequent flyer, you might consider applying for the Sapphire Preferred card. There are many benefits to this card, including a sign-up bonus and the opportunity to earn points for every dollar you spend on restaurants. You can also transfer your points to your airline’s partner for free flights and more.
If you are looking for a new credit card that can help you earn rewards, then the Chase Sapphire Preferred is a good choice. It offers one of the best credit card signup bonuses of any card on the market today. In addition to that, the card offers a wide variety of travel benefits.
The card allows you to earn points on your everyday purchases. You can transfer these points to travel partners. This can save you money when booking a vacation.
Another perk of the card is the 60,000-point signup bonus. This can make your travel rewards worth up to $750.
Other great benefits include the ability to redeem points for statement credits. You can also get a $50 annual Ultimate Rewards Hotel Credit. These can be used to pay for things like hotel stays, car rentals, and airfare.
The Sapphire Preferred is a great card for people with good credit. It’s an easy way to rack up Ultimate Rewards points. Depending on how much you spend on the card, you can receive a few cents or a few dollars of cash back.
The Sapphire Preferred is a good choice for frequent travelers. Because it offers an array of travel protections, you can rest assured that you are covered if something goes wrong. Some of the most notable features are the rental car collision damage waiver and trip protection benefits.
Although the Sapphire Preferred has a $95 annual fee, you should be able to afford it. For example, a person with a 740 credit score can expect to earn about 2,500 points after spending $25,000 in the first 24 months.
In addition to the point redemption bonus, the Chase Sapphire Preferred card offers comprehensive travel protections. Members can enjoy benefits such as behind-the-scenes access to events, preferred seating, and purchase protection.
Earn points per dollar on restaurant purchases
If you have a lot of restaurant purchases, you will want to get a Chase Sapphire preferred card. This card will offer you a higher earning rate on these purchases. And it will come with a number of extra benefits, too.
You will get 2 points for every dollar spent on dining. That is a better deal than what you will get with the Capital One Venture Rewards credit card. Also, it comes with no foreign transaction fees.
Plus, you can redeem points for statement credits. But you can also transfer your Ultimate Rewards points to airline and hotel loyalty programs for even more value.
Then, you can redeem those points for cash or use them to book domestic flights or cruises. Finally, you can use your points for hotel and rental car discounts.
Depending on your spending habits, you can earn up to 60,000 Ultimate Rewards points on your first year. It is the largest sign-up bonus among travel rewards credit cards.
For those who like to travel, the Chase Sapphire Preferred is the ideal card. Not only does it give you the highest reward per dollar earned, but it comes with a variety of travel perks. Some of these perks include trip delay reimbursement, baggage reimbursement, and primary car rental collision damage coverage.
In addition, the card comes with an array of partner benefits. These benefits include access to hotel and airline loyalty program partners, and free memberships to services.
With these benefits, the card is a solid companion to other Chase cards. However, you will need to have a good credit score to qualify. A FICO score of 800 is the minimum.
Transfer points to airline partners
Chase Sapphire preferred card users have the ability to transfer points to airline partners. This is a great way to maximize your travel rewards. The point value varies depending on the partner you choose.
For instance, you can transfer Chase Ultimate Rewards points to JetBlue. They are usually worth 1.3-1.4 cents per point. You will need to check the itinerary in the Chase travel portal before transferring points. However, most transfers are complete within a few minutes.
Another good option is Southwest Airlines. Their miles are a lot more valuable than those of some other airlines. Transferring your points to this partner will allow you to fly to some destinations in the U.S. and abroad without paying extra for fuel surcharges.
Finally, Virgin Atlantic Flying Club points are also worthwhile. Their awards are very useful on Japan’s ANA.
If you plan to travel to Ireland, you may want to transfer points to Aer Lingus. They have flights to Dublin for a very reasonable price.
It is possible to transfer points to other airline partners, too. In fact, a majority of Chase’s travel partners are airline companies. Some of these include Delta, United and Southwest. Depending on the type of travel you are looking to do, it may be more cost-effective to book directly with your travel partner.
You can also transfer points to hotel partners. Some of these hotels offer higher value redemptions. Using these points to book a stay at one of these establishments can be a better choice than using your Chase Ultimate Rewards to pay for it.
You can transfer your Chase points to airline and hotel partners at a 1:1 ratio. There is also a free DashPass that can help you unlock cheaper delivery fees and service charges.
Rental collision coverage
If you travel frequently, you might want to consider using the Chase Sapphire preferred card to cover your rental car. This credit card provides you with primary and secondary insurance for your rental cars. In addition to this, the Sapphire card includes Travel & Emergency Assistance Services.
One of the most comprehensive features of the Chase Sapphire preferred card is the auto rental collision damage waiver. This protection is offered automatically to cardholders who meet certain requirements. It covers up to the actual cash value of your vehicle in case of accident. The waiver is not available if you are driving another person’s rental car.
The auto rental collision damage waiver protects you against loss of use fees, towing charges and other damages. However, it does not cover personal injury. Similarly, it does not provide coverage for accidents involving a non-insured driver or for damage caused by a driver who is intoxicated.
You can also opt for the additional liability insurance offered by the Chase Sapphire Preferred. This provides you with coverage for injuries to other drivers and passengers. Although this coverage does not cover damages to the car’s personal belongings, it can help you lower your auto insurance premium.
The auto rental collision damage waiver provided by the Chase Sapphire preferred card does not cover losses resulting from driving other people’s cars, mopeds, or trucks. Furthermore, it does not cover personal injury, property damage, or theft.
As a result, it is important to review your car rental contract to ensure you are not inadvertently excluding yourself from coverage. For instance, most rentals in the U.S. are eligible for Auto Rental CDW, while most rentals abroad are not.
Trip cancellation/interruption insurance
If you’re considering applying for a credit card that offers trip cancellation or interruption insurance, Chase Sapphire Preferred can be a good option. While it’s not the most comprehensive coverage available, it does cover the basics. Whether you need to cancel your trip, delay it, or get reimbursed for a unused hotel stay, the card can help you out.
When you sign up for the Sapphire Preferred, you’ll receive a free roadside assistance program. This service is offered nationwide, and it’s available around the clock. It also includes a lower-service fee on eligible orders, lowering the cost of many services.
You can also redeem points for statement credits. Those rewards can be used for purchases, like airfare, and there are several rotating categories for you to choose from. Besides flights, you can use them to pay for cruises, domestic flights, and dining.
Aside from travel protections, the Chase Sapphire Preferred also offers purchase and warranty protection. For example, you can get a free replacement for lost or stolen luggage. In addition, you can enjoy a 25% point redemption bonus on all your purchases.
You can expect a variety of benefits from the Chase Sapphire Preferred, but the best is probably the free travel insurance. The plan is designed to cover you for the most common travel woes, including trip delay, baggage delay, trip cancellation, and trip interruption.
Another benefit is an extended warranty, which will cover you for eligible purchases, such as travel, appliances, and furniture. To be eligible for these benefits, you must make at least one purchase in the first six months after opening your account.
There are a few things you should consider before signing up for any type of trip insurance. First, you should think about the size of the benefit you need.https://www.youtube.com/embed/0nHBzvs7Agk
How to Destroy a Chase Sapphire Preferred Card
You have just bought a Sapphire Preferred Credit Card from Chase. If you’re not sure how to destroy it, you’re not alone. This is one of the most popular credit card brands on the market today and if you’re not careful, you may lose your money. There are a few steps you can take to make sure you’re not left with a useless credit card.
Shredders and scissors won’t work
Most credit card issuers would agree that you should drop off your old cards, but that is not the only way you can get them to a shiny new one. Similarly, you can purchase a prepaid envelope for the aforementioned aforementioned cards. Alternatively, you could even mail them off in the old fashioned fashion if you are a pro at ol’ fashioned snail mail. If you have been a long time customer, you may have some swag that you can pass along as a gift to a lucky recipient. In all cases, be sure to do your homework and ask the banker for the best price. Some banks even have a reward program in place where you can earn bonus points for being a loyal credit cardholder. For those that are more tech savvy, a good rule of thumb is to always use a password protected browser. It is a known fact that hackers are prone to stealing your passwords, so be sure to keep it a secret.
Returning your card to the issuer
If you have a Chase Sapphire Preferred card, you have some options when it comes to returning it to the issuer. The first option is to call the number on the back of your card to ask for a prepaid envelope to return it. Alternatively, you can mail it to the issuer.
Another option is to visit a physical bank branch to have a representative accept your card. You may be able to accept your card right on the spot, or the representative may be able to tell you about other options.
You can also try to replace your Sapphire Preferred with another Sapphire card. You could choose from several alternatives, such as the Sapphire Reserve or the Sapphire Freedom.
The Sapphire Reserve is a popular option. For a $550 annual fee, you’ll get a $300 travel credit and a 50% bonus when you redeem your points for travel. It has perks and protections that the Sapphire Preferred does not offer.
Another great feature is the purchase protection. In the event that you accidentally purchase something you can’t return, you can have it replaced for up to $500. This applies to purchases made in the last 90 days. Some examples of non-covered items include perishables, jewelry, and animals.
Depending on which Sapphire card you have, you may be eligible for a statement credit. You can apply for a credit line to help keep your balances low.
You’ll want to plan ahead for paying the annual fee. This is a major expense, but the rewards can be worth it. You can earn 60,000 points when you spend $4,000 on the card in the first three months.
One of the downsides to this card is the customer service. It’s not as responsive as other Sapphire cards. However, you’ll be able to contact the Chase customer service team to discuss your problem.
When you return your Sapphire Preferred to the issuer, make sure to do so within 40 days of your charge. Otherwise, the issuer may consider it a fraudulent transaction and cancel your card.
Using tin snips
If you have a metal credit card or are about to become one, you might want to consider the following. Metal credit cards are often a pain to dispose of. Unlike plastic credit cards, they are made from multiple metals and can weigh up to 26 grams. They are more durable and give you the sense of a higher dollar value and a heftier transaction, albeit on a smaller scale. As such, they are quite popular among consumers. But what is the best way to evict a metal credit card from your wallet? This is where a tin snip comes in.
Tin snips are not only useful for cutting through thick plastic packaging, but also for slicing through metal credit cards. There are many variants to choose from, so you’re sure to find the one that fits your budget and needs. These are often found at home improvement stores and hardware stores, but you may have to ask your local tinkerer for the best deals. Alternatively, you could have a lucky dip in your own garage.
It’s also worth noting that most tin snips aren’t exactly cheap. However, you should be able to find a high-quality metal snip at a decent price. So if you’re about to shell out the big bucks for a shiny new metal credit card, you might want to take the time to make sure you’re doing it the right way. You’ll also need to be careful not to leave your shiny new metal credit card somewhere where it might wind up in the wrong hands. The right metal snip will keep your card and your sanity intact. After all, you don’t want to be stuck with a bad credit score on your record, do you?
A metal credit card isn’t for everyone, but if you’re one of the lucky few, you’ll be rewarded with all the benefits of a plastic credit card plus some extra perks. For example, you’ll get to enjoy 24/7 access to your account, prepaid postage for mailing back your unused card, and a handy-sized envelope for storing your most important card. Lastly, you may opt for a US-based Chase representative to handle your correspondences.
Keeping a record
When you are looking to destroy your Chase Sapphire Preferred card, you want to make sure that you are keeping a record of the process. There are many ways to do this, but the safest option is to contact your credit card issuer and discuss your options. They may even provide a prepaid envelope for you to use for the return and disposal of your credit card. If you have a Chase Sapphire Preferred, you will be glad to know that they are made of metal. That means that they will be very difficult to degrade, and you will not have to worry about them setting off airport metal detectors.
The other way to destroy your Chase Sapphire Preferred is by using a power tool with a metal cutting head. You will need to find a good tool that will do this job well. If you have a pair of tin snips, you should be able to cut the metal from your credit card without much trouble. These snips are usually available at hardware stores.
How to Cancel Chase Sapphire Preferred Card 2023
If you have the Chase Sapphire Preferred card and you want to cancel it, then there are several things you need to know. For instance, you’ll need to find out how much money you’ve used the card for. Then, you’ll need to figure out whether you’ll be able to get a refund on the amount you’ve paid. You’ll also have to figure out if you’ll have to pay a penalty fee to terminate the card.
Downgrading a card may earn you sign-up bonus
If you have the Sapphire Preferred card, you may want to consider downgrading it to the Chase Sapphire Reserve. This is a relatively easy process, though not guaranteed.
It is important to keep in mind that downgrading a credit card does not have the same negative effect on your score as canceling your account. In fact, it is better for your credit history and your credit score. Depending on your bank, you will need to meet certain requirements to change your credit card.
For example, you must be a returning Sapphire cardholder, and you must not have received a Sapphire signup bonus in the last 48 months. You may also qualify for a welcome bonus, though you’ll have to spend within a specified period.
The downgrading process does not involve a hard credit check. Your issuer will send you a new card. However, you should be careful to ensure that you’re not losing any rewards you’ve earned in the past. Some companies will give you a statement credit instead, or offer you a refund of the annual fee.
If you’re a Chase Sapphire Preferred or Sapphire Reserve owner, you can upgrade your card for a few different reasons. First, if you have a credit line of more than $10,000, you can increase your credit limit manually. Second, you can transfer your points to household members. Finally, you can use the Ultimate Rewards travel portal to book travel, including car rentals, cruises, and flights.
If you don’t have a credit line of at least $10,000, you can’t upgrade your card. However, you can still use your old card. Unlike other cards, it won’t have foreign transaction fees.
To downgrade a Chase Sapphire Preferred or Sapphire Reserve, you’ll need to contact the card’s issuer. Using the phone number on the back of the card, you can speak to a representative to discuss your options.
Unlike other cards, you won’t be able to downgrade to another cobranded card. For example, you can’t downgrade to the United Explorer Card. As a result, you won’t be able to earn a sign-up bonus with your current card.
Ultimate Rewards points earned on travel and Lyft
If you have a passion for travel and are looking for a card that can help you save money, the Chase Sapphire Preferred Card is an excellent choice. It offers a solid welcome offer, great travel protections, and the ability to transfer Ultimate Rewards points to other travel partners.
The Sapphire Preferred card earns two points per dollar spent on travel and dining. Cardholders also get three points per dollar spent on online streaming services and select groceries.
You can use these points to redeem for gifts, including Apple products and merchandise. Additionally, you can transfer your points to other travel partners, such as hotels, airlines, and cruise lines. However, transferring points to other cardholders can be a complicated process. There can be blackout dates, so you must be flexible with your travel plans.
When you apply for the Chase Sapphire Preferred Card, you’ll get a 60,000-point sign-up bonus. This is an excellent opportunity to learn more about the loyalty programs that can help you make the most of your spending. In addition, you’ll receive a statement credit for eligible purchases made with the card.
After your first $300 in spending, the Sapphire Reserve earns an additional three points for every dollar you spend on travel. Those points can be transferred to other travel partners, or you can choose to redeem them for an annual $50 credit toward a stay at a hotel.
Other benefits of the Sapphire Preferred include travel protections, a primary rental car coverage, and discounts on DoorDash food delivery orders. You’ll also receive bonus points on certain categories of spend, including shopping, mass transit, and ride-shares.
One of the best features of the Sapphire Preferred is its low annual fee. Cardholders pay $95 annually, but can earn an introductory $600 cash bonus, which will cover that fee for the first six years.
Sapphire Preferred cardholders can also earn up to five points per dollar spent on travel and Lyft. Cardholders can redeem these points at 1.25 cents each. They can also redeem points for a selection of charities, or for air travel on select airlines.
Upgrading a card to an Ultimate Rewards-earning card
If you want to upgrade your Chase Sapphire preferred card to an Ultimate Rewards-earning card, you have a few options. You can apply directly to the Sapphire Reserve, or you can transfer points to a spouse’s account.
The best choice for you may depend on your credit history. Chase requires that you have at least 12 months of account history before you can upgrade. Upgrading is a great way to save money.
The best way to do this is to call your issuer to inquire about an upgrade. Make sure you don’t get a hard inquiry on your credit report, as this will negatively affect your credit score. Your credit limit may also increase, which will allow you to spend more.
The upgrade is a simple process. It requires calling your issuer to verify your account, then requesting a new card. Once you receive your new card, it’s a good idea to securely dispose of your old one.
There are no guarantees that your upgrade will qualify you for the sign-up bonus. Depending on the card, you might get a lower reward. For instance, the Citi Premier (r) Card comes with a hotel credit. However, the reward is less valuable with the new card.
In addition to a sign-up bonus, the Sapphire Preferred has many other perks. For example, the Preferred card offers rewards on groceries purchased online and offline. Another nice feature is the bonus for booking travel. This means that you can receive an additional 25% point value on your purchases.
On top of that, there’s the Sapphire Preferred’s annual spending bonus. The bonus is worth $200 when redeemed at 1 cent per point.
When you upgrade your Sapphire Preferred to an Ultimate Rewards-earning card, your rewards will be worth more. You’ll be able to use the Ultimate Rewards portal to make purchases and transfer points to airline partners and hotel partners.
As a bonus, you can also receive a $50 hotel credit. However, this only applies to hotels booked through the Ultimate Rewards portal.
Downgrading a card to a United Explorer Card
If you have a Chase Sapphire Preferred card, you might want to consider downgrading it to a no-fee card, such as a United Explorer Card. Having a no-fee card can help you save money on your annual fee. While downgrading can give you more options, you’ll also lose the rewards you earned. You can redeem them for statement credit or gift cards.
The downgrade process is fairly easy. You can simply call Chase and request a change. They’ll provide you with a new card, which you can start using within a few days. However, you should first evaluate the benefits and drawbacks of downgrading your card before making the switch.
A downgrade can be a good option if you’re changing your spending habits. For instance, you might want to downgrade your Chase Sapphire Reserve card if you’re going on vacation and would rather stay at one of the hotel partners that accept Ultimate Rewards points. Similarly, if you’ve become a heavy traveler and don’t plan to return to your former lifestyle, you can downgrade your Sapphire Preferred account.
You can downgrade your Chase Sapphire Reserve card by calling their customer service number. You’ll need to have at least 12 months of account history before you can do this. Once you’ve made the downgrade, you’ll have to wait at least 48 months before you can open a Sapphire-branded card again. Luckily, there are several other products from which you can choose, including a Chase Freedom card.
Another reason you might want to downgrade your Sapphire Preferred card is if you’re eligible for a sign-up bonus. It’s important to remember that downgrading won’t count toward your 5/24 rule. That means you won’t get the welcome bonus if you switch to another Chase card.
When you decide to downgrade your Chase Sapphire Reserve or Preferred card, you should check to see whether you’ll lose your transferability to airline partners. Downgrading will also affect your credit score. This is because Chase applies an informal policy called the 5/24 rule, which states that you can’t have more than five credit cards in two years.https://www.youtube.com/embed/hSXk6W1Chfg