Related: Downgrading the Sapphire Reserve to the $0 Freedom Unlimited Since you're maintaining your existing account - as opposed to opening a new one - Chase will not need to perform a credit check. If you're lucky, you might even get a pro-rated refund of your annual fee when you downgrade to a card with a lower annual fee (especially if you do so within 30 days of the annual fee posting to your statement). Chase also lets you contact them via a secure message portal on their site, but reports suggest that product-change requests must be made over the phone. Requesting a card downgrade is fairly straightforward: Call the customer service phone number on the back of your card and speak to a Chase agent. (Photo by Javier Rodriguez / The Points Guy) Contact customer service It might make sense to "burn" your points on a hotel stay before downgrading your card.
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Related: How to maximize your Chase Ultimate Rewards points However, you'd need to call to request this, as Chase has removed the ability to do so online. If you don't have another transferable Ultimate Rewards-earning card, you may want to consider transferring them to a hotel or airline partner before the downgrade.Īlternatively, it is possible to transfer your Ultimate Rewards points to a household member if they have an eligible card. The no annual fee Freedom cards are billed as cash-back credit cards, so if you want to use the points you earned with your Sapphire Reserve at a fixed value for travel, their value goes from 1.5 cents each with the Sapphire Reserve to 1 cent each with the Freedom cards. However, if you downgrade a Chase Sapphire Reserve or Preferred card to a Chase Freedom Flex or Freedom Unlimited card, you will lose the ability to transfer those points to hotel and airline partners (unless you have another fully transferable Ultimate Rewards-earning card like the Ink Business Preferred Credit Card). Since you're not closing your card account, you won't lose your points. (Photo by Joseph Hostetler/The Points Guy) Protect your rewards Finally, opportunities to downgrade are not always consistent, and what's offered to one person won't necessarily be offered to another. Also, you cannot switch between personal and business cards even if they are within the same family (i.e., Chase Sapphire Preferred to Ink Business Preferred Credit Card). First, you must have had your card for at least 12 months before you can downgrade it. There are a few more restrictions to be aware of. For instance, Chase still allows cardholders of Marriott-branded personal credit cards to change to the Ritz-Carlton Card even though it was closed to new applicants in 2018. Sometimes, you may even be able to request a product change to a card that's no longer available to new applicants. Instead, you would need to downgrade the Sapphire Reserve to either the Sapphire Preferred or another Ultimate Rewards-earning card like the Chase Freedom Flex or Chase Freedom Unlimited. This means you likely won't be able to downgrade from a card like the Chase Sapphire Reserve to a United Explorer Card or other cobranded card, even though they are both Chase-issued credit cards. Most rewards credit cards are part of card families, and product changes can typically only be done within that family. However, depending on your situation, the pros may outweigh this con, and there's nothing stopping you from reapplying for the card you're giving up and earning another welcome bonus down the line. The one big disadvantage of downgrading a card is that you typically won't get a welcome bonus for the card you're downgrading to. If you are not allowed to apply for another card, you could request a product change to a different card if its benefits are more appealing to you. In order to be approved for a Chase card, you cannot have opened five or more personal credit cards across all banks in the last 24 months. (Photo by John Gribben for The Points Guy)Īnother major restriction on Chase cards is the issuer's 5/24 rule.
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