As I said in a previous post, I picked up the Chase Sapphire Reserve, which makes my Chase Sapphire Preferred (CSP) redundant. I wanted to remove the CSP from my wallet since the card has a $95 annual fee. However, the account is almost four years old, so I decided to downgrade the card instead of closing the account altogether.
Downgrading the card means the card is converted to another product, but you keep the credit card number and the account’s longevity. I don’t think you can downgrade your card online, but luckily it only takes a few minutes on the phone to complete the process.
The representative said I could downgrade the card to either the Chase Freedom, Chase Freedom Unlimited, or the (deprecated) Chase Sapphire. Then she clarified that I would not be able to choose the Freedom or Freedom Unlimited since I already have them. I decided to convert to the Chase Sapphire, which is a fee-free version of the CSP. (I don’t care that the card has fewer benefits; I’m only keeping this account open for its longevity and I don’t plan to spend money on this card since I have the Chase Sapphire Reserve.)
Regarding the annual fee, the representative said the fee would be refunded if it was charged in the last 60 days, otherwise it would be prorated. Works for me!