What To Know
- If you don’t spend heavily on dining or travel, the Chase Freedom card may be a better fit.
- Can I downgrade my Chase Sapphire Preferred card to a different card, such as the Chase Freedom Unlimited® Card.
- You would need to downgrade to the Chase Freedom card first and then apply for the Chase Freedom Unlimited® Card separately.
The Chase Sapphire Preferred® Card and the Chase Freedom® Card are two popular credit cards with distinct rewards programs and benefits. If you’re considering adjusting your financial strategy, you may wonder, “Can I downgrade my Chase Sapphire Preferred to Chase Freedom?” This comprehensive guide will explore the ins and outs of this credit card transition.
Understanding the Benefits of Each Card
Chase Sapphire Preferred® Card
- Earn Ultimate Rewards points: Redeem points for travel, dining, and more.
- 2x points on dining: Maximize rewards on meals and takeout.
- 2x points on travel: Accumulate points on flights, hotels, and rental cars.
- Annual fee of $95: Offset by the potential value of points earned.
Chase Freedom® Card
- Earn Chase Freedom points: Redeem points for travel, gift cards, or cash back.
- 5x points on rotating categories: Earn bonus points on specific categories each quarter.
- No annual fee: Enjoy rewards without the added cost.
Can I Downgrade My Chase Sapphire Preferred to Chase Freedom?
Yes, you can downgrade your Chase Sapphire Preferred to a Chase Freedom card. However, it’s important to note that this is a one-way process. Once you downgrade, you cannot revert to the Sapphire Preferred card without reapplying.
How to Downgrade Your Card
1. Contact Chase customer service: Call 1-800-935-9930 or chat online.
2. Request a downgrade: Inform the representative that you want to downgrade to the Chase Freedom card.
3. Review the terms: Confirm the downgrade details and any potential changes to your account.
4. Complete the process: Your downgrade will be processed within a few business days.
Benefits of Downgrading
- No annual fee: Save $95 annually.
- Simplified rewards program: Earn points with no category restrictions.
- Flexibility: Redeem points for cash back or travel at your convenience.
Drawbacks of Downgrading
- Loss of Ultimate Rewards points: Your Sapphire Preferred points will be converted to Chase Freedom points, which may have a lower value.
- Fewer redemption options: Chase Freedom points offer fewer redemption options compared to Ultimate Rewards points.
- Reduced earning potential: You may earn fewer rewards on dining and travel with the Chase Freedom card.
Is Downgrading Right for You?
Consider these factors when deciding if downgrading is the right move:
- Spending habits: If you don’t spend heavily on dining or travel, the Chase Freedom card may be a better fit.
- Reward preferences: If you prefer cash back or gift cards, the Chase Freedom card offers more flexibility than the Sapphire Preferred card.
- Budget constraints: The no-annual-fee Chase Freedom card can help you save money.
Alternatives to Downgrading
If you’re not ready to downgrade, consider these alternatives:
- Product change: Switch to a different Chase card that better aligns with your needs.
- Upgrade: Consider upgrading to the Chase Sapphire Reserve® Card for premium benefits and higher earning potential.
- Keep both cards: Maintain both the Sapphire Preferred and Freedom cards to maximize rewards in different categories.
The Bottom Line
Downgrading from Chase Sapphire Preferred to Chase Freedom is a personal decision that depends on your financial goals and spending habits. Weigh the benefits and drawbacks carefully before making a choice. If you decide to downgrade, the process is simple and can be completed by contacting Chase customer service. Remember that downgrading is a one-way street, so consider all your options before taking the plunge.
Frequently Asked Questions
Q: Will my Chase Ultimate Rewards points be lost if I downgrade?
A: No, your points will be converted to Chase Freedom points at a rate of 1:1.
Q: Can I downgrade my Chase Sapphire Preferred card to a different card, such as the Chase Freedom Unlimited® Card?
A: No, you cannot directly downgrade to a different card. You would need to downgrade to the Chase Freedom card first and then apply for the Chase Freedom Unlimited® Card separately.
Q: Will I still receive the Chase Sapphire Preferred welcome bonus if I downgrade?
A: No, you will not receive the welcome bonus if you downgrade before fulfilling the minimum spending requirement.
