What To Know
- If you’re no longer using the card enough to justify the annual fee, you may want to consider downgrading to a lower-tier Chase card.
- Downgrading to a lower-tier card will allow you to maintain your relationship with Chase, which can be helpful if you want to apply for other Chase cards in the future.
- This card has no annual fee and offers 5% cash back on rotating categories, 1% cash back on all other purchases, and a $200 bonus after spending $500 in the first 3 months.
The Chase Sapphire Reserve is a premium credit card that offers a wide range of benefits, including travel rewards, dining rewards, and airport lounge access. However, the card also comes with a hefty annual fee of $550. If you’re no longer using the card enough to justify the annual fee, you may want to consider downgrading to a lower-tier Chase card.
Benefits of Downgrading
There are several benefits to downgrading your Chase Sapphire Reserve:
- Save on annual fees: Downgrading to a lower-tier card will save you the $550 annual fee.
- Keep your Chase Ultimate Rewards points: When you downgrade, you’ll keep all of the Ultimate Rewards points you’ve earned.
- Maintain your Chase relationship: Downgrading to a lower-tier card will allow you to maintain your relationship with Chase, which can be helpful if you want to apply for other Chase cards in the future.
How to Downgrade
Downgrading your Chase Sapphire Reserve is a simple process. You can do it online, over the phone, or in person at a Chase branch.
Online
To downgrade online, log in to your Chase account and navigate to the “My Cards” section. Select your Chase Sapphire Reserve card and click on the “Downgrade” button. You’ll be presented with a list of available downgrade options. Select the card you want to downgrade to and click on the “Downgrade” button.
Over the Phone
To downgrade over the phone, call the Chase customer service number at 1-800-432-3117. A customer service representative will help you process the downgrade.
In Person
To downgrade in person, visit a Chase branch and speak to a banker. The banker will help you process the downgrade.
Downgrade Options
Chase offers a variety of downgrade options for the Chase Sapphire Reserve. The available options may vary depending on your account history and creditworthiness.
Some of the most popular downgrade options include:
- Chase Sapphire Preferred Card: This card has a $95 annual fee and offers 2x points on dining and travel, and 1x point on all other purchases.
- Chase Freedom Flex℠ Card: This card has no annual fee and offers 5% cash back on rotating categories, 1% cash back on all other purchases, and a $200 bonus after spending $500 in the first 3 months.
- Chase Freedom Unlimited® Card: This card has no annual fee and offers 1.5% cash back on all purchases.
When to Downgrade
There is no right or wrong time to downgrade your Chase Sapphire Reserve. However, you may want to consider downgrading if:
- You’re no longer using the card enough to justify the annual fee.
- You’re not interested in the card’s benefits.
- You’re looking for a card with a lower annual fee.
What to Do After Downgrading
Once you’ve downgraded your Chase Sapphire Reserve, you’ll need to update your spending habits accordingly. If you’re downgrading to a card with a lower rewards rate, you’ll need to start using your new card for more purchases. You may also want to consider canceling any automatic payments that are linked to your Chase Sapphire Reserve card.
Alternatives to Downgrading
If you’re not sure whether you want to downgrade your Chase Sapphire Reserve, there are a few alternatives you can consider:
- Request a retention offer: Chase may offer you a retention offer if you call and ask to cancel your card. Retention offers can include things like a statement credit or a reduced annual fee.
- Product change: You may be able to product change your Chase Sapphire Reserve to a different Chase card. This will allow you to keep your Ultimate Rewards points and maintain your Chase relationship.
- Keep the card: If you’re still using the card and find the benefits valuable, you may want to keep it. Just be sure to factor in the annual fee when making your decision.
Wrap-Up: Downgrading Your Chase Sapphire Reserve
Downgrading your Chase Sapphire Reserve can be a smart way to save money and keep your Ultimate Rewards points. If you’re no longer using the card enough to justify the annual fee, consider downgrading to a lower-tier Chase card.
Frequently Asked Questions
Q: What happens to my Ultimate Rewards points when I downgrade my Chase Sapphire Reserve?
A: When you downgrade, you’ll keep all of the Ultimate Rewards points you’ve earned. You can use these points to book travel, redeem for cash back, or transfer them to a travel partner.
Q: Can I downgrade my Chase Sapphire Reserve to a card with no annual fee?
A: Yes, you can downgrade to the Chase Freedom Flex℠ Card or the Chase Freedom Unlimited® Card, both of which have no annual fee.
Q: What is a product change?
A: A product change is when you switch from one Chase card to another. This allows you to keep your Ultimate Rewards points and maintain your Chase relationship.
