What To Know
- The Chase Sapphire Reserve card has a $550 annual fee, while the Preferred card has a $95 annual fee.
- The Chase Sapphire Reserve card offers a $300 annual travel credit, which may not be valuable to you if you don’t travel frequently.
- If you’re looking to save money on the annual fee and don’t need the extensive benefits of the Reserve card, then downgrading can be a smart move.
If you’re considering downgrading your Chase Sapphire Reserve card to the Chase Sapphire Preferred card, you’ve come to the right place. This comprehensive guide will walk you through the process step by step, ensuring a smooth transition.
Why Downgrade from Chase Sapphire Reserve to Preferred?
There are several reasons why you might want to downgrade your Chase Sapphire Reserve card to the Preferred version:
- Lower Annual Fee: The Chase Sapphire Reserve card has a $550 annual fee, while the Preferred card has a $95 annual fee.
- No Travel Credit: The Chase Sapphire Reserve card offers a $300 annual travel credit, which may not be valuable to you if you don’t travel frequently.
- Simplified Benefits: The Preferred card offers a less extensive rewards program and fewer travel benefits, which may be sufficient for your needs.
How to Downgrade Chase Sapphire Reserve to Preferred
Downgrading your Chase Sapphire Reserve card to the Preferred card is a relatively straightforward process:
1. Call Chase Customer Service: Contact Chase customer service at 1-800-432-3117.
2. Request a Downgrade: Inform the representative that you would like to downgrade your Sapphire Reserve card to the Preferred card.
3. Provide Account Information: The representative will ask for your account number and other personal information to verify your identity.
4. Confirm Downgrade Details: The representative will confirm the details of your downgrade, including the effective date.
5. Receive New Card: Chase will send you a new Sapphire Preferred card within 7-10 business days.
Timeline and Fees
The downgrade process typically takes 7-10 business days. There is no penalty fee for downgrading, but you will lose any unused rewards points or travel credits associated with the Sapphire Reserve card.
Benefits of Downgrading to Chase Sapphire Preferred
Downgrading to the Chase Sapphire Preferred card offers several benefits:
- Reduced Annual Fee: The annual fee is significantly lower at $95.
- Valuable Rewards: The Preferred card earns 2x points on travel and dining, and 1x point on all other purchases.
- Travel Perks: The Preferred card offers basic travel benefits, such as trip cancellation/interruption insurance and rental car insurance.
When Not to Downgrade
There are also some scenarios where downgrading to the Chase Sapphire Preferred card may not be the best option:
- Frequent Travel: If you travel frequently and use the Sapphire Reserve card’s travel credit and benefits, downgrading may not be worthwhile.
- High Credit Score: The Sapphire Reserve card is a premium product that requires a high credit score. Downgrading may lower your credit score.
- Value of Rewards: If you regularly redeem your Sapphire Reserve points for high-value travel, downgrading may not provide the same level of rewards.
Recommendations: Making the Right Choice
Deciding whether to downgrade your Chase Sapphire Reserve card to the Preferred card depends on your individual needs and spending habits. If you’re looking to save money on the annual fee and don’t need the extensive benefits of the Reserve card, then downgrading can be a smart move. However, if you value the travel perks and high rewards potential of the Reserve card, it may be better to keep it.
Frequently Asked Questions
Q: Can I downgrade my Chase Sapphire Reserve card to any other Chase card?
A: No, you can only downgrade to the Chase Sapphire Preferred card.
Q: Will I lose my Chase Ultimate Rewards points when I downgrade?
A: No, your Chase Ultimate Rewards points will be transferred to your new Preferred card.
Q: Can I upgrade my Chase Sapphire Preferred card back to the Reserve card later?
A: Yes, but you may need to wait 24 months and meet the eligibility requirements for the Reserve card.
