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Chase Sapphire Preferred annual fee

Valued Member

Chase Sapphire Preferred annual fee

My Chase Sapphire Preffered card will be one year old end of this month. I opened it mid feb 2013, so I think I need to pay the annual fee at the end of the month. I'll first try to waive the annual fee but as I'm reading here and there there are not very flexible. I have two options:

 

1. close it

2. downgrade it the non preffered version which is totally boring (just 2x on dining doesn't sound too exciting to me)

 

What do you guys suggest? I assume I don't get the sign up bonus for the non preferred sapphire card, right?

51 REPLIES
Super Contributor

Re: Chase Sapphire Preferred annual fee


mohammadmoghimi wrote:

My Chase Sapphire Preffered card will be one year old end of this month. I opened it mid feb 2013, so I think I need to pay the annual fee at the end of the month. I'll first try to waive the annual fee but as I'm reading here and there there are not very flexible. I have two options:

 

1. close it

2. downgrade it the non preffered version which is totally boring (just 2x on dining doesn't sound too exciting to me)

 

What do you guys suggest? I assume I don't get the sign up bonus for the non preferred sapphire card, right?


it is extremely unlikely that you will be able to get the AF waived.

You can downgrade it to the non-preferred, or you can always convert it to a freedom as well, if you don't have one yet.

Not too sure what you mean by boring, but the main differences between the preferred and non preferred is 2x for travel, transfer to partners and 3x if travel is booked via chase.

 

and no, you will not get sign-up bonus(es) for product changes. Even if you are to close the account now, you probably will have to wait 12 months (or longer if the system has flagged you as a sign-up bonus churner) before you can qualify for any sign-up bonus for the sapphire or sapphire preferred.

 

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Valued Contributor

Re: Chase Sapphire Preferred annual fee

I tried getting out of my AF for the csp, they wouldn't even blink an eye. I ended up closing mine. 

Established Contributor

Re: Chase Sapphire Preferred annual fee

If you are considering asking for a PC be aware that once you have the lesser card (CS or Freedom) you have taken yourself out of the running to get a signup bonus for that card for at least 2 years from when you close it. In essence you are giving up a greater signup bonus to avoid a lesser fee ($200 Freedom signup bonus over $95 CSP AF). As a points churner that makes no sense.

 

It would be better to apply for the Freedom and get the signup bonus, transfer your points from CSP to the Freedom UR site, call and ask to combine as much of the credit limit as they would allow then close the CSP and reset the signup bonus clock for two years. 

 

My point is to never PC if you value bonuses, and that bonuses are always greater value than the AF for the most part. 

 

Super Contributor

Re: Chase Sapphire Preferred annual fee


scenery_guy wrote:

If you are considering asking for a PC be aware that once you have the lesser card (CS or Freedom) you have taken yourself out of the running to get a signup bonus for that card for at least 2 years from when you close it. In essence you are giving up a greater signup bonus to avoid a lesser fee ($200 Freedom signup bonus over $95 CSP AF). As a points churner that makes no sense.

 

It would be better to apply for the Freedom and get the signup bonus, transfer your points from CSP to the Freedom UR site, call and ask to combine as much of the credit limit as they would allow then close the CSP and reset the signup bonus clock for two years. 

 

My point is to never PC if you value bonuses, and that bonuses are always greater value than the AF for the most part. 

 


I agree, but this neglects the "cost" of the additional HP and decrease in AAoA.  In the worst case, these could prevent you from getting an even bigger signup bonus that happened to come along shortly after you did this.

Regular Contributor

Re: Chase Sapphire Preferred annual fee

I pretty much agree with what others have said.  I was in your situation last October as well, but didn't get my AF fee after multiple attempts.  I'm not a bonus churner, especially in light of the fact that I'm trying to let my current accounts age and am more focused on maybe getting another low apr card in the future.  Everyone's case is different, but I don't believe a HP and hit from a new account is worth a $200 sign up bonus.  Still, if your looking to get another sign up bonus that's worthwhile to you, I would just close your CSP.  If not, I'd just downgrade it and go from there; you can always close it later if you really want to be rid of it alltogether. 

Established Contributor

Re: Chase Sapphire Preferred annual fee

Just got approved for barclay's arrival, will be my main driver in 2014

 

my CSP was approved on Dec 2012, first bill was on Jan 10th, 2013, my bill due day is 25th every month now.

 

When will I get my 7% annual bonus? Jan 25th statement or Feb. 25th?

 

My annual fee was charged on 1/1/14, it will show up on my Jan statement, what is the deadline for me to call in to PC or downgrade?

 

Both card have very similar benefits, but chase win out by metal card and great customer service, so i may not want go through all the trouble to downgrade and upgrade in the future just to save $95, chase deserve it, even i have no use of csp this year

 

 

EX850:2[21;14] TU850:0 EQ(Fico8BC)885:0
Regular Contributor

Re: Chase Sapphire Preferred annual fee


mohammadmoghimi wrote:

 

What do you guys suggest?


I was in your situation about a week ago...I actually opened up my CSP the same time as you.  I actually ended up closing my account but not before transferring my limit over to my Chase Freedom and Chase Slate cards.  I didn't use the card that much to warrant keeping it and paying the $95 annual fee.  I really wanted to keep a MasterCard with Chase so I tried to convert to a Chase Freedom (MasterCard) but they didn't budge because #1) I already have a Chase Freedom card (they don't allow multiple like-products), and #2) they are pretty much ending their relationship with MasterCard so no more cards will be issued out as MasterCard.  The only thing I could convert to was the regular Sapphire but they would have issued it as Visa.  In the end, I thought closing the account and transferring the credit line over to my other two accounts would be more worth it.

 

And, like many others have said...no, they are not able to waive the annual fee.  I already checked into that.

AMEX Green Corporate - NPSL | AMEX Everyday - $50,000
Chase Sapphire Reserve Visa Infinite - $31,500 | Chase Freedom Visa Signature - $27,300
Best Buy (Citi) Card - $20,000 | USAA Platinum Visa - $26,000
Senior Contributor

Re: Chase Sapphire Preferred annual fee


mohammadmoghimi wrote:

downgrade it the non preffered version which is totally boring (just 2x on dining doesn't sound too exciting to me)

 

What do you guys suggest?


Evauluating options based on usefulness to you versus boring/exciting.

 

Seriously, though, a lot of good suggestions above.  You need to decide which direction sounds best suited to you and consider them with your preferences and priorities in mind.  Definitely keep the CL whether you PC or transfer.

Valued Member

Re: Chase Sapphire Preferred annual fee

Based on what you guys are suggesting, I'm leaning towards downgrading to regular Sapphire. Is it possible that I change it to another chase's card with no annual fee like the amazon card or something. Just wondering.

 

But before losing my CSP, I want to book a trip to Hawaii with my points yoohoo. I have about 71k from CSP and CF and transfer the rest to Southwest cause I has a better value per point 1.66x for wanna get away fares (1.42x after March).

 

Regarding the CL. Right now, I have a really high combined CL (compared to my salary and spendings) and my normal utilization is always < 10%. Does keep the CL make sense for me? Does having a high *combined* CL hurt my chances of getting new cards? Do I need to ask the lenders to lower my CL at some point. 

 

ps. I'm not looking for credit and I only care about the rewards.