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Frequent Contributor
Posts: 496
Registered: ‎11-13-2012
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PCing from CSP to plain CS

Since they still have the 40,000 points for $3000 in 3 months w/ no 1st year AF, could you get CSP, rake in the sign up points and PC to regular CS before 12 months to avoid paying the AF?  Would you get to continue using the metal card?


GangnamFICO wrote:

Because the chicks dig it when I throw down the card to the waiter and...it comes in handy if I'm short on cash until payday and need a short spot. AMEX gets the booty, and that's important when you're a Pirate.


Minor vulgarity edit --Rev



Established Contributor
Posts: 1,040
Registered: ‎02-27-2012
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Re: PCing from CSP to plain CS

Not sure if you can PC from CSP to CS before the AF is due. But I've heard of it done. Chase usually requires 12 months of account opening before PC. I've also heard of a case of Cap1 refunding AF when the account holder closed the account on the 13th month due to some law regarding refunding AF fee within a month after account closing. Its still worth the AF because you'll still be positive $325 net after the AF Also, you cannot continue using the metal card.
AMEX: $0/$25,000, CSP: $0/$6500, Chase Priority Club: $0/$3500, Freedom: $0/$6000, Barclays NFL: $0/$7000 Discover: $0/$14,000, Citi Dividend: $0/$3500

EQ FICO - 728
TU FICO - 743
EX FICO(AMEX) - 712
Frequent Contributor
Posts: 496
Registered: ‎11-13-2012
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Re: PCing from CSP to plain CS


SwiftTone wrote:
Not sure if you can PC from CSP to CS before the AF is due. But I've heard of it done. Chase usually requires 12 months of account opening before PC. I've also heard of a case of Cap1 refunding AF when the account holder closed the account on the 13th month due to some law regarding refunding AF fee within a month after account closing. Its still worth the AF because you'll still be positive $325 net after the AF Also, you cannot continue using the metal card.

Booooo.  Thanks for the heads up.  I guess then the decision to PC down should come closer to month 23 if there's no proof of evading the AF.


GangnamFICO wrote:

Because the chicks dig it when I throw down the card to the waiter and...it comes in handy if I'm short on cash until payday and need a short spot. AMEX gets the booty, and that's important when you're a Pirate.


Minor vulgarity edit --Rev



Frequent Contributor
Posts: 358
Registered: ‎06-25-2012
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Re: PCing from CSP to plain CS


jake619 wrote:

Since they still have the 40,000 points for $3000 in 3 months w/ no 1st year AF, could you get CSP, rake in the sign up points and PC to regular CS before 12 months to avoid paying the AF?  Would you get to continue using the metal card?


 

  • Open the card at a branch to get the bonus with $2k spend instead of $3k spend.
  • Don't open the card until after February so you can still get your 7% annual dividend in December before the AF hits in January
  • Instead of PCing to Sapphire, close the card and roll its limit into a Freedom if you already have one.
Established Contributor
Posts: 1,040
Registered: ‎02-27-2012
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Re: PCing from CSP to plain CS

I had similar concerns before applying for this card. But I've had it for 2 months and have racked up 69,xxx points(including the sign-up bonus) between my Freedom and CSP. For me the benefits to cost ratio is worth it so far and I don't even travel very much, maybe an international or national flight once a year. Purchasing on partner websites(expedia, hotels.com, etc) through UR Mall reall racked up points as they give addition 4 points on top of 2 pt/$1 for travel.
AMEX: $0/$25,000, CSP: $0/$6500, Chase Priority Club: $0/$3500, Freedom: $0/$6000, Barclays NFL: $0/$7000 Discover: $0/$14,000, Citi Dividend: $0/$3500

EQ FICO - 728
TU FICO - 743
EX FICO(AMEX) - 712
Frequent Contributor
Posts: 496
Registered: ‎11-13-2012
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Re: PCing from CSP to plain CS


SwampSystems wrote:

 

  • Open the card at a branch to get the bonus with $2k spend instead of $3k spend.
  • Don't open the card until after February so you can still get your 7% annual dividend in December before the AF hits in January
  • Instead of PCing to Sapphire, close the card and roll its limit into a Freedom if you already have one.

 Thanks for the tip.  Bullet 1 & 2 are good to know, #3 not an option for me.  Thanks.


GangnamFICO wrote:

Because the chicks dig it when I throw down the card to the waiter and...it comes in handy if I'm short on cash until payday and need a short spot. AMEX gets the booty, and that's important when you're a Pirate.


Minor vulgarity edit --Rev



Valued Contributor
Posts: 1,292
Registered: ‎08-19-2012
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Re: PCing from CSP to plain CS

Just use it for the first year and if you don't think the Perferred benefits are enough to justify the AF then PC to the Regular Sapphire, you will loose the metal card though

Chase Sapphire Perferred | Chase Freedom | AMEX Platinum | AMEX Delta Platinum | AMEX SPG | Capital One Venture | Capital One Quicksliver | Discover IT | ABFCU Visa | Citi AA WEMC
Regular Contributor
Posts: 249
Registered: ‎12-24-2012
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Re: PCing from CSP to plain CS


jake619 wrote:

SwampSystems wrote:

 

  • Open the card at a branch to get the bonus with $2k spend instead of $3k spend.
  • Don't open the card until after February so you can still get your 7% annual dividend in December before the AF hits in January
  • Instead of PCing to Sapphire, close the card and roll its limit into a Freedom if you already have one.

 Thanks for the tip.  Bullet 1 & 2 are good to know, #3 not an option for me.  Thanks.


Oh, my friend, if you don't have a Freedom you really do need to get one!

 

Have a beer, drapp with Duncan and you won't regret it.  Smiley Happy

Regular Contributor
Posts: 127
Registered: ‎08-13-2012
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Re: PCing from CSP to plain CS

[ Edited ]

I read on some blog can't remember where that this downgrade is possible, even if they charge you that fee, yes there is a law that within I think 45 days you can cancel the card or PC  it and they have to wave the annual fee.

Also read this:

 

And this: http://www.relentlessfinancialimprovement.com/2012/11/downgrade-your-credit-card-to-avoid.html

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Valued Contributor
Posts: 1,292
Registered: ‎08-19-2012
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Re: PCing from CSP to plain CS

I have seen where multiple people on FT have asked and been downgraded before the AF hits

Chase Sapphire Perferred | Chase Freedom | AMEX Platinum | AMEX Delta Platinum | AMEX SPG | Capital One Venture | Capital One Quicksliver | Discover IT | ABFCU Visa | Citi AA WEMC
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