topic Re: PCing from CSP to plain CS in Credit Cards

PCing from CSP to plain CS

jake619 — Mon, 28 Jan 2013 01:11:10 GMT

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?

Re: PCing from CSP to plain CS

SwiftTone — Mon, 28 Jan 2013 01:18:14 GMT

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.

Re: PCing from CSP to plain CS

jake619 — Mon, 28 Jan 2013 01:22:18 GMT

@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.

Re: PCing from CSP to plain CS

Anonymous — Mon, 28 Jan 2013 01:29:46 GMT

@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.

Re: PCing from CSP to plain CS

SwiftTone — Mon, 28 Jan 2013 01:35:20 GMT

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.

Re: PCing from CSP to plain CS

jake619 — Mon, 28 Jan 2013 01:38:14 GMT

@Anonymous 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.

Re: PCing from CSP to plain CS

Anonymous — Mon, 28 Jan 2013 01:51:30 GMT

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

Re: PCing from CSP to plain CS

Anonymous — Mon, 28 Jan 2013 01:59:08 GMT

@jake619 wrote:
@Anonymous 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.

Re: PCing from CSP to plain CS

Anonymous — Mon, 28 Jan 2013 02:12:36 GMT

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.

Re: PCing from CSP to plain CS

Anonymous — Mon, 28 Jan 2013 02:11:23 GMT

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

Re: PCing from CSP to plain CS

jake619 — Mon, 28 Jan 2013 02:47:50 GMT

Thanks for those links - lots of reading but very good articles.

Do I really need a Freedom card, too? I really don't want to have a Costanza wallet.

Re: PCing from CSP to plain CS

Anonymous — Mon, 28 Jan 2013 02:51:08 GMT

@jake619 wrote:
Thanks for those links - lots of reading but very good articles.

Do I really need a Freedom card, too? I really don't want to have a Costanza wallet.

Freedom card gives you 2.86% more cash back on dining for 3 months out of the year.

Re: PCing from CSP to plain CS

Anonymous — Tue, 19 Feb 2013 22:06:44 GMT

You can downgrade to avoid the annual fee up to 30 days after it hits. Don't procrastinate.