How to Downgrade from Sapphire Preferred to Freedom Unlimited?

The Chase Sapphire Preferred card is among the top choices for anyone that is searching for a travel rewards credit card. With a robust travel rewards program that comes with a long list of perks, this card is very attractive. First, you can earn 60,000 bonus points after you spend $4,000 on purchases in the first three months of opening your account, representing a $750 value, when you redeem these rewards through Chase Ultimate Rewards. All travel and dining expenses, including airfare, hospitality and dining are rewarded with 2x points. Furthermore, cardholders receive 1x points per dollar spent on all other purchases. 

The rewards do not stop there. The Chase Sapphire Preferred card comes with partner benefits. The card offers 5x points on all Lyft rides through March 2022, coming in the form of 3x points for Lyft, in addition to the 2x points you already earn on travel. Chase is also partners with Doordash so cardholders get unlimited deliveries with a $0 delivery fee and reduced service fees on all orders over $12 with DashPass, DoorDash's subscription service.

While this rewards program makes this card stand out from the rest of the field, the $95 annual fee may be a sticking point for many customers. If you’re not getting enough value from the Chase Sapphire Preferred card to offset its annual fee, you may want to consider downgrading to the Chase Freedom Unlimited. 

Chase Sapphire Preferred vs. Chase Freedom Unlimited

Downgrading to the Chase Freedom Unlimited card comes with a decrease in potential benefits and rewards, but also comes with no annual fee. A quick comparison of both cards should help you decide whether this downgrade is right for you.

Eligibility Requirements and Downgrade Process

If you decide that the Freedom Unlimited card is more suited for your needs, the process is rather straightforward. In order to be eligible to downgrade, your Sapphire Preferred account must be in good standing and at least 12 months old. 

To downgrade, you can request a product change through a secure message from your online account or call customer service at 1 (800) 432-3117. Once you have downgraded, you will receive a full refund of the annual fee if you downgrade within 60 days of paying the fee. After that period, the refund is prorated. Your points’ value will also change when you complete the downgrade, as Chase Freedom points are worth 1 cent each, while Chase Sapphire Preferred points are worth up to 1.25 cents. It is important to note that Sapphire Preferred cardholders who downgrade to Chase Freedom are not eligible for the Freedom Card’s initial bonus. Finally, when you downgrade, your account number, credit limit and other account information stay the same, and your credit score should be unaffected. If you were to apply for the Freedom card separately, there is a chance that your credit score might fall.

Conclusion

The Chase Sapphire Preferred card is a great choice for card users who want a card that can do it all. However, some customers may consider downgrading to the Chase Freedom Unlimited card in order to avoid the $95 annual fee. If this is the case, users can request a product change online or call their Chase representatives.