How I Downgraded My Chase Sapphire Preferred to the Chase Freedom Unlimited (and You Can Too!)
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Editorial Disclosure: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included within the post..
If you’re a fan of maximizing your points and earning incredible travel rewards, you’re probably familiar with the Chase Sapphire Preferred card. It’s one of the most popular travel rewards cards out there, thanks to its generous sign-up bonuses and valuable benefits.
But what if you want to earn the welcome bonus again—without waiting the full 4 years? Here’s the hack I used: I downgraded my Chase Sapphire Preferred card to a Chase Freedom Unlimited (or Chase Freedom Flex), both of which come with a $0 annual fee. By doing this, I no longer had an open Chase Sapphire Preferred card and was eligible to apply for a new one and earn the welcome bonus once again.
Let me explain exactly how I did it, and how you can too!
Why I Decided to Downgrade
As someone who loves to travel and make the most out of points and miles, the Chase Sapphire Preferred card is a fantastic tool. But there’s one limitation: Chase’s 48-month rule. This rule states that you can only receive the welcome bonus once every 48 months. That means if you’ve already gotten the welcome bonus in the past, you have to wait four years before you can earn it again.
So, I started thinking about a way to downgrade my current Chase Sapphire Preferred card and reapply for the same card with an elevated sign-up bonus. The solution was simple: downgrade to a Chase Freedom Unlimited or Chase Freedom Flex card, both of which have $0 annual fees and still allow me to keep my Chase Ultimate Rewards points active. That way, I would no longer have the Chase Sapphire Preferred card open and could apply for it again once a great bonus offer came up.
So, I started thinking about a way to downgrade my current Chase Sapphire Preferred card and reapply for the same card with an elevated sign-up bonus. The solution was simple: downgrade to a Chase Freedom Unlimited or Chase Freedom Flex card, both of which have $0 annual fees and still allow me to keep my Chase Ultimate Rewards points active. That way, I would no longer have the Chase Sapphire Preferred card open and could apply for it again once a great bonus offer came up.
How I Downgraded My Chase Sapphire Preferred
Here’s the process I followed to downgrade my Chase Sapphire Preferred to a Chase Freedom Unlimited:
- Call Chase Customer Service:
I called the number on the back of my Chase Sapphire Preferred card and asked about downgrading. They connected me with a representative who walked me through the process. - Choose Between Chase Freedom Unlimited or Chase Freedom Flex:
I had the option to downgrade to either the Chase Freedom Unlimited or Chase Freedom Flex—both of which have $0 annual fees. I opted for the Chase Freedom Unlimited for the simplicity of earning 1.5% cashback on every purchase (since it fits my spending habits), but the Chase Freedom Flex would also work if you prefer a card that offers bonus categories like 5% cash back on rotating categories. - Keep My Chase Ultimate Rewards Points:
The representative assured me that I wouldn’t lose my Chase Ultimate Rewards points when downgrading. These points stay active as long as I have a Chase card that earns Ultimate Rewards points—and since both the Chase Freedom Unlimited and Chase Freedom Flex cards do, my points remained intact. - No Impact on Credit:
Downgrading didn’t impact my credit score, as I wasn’t closing the account—just changing it to a different card within the same family. This is important because it allows you to keep your credit history intact while still being able to apply for new cards down the line.
What’s Next After Downgrading?
Once I downgraded to the Chase Freedom Unlimited (or Chase Freedom Flex), I was no longer holding the Chase Sapphire Preferred card. That means I became eligible to apply for the Sapphire Preferred card again once a great elevated offer becames available.
Pro Tip: If you’re planning to apply for a new card, it’s best to wait a few weeks after downgrading to ensure that the changes are reflected in your account and you’re eligible for the bonus.
Can You Do This Too?
Absolutely! If you already have the Chase Sapphire Preferred card and want to earn the welcome bonus again, downgrading to a Chase Freedom Unlimited or Chase Freedom Flex is a great option. By downgrading, you:
- Preserve your points: You won’t lose your valuable Chase Ultimate Rewards points.
- Avoid the annual fee: Both the Chase Freedom Unlimited and Chase Freedom Flex come with $0 annual fees.
- Become eligible for a new welcome bonus: Once your downgrade is complete, you can apply for the Chase Sapphire Preferred card again and earn the bonus after meeting the spend requirements.
Final Thoughts
Downgrading your Chase Sapphire Preferred card to the Chase Freedom Unlimited (or Chase Freedom Flex) is an easy and strategic way to make sure you can earn that valuable welcome bonus again. Plus, with the flexibility of Chase Ultimate Rewards points, you can continue earning rewards on your everyday purchases and redeem them for travel, cash-back, or other great perks.
If you’re ready to start earning a new welcome bonus or want to explore more ways to maximize your Chase Ultimate Rewards points, feel free to reach out to me. I’d love to guide you through the process and help you make the most out of your points and miles journey!
P.S. If you decide to apply for a new Chase Sapphire Preferred card using my affiliate link, I’d really appreciate it. Your support helps me continue creating free resources and tips to help you travel smarter!
Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
I found out about points and miles accidentally.
I was researching index funds and happened upon the points and miles community through creators who also post about budgets, financial independence, and investing.
Points and miles allowed those people to travel and work toward financial independence simultaneously.
Thank goodness I got started when I did. The past almost two years of travel have been something we will never forget.
Earning points and miles through credit cards is only a good choice if you have the financial discipline to use them, like cash/debit cards.
Since we started traveling with points and miles, we have had more money going into our investment and savings accounts than ever.
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