Jane Parker, WalletHub Credit Card Analyst
@parker16
You can downgrade from Chase Sapphire Preferred to Chase Freedom Flex either online through the secure message centre, or over the phone at (800) 945-2000. The Chase Sapphire Preferred account must be open for at least a year and in good standing in order to be eligible for a downgrade.
What you should know about the Chase Sapphire Preferred Card downgrade:
- Once you’ve completed the downgrade from Chase Sapphire Preferred to Chase Freedom Flex, the card number, credit limit and APR will stay the same.
- You can use the new account immediately until the new Chase Freedom Flex card arrives, in about 7-10 business days.
- The Chase Sapphire Preferred card’s $95 annual fee will be refunded in full if you request the downgrade within 60 days from when you’ve paid it. After 60 days, the refund will be prorated based on the number of days since you paid the annual fee.
- Rewards earned with the Chase Sapphire Preferred card will transfer to Chase Freedom Flex.
It’s important to know that when you downgrade from Chase Sapphire Preferred to Chase Freedom Flex, it won’t show up on your credit report as a new account. Downgrades are done using a soft inquiry, so it won’t affect your credit score.
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I just called (11/30/2020) the 800-493-3319 number and downgraded from Sapphire Preferred to Freedom Flex no problem, so I don't know what you are talking about! I had the option to do the Freedom Unlimited or Freedom Flex. She offered to downgrade to a plain Sapphire (not Reserve or Preferred, just Sapphire, not on new card listings), which would have had no annual fee but would have lost the "Tier 2" 1.25 ultimate rewards multiplier benefits. I had already transferred the Ultimate Rewards points to my wife's card new Sapphire Preferred so will keep the 1.25x multiplier when we use via that. I chose the Freedom Flex for the 5x grocery and rotating categories. It will change card from Visa to Mastercard. since it is a product change within Chase the number will change since it is Visa Mastercard, but it remains a soft pull with no credit report impacts since the line of credit through chase stays the same (duration start date, limit, etc)