Benny Joseph, WalletHub Analyst
@Benjy_1
Yes, you might be able to downgrade a Chase Sapphire Preferred card to Chase Freedom Unlimited®. To find out if you’re eligible for a downgrade you will need to call customer service at (800) 432-3117. One of the eligibility requirements is that your Chase Sapphire Preferred account must be open for at least 12 months and in good standing.
If you do downgrade from Chase Sapphire Preferred to Chase Freedom Unlimited, the card number, credit limit and APR will stay the same. You can use the new account immediately until the new Chase Freedom Unlimited card arrives, in about 7-10 business days. The Chase Sapphire Preferred card’s $95 annual fee could be refunded partially or in full, depending on when you downgrade.
It’s important to know that when you downgrade from Chase Sapphire Preferred to Chase Freedom Unlimited, it won’t show up on your credit report as a new account. Downgrades are done using a soft inquiry, meaning it won’t affect your credit score.
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What's the best Chase unsecured credit card?
The best Chase unsecured credit card is the Chase Sapphire Preferred® Card because it offers an initial bonus of 75,000 points for spending $5,000 on purchases in the first 3 months, worth $750 when redeemed for cash, gift cards, and travel. You will also get 1 - 5 points per $1 spent on purchases. This card has a $95 annual fee, but it’s definitely worth paying if you spend and travel a lot.
Best Chase Unsecured Credit Cards
Initial Bonus: 75,000 points for spending $5,000 on purchases in the first 3 months
Ongoing Rewards: 5 points per $1 spent on travel purchased through Chase Travel℠, 2 points per $1 on all other travel purchases, 3 points per $1 on dining and online grocery purchases, 3 points per $1 on select streaming services, and 1 point per $1 on all other purchases
Annual Fee: $95
Credit Score: Good
Initial Bonus: $200 for spending $500 on purchases in the first 3 months
Ongoing Rewards: 5% cash back on travel through Chase Travel, 3% back at restaurants and drugstores, and 1.5% back on all other purchases
Annual Fee: $0
Credit Score: Good
Initial Bonus: 125,000 points for spending $6,000 in the first 3 months
Ongoing Rewards: 8 points per $1 spent on purchases made through Chase Travel℠ (including The Edit℠), 4 points per $1 on direct bookings with airlines and hotels, 3 points per $1 on dining, and 1 point per $1 on all other purchases
Annual Fee: $795
Credit Score: Excellent
Initial Bonus: $1,000 for spending $10,000 in the first 3 months
Ongoing Rewards: 5% cash back on travel through Chase, 2.5% back on every purchase totaling at least $5,000, as well as 2% back on all other purchases
Annual Fee: $195
Credit Score: Good
It is worth noting that all Chase credit cards are unsecured and require at least good credit for approval. In fact, there’s...
read full answer by Bogdan Roberts, Credit Cards ModeratorDoes the Chase Ink Preferred card allow you to do a product change?
Yes, the Chase Ink Preferred card allows you to product change to the Ink Business Cash® Credit Card and the Ink Business Unlimited® Credit Card.
A product change can be done by calling the number on the back of your credit card, or Chase’s customer service department at (800) 432-3117. You can also request a product change online.
Keep in mind, though, that in the case of a product change you won't receive the welcome bonus offered for new cardholders.
read full answer by Maria Adams, Credit Cards ModeratorIs it better to downgrade or cancel my credit card?
It is probably better to downgrade than cancel your credit card if your spending habits have changed and the rewards you earn are not enough to pay for the card’s annual fee. A downgrade isn’t considered a new account, so there’s no effect on your credit score, as there would be if you were to apply for a no annual fee card outright.
When to Cancel a Credit Card
There are several situations when you should cancel a credit card, such as when you...
read full answer by Maria Adams, Credit Cards ModeratorDid we answer your question?
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Yes this is correct. There are other answers on this board that claim you cannot go to Freedom XYZ, including Freedom Flex, but when I called to downgrade my Sapphire Preferred (11/30/2020) both options were available. Another option they gave was the Chase Sapphire No Annual Fee card, which looks like the same Sapphire but loses the 1.25 multiplier for the Ultimate Rewards points when you use for travel (a trade for the new fee). I switched to the Flex which means a new number since it is a Mastercard (Unlimited remains Visa), but as Benny noted above it will not change the credit reporting since the line of credit (opening date, etc) is the same through CHASE, regardless of which card (Sapphire XYZ, Freedom XYZ) and processor (Visa, Mastercard) is used to do transactions on that line of credit.