Hector Molina, WalletHub Analyst
You can downgrade your Chase Sapphire Reserve card either online through the secure message center, or over the phone at (800) 945-2000. The Chase Sapphire Reserve 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 before downgrading your Chase Sapphire Reserve:
- Cards you can downgrade to: You can only downgrade from Chase Sapphire Reserve to a card in the same “product family”. This means you cannot switch to a business card or a co-branded card.
Downgrades are allowed to Chase cards such as Chase Sapphire Preferred, Chase Freedom Unlimited, or Chase Freedom Flex.
- Annual fee refund info: If you choose to downgrade to an eligible Chase credit card, you will need to do so within 30 days of paying the Chase Sapphire Reserve card’s enormous $550 annual fee in order to receive a full refund.
After 30 days, the refund will be pro-rated, based on the number of calendar days since you paid the fee. If you downgrade to a card with an annual fee, the charge will appear on the new card’s first billing statement.
- How downgrading works: The downgraded card will retain the same card number, credit limit and APR as your Chase Sapphire Reserve card, but it will come with an updated expiration date and new 3-digit security code.
Until the new card arrives, you can continue to use the Chase Sapphire Reserve card, which will have all the features and functionality of the downgraded card. You should receive the new card within 7-10 business days after the downgrade is complete.
It is also worth noting that a downgrade from Chase Sapphire Reserve is not considered a new account, so there’s no effect on your credit score.
What to consider before downgrading your Chase Sapphire Reserve:
Keep in mind that you won’t receive an initial bonus or an introductory 0% APR for the new card. You’ll also lose any unused portion of the Chase Sapphire Reserve card’s annual $300 travel credit.
Unredeemed rewards will automatically transfer to an eligible Chase rewards card, but points may have less value when redeemed for travel, depending on the card to which you’re downgrading. And if you downgrade to either Chase Freedom Unlimited or Chase Freedom Flex, you won’t be able to transfer points to Chase’s airline and hotel partners.
Chase Sapphire Reserve®
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