To downgrade Chase Sapphire Reserve, call customer service at 1 (800) 432-2117 or send a secure message through your online account. Ask for a product change, which is another name for a downgrade or upgrade. Chase does not have a web page specifically for product changes. The Sapphire Reserve account must be open for at least a year and in good standing in order to be eligible to downgrade.
You can only downgrade from Chase Sapphire Reserve to a card in the same “product family.” This means you cannot switch to an Ink Business card or a co-branded airline or hotel card. Downgrades are allowed to Chase cards such as Sapphire Preferred, Freedom or Freedom Unlimited. If you choose to downgrade to an eligible Chase credit card, you will need to do so within 30 days of paying the 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.
There are some downsides to consider before you downgrade a Chase Sapphire Reserve card. 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 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 Freedom or Freedom Unlimited, you won’t be able to transfer points to Chase’s airline and hotel partners.
A downgrade from Chase Sapphire Reserve is not considered a new account, so there’s no effect on your credit score. The downgraded card will retain the same card number, credit limit and APR as your Sapphire Reserve card, but it will come with an updated expiration date and 3-digit security code. Until the new card arrives, you can continue to use the 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.
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