I'm exploring downgrading my Sapphire and noticed this announcement for the Cash Back option. You won't be able to just get straight cash for your points anymore as of tomorrow, if you care about that, and if you don't use Chase for banking. Kind of b.s. and all the more reason I'm going to downgrade because I've used this option before.

Seven Costanza said:

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Using it as a statement credit seems all the same to me.

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Usually, but I actually could have used the cash for some one-time expenses where CC won't apply. No big deal usually.

tejas_ayanem said:

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the cashback option is not a good redemption value anyway

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What do you use them for?

Has anyone with their annual fee coming up used this as leverage to request a reduced/waived annual fee? I surely plan on doing so. I use all the Chase cards I have sparingly as it is.

reddit folks haven't had much luck getting fees reduced, but worth a shot. I would imagine they anticipated losing a decent chunk of customers and appear to be OK with that.

They're not going to waive the fee completely, especially if you're not using the card much. Doesn't make financial sense for them.

jsc8116 said:

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Has anyone with their annual fee coming up used this as leverage to request a reduced/waived annual fee? I surely plan on doing so. I use all the Chase cards I have sparingly as it is.

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Chances are they wont reduce the annual fee, but they might offer a retention bonus for you to stay. I do this every year with AMEX. I ask for retention offers, sometimes they give them to me, sometimes they dont.

Texag5324 said:

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jsc8116 said:

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Has anyone with their annual fee coming up used this as leverage to request a reduced/waived annual fee? I surely plan on doing so. I use all the Chase cards I have sparingly as it is.

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Chances are they wont reduce the annual fee, but they might offer a retention bonus for you to stay. I do this every year with AMEX. I ask for retention offers, sometimes they give them to me, sometimes they dont.

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I asked for a retention bonus and they declined it. Maybe because I had stopped using that card as much, partly because I wanted to make sure not to put recurring charges or a purchase I might want to return on it since I knew I was likely to cancel it. Even if you use it quite a bit, but still have other Chase cards, they may take the chance they still receive the transaction fees because you put all purchases on the other card(s) as opposed to switching to a different bank.

barnag said:

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tejas_ayanem said:

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the cashback option is not a good redemption value anyway

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What do you use them for?

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Usually transfer to United.

Here's what chatgpt says on best value:

Best possible value (highest return)
1. Transfer to airline & hotel partners
Typical value: ~2.03.0+ cents per point (CPP)

• Transfer 1:1 to partners like:
  
  • World of Hyatt
  • United MileagePlus
  • British Airways Executive Club
• Then book award flights or hotel stays directly

Why this is best:

• Premium cabins (business/first class) and luxury hotels can massively outperform cash prices
• It's common to get 2 CPP+, sometimes even 35 CPP in sweet spots

Bottom line:
This is the highest value redemption strategy, but requires flexibility and planning.

Very good value (easy + consistent)
2. Chase Travel portal (Points Boost deals)
Typical value:

• 1.0 CPP baseline
• ~1.752.0 CPP on "Points Boost" bookings

Key update (important):

• Old guaranteed 1.5 CPP is going away
• Now:
  
  • Most bookings = 1 CPP
  • Select boosted deals = up to ~2 CPP

Bottom line:

• Good for convenience
• Solid when you find boosted deals
• No need to hunt award availability

Average value (not ideal)
3. Pay Yourself Back / statement credits
Typical value: ~11.5 CPP

• Mirrors travel portal value depending on promo categories

Easy, but usually not maximizing value.

I switched to the United Club card.

I had previously just transferred points to united and we've taken free vacations since 2016 with our points. Free flights for me and the family and occasionally a mother in law, so with the switch I also get United Club for free. Since I fly often, it makes sense.

barnag said:

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tejas_ayanem said:

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the cashback option is not a good redemption value anyway

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What do you use them for?

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I found that transferring to my Hyatt account got the most value among the hotel chains. Booking a standard room at a hotel like Hilton Garden Inn or something would be like 12,000 points going through Chase's site, but if you book on Hyatt's site, that same room is like 7,000.

jsc8116 said:

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Has anyone with their annual fee coming up used this as leverage to request a reduced/waived annual fee? I surely plan on doing so. I use all the Chase cards I have sparingly as it is.

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I had the Reserve and asked about this when my renewal came up last October and they would not (had the card since 2019). With the increased annual fee and 3 kids that force almost all travel to be via the Honda Odyssey, I couldn't justify keeping it, so I downgraded to the Preferred and have been just as happy.

Also added the Freedom Unlimited recently since 2 of the kids need braces and they're offering 18 months 0% on purchases, so figured I'd go that route and then use it to compliment the Preferred in the future.