Total 2016 Summary: Downgrades and Cancellations

Took the time today to update my collection and discovered that I had not taken advantage off all of my perks. I made the summary of all my active accounts here. I notated what categories or situations I will use my cards in. It appears that I have a few accounts to downgrade or close in the upcoming year:

Bank Product Annual Fee Fate
Chase British Airways $95 Close or Downgrade October 2017
Chase Hyatt $75 Keep for the Free Night
Chase Ink Biz Plus $95 Keep for the 5x on Cell Phone and Internet
Chase Marriott Rewards $85 Keep for the Free Night
Chase Ritz-Carlton $450 Keep for $100 off flights ($150 card after credit)
Chase Sapphire Reserve $515 Keep for the 3x ($150 card after credit)
Chase Sapphire Preferred $95 Might be worth keeping for the 10k referral bonus
Citi AAdvantage Plat $95 Downgrade to Double Cash July 2017
Citi Costco Anywhere Visa $0 Keep with CostCo Membership

So I am a sucker for the free Marriott Night and Hyatt Night which I have been using at properties that exceed the annual fee. For example the Marriott Hong Kong Sha Tin runs about $150 a night and the Hyatt Centric French Quarter New Orleans Hotel goes for about $239 a night, both are category 4 in their respective groups.

The Ritz-Carlton card as well as the CSR both offer $300 credits, effectively making the cards cost $150 each. A single booking using the Visa Infinite portal for the $100 on Ritz will bring to cost down to $50 a year. In regards to the CSR a annual fee of $150 gets you your Priority Pass with Guest Access as well as $100 for global entry.

There is no point to have CSR and CSP so its time for the Chase Sapphire Preferred to become just a no annual fee Chase Sapphire. Same goes for the AAdvantage Platinum from Citi which get me less points than my Barclay Silver Aviator AAdvantage for American Airline Bookings. This Citi AA will become my double cash card.

CostCo has become my go to, making the Citi CostCo Anywhere Visa useful and without annual fees. I tried to close the British Airways card, but they offered me $50 statement credit if I kept it open for another year. I should try this bluff more often and ask for retention department every time I call in.

I urge you to take summary of what you got in that credit card sock drawer!

-Derp

Update: I called Chase to downgrade my CSP and they offered no retention bonus. I was able to transfer the remaining points to my Ink + and downgrade (PRODUCT CHANGE) to the no annual fee Sapphire. Dave posted at the same time I downgraded and suggested I keep it open for to get 10k UR points, for every referral I make. That would of been 50,000 bonus points after the new card member spends $4,000 on purchases in the first 3 months from account opening. Then another 5k for adding an AU.

Clearly if I can push the CSP down the readers throat it would of been very profitable for me, but there is another GUY that loves that game. However as I said to Dave, you can’t depend on these referrals and I can’t in good faith suggest you waste one of your precious 5/24 slots to anything but the CSR with twice the points and $300 more on top.

DerpReport in 2017 may be different as we transition away from credit card bonuses and shift over to the cash back rewards. Very few of you guys have been using the referral links, and have been unabashed about throwing points in the garbage. I think the whole point of this site was that of collaboration. I do some work, write some articles and you say thank you by using the link provided. If you think the idea is good, you would toss back some points by using my link. Instead it seems spiteful for many of you to just go and sign up for the exact deal on your own.

I do appreciate the readership, but please think about using these links if you do decide to go for it.

Thanks,

Derp

6 Responses to Total 2016 Summary: Downgrades and Cancellations

  1. I’ve seen the “no need for a CSR and CSP” argument before but my counter to that is the CSP allows referrals. Just 1 and your AF is covered for the year.

    • Literally just got off the phone with Chase when I read your message! Now I feel like a bone head. They let me transfer the remaining balance to my Chase Ink and downgrade the CSR account to a regular Sapphire. Now I got some regrets.

      I must say the referral game is not what its like before. Most of the time, your friends and family just go ahead and sign up on their own. Worst is the karma requirements on the reddit referral threads that have kept me from posting the referral links. Hell, I have had two people sign up for the AmEx Platinum Business on their own after reading my work on this blog. Thats 50k MR down the drain, and they don’t really give a shit.

      So you make a valid point, but I have been hard pressed on the referral game. Maybe some time in the future it will pick up again.

      -Derp

      • Ahh! Sorry, I posted as soon as I read this.

        I’m a touch pushy with the referral link once I show someone the churning game so I don’t think I have missed anyone (yet). The people that can’t be bothered to help a buddy out when its literally no extra effort on their part are dicks. I agree, the reddit karma requirement is a pain.

        • Agreed Dave! Maybe I should make the forum a closed forum, or even make access contingent on using a referral. For now, I can just hope people arn’t going to be a Blue Falcon about it!

  2. Appreciate your posts! Do you know if anyone has had any success having Chase waive the CSR annual fee with PCS orders? Mine are going to be cut sometime in February/March

    • Not recently, they always said no because I got the card after I joined. However your mileage may vary, its worth a shot!

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