I almost downgraded, and Chase gave me a statement credit
Just thought I’d share my experience. According to my private client banker, this is not something he’s seen them do before.
I was over the CSR. Higher annual fee, and a lot of credits I couldn’t utilize or just had no interest in (looking at you, Open Table Sapphire restaurants…)
Anyway, I’ve had the card since 2019. I didn’t really want to cancel. I wanted to downgrade to the CSP and save myself $700/year while still being able to transfer points to partners.
Long story short, the customer service rep offered me a $300 statement credit to keep the CSR. No strings attached. I mean, my renewal isn’t until September so I could still downgrade if I want. But essentially I just got the next year for $300 less than the normal fee.
As I said, the private client banker at my local branch said he didn’t know they’d do that. Might be worth calling and politely asking if anything like that is available for you.
For what it’s worth, I didn’t immediately accept. I asked if they could do better than $300, and the rep told me no. She did, however, say the amount was heavily dependent on card utilization, account age, on-time payment history, etc.
I have never missed a payment, but my utilization is pretty low since I also have the Amex Platinum and was working on the SUB the past few months.
Hope that info helps someone!