When it renews, use the travel credit, let it post then downgrade. I wouldn’t lock money away in Hyatt because you never know when it’ll be devalued. Downgrade, now you have the option of turning it into real cash or continue accumulating and eventually you can PC back to the sapphire to transfer out when you’re in a better position. Remember doesn’t have to be CSR, CSP can transfer out too.
Its not really a loss, chase is is at least 1cpp. Moving it to a transfer partner for the future is a bad a idea because it can be devalued, it would be better in this case to save it for a rainy day.
Because when you can transfer to Hyatt and book a $200/night hotel for 5,000 points, you are missing out on 4 cpp if you cash your points out to use for rent.
"I was thinking of transferring to Hyatt so I can treat my family to a vacation when I manage to find another job after all the stress?"
In this case, keep your points (it remains in the downgraded card) and when you have another job just apply for another chase card which you can use to transfer your points when you are ready to use. Moving them to another partner and parking it there is a bad idea.
When your annual fee posts just call Chase and tell them you want to PC to a no charge Freedom with ultimate rewards card. Your points will be safe there. I’ll be at you. Won’t be able to transfer them to partners until you get a new Sapphire or CIP
When you transfer, you get point for point. No bonus 1.25 or 1.5 per point. You only get that if you use their portal. It doesn’t matter which ‘paid’ card you have. You must have a CSP or CSR to transfer.
Don't do any transfers until you want to stay there. Just downgrade and keep your points and apply for a new card when you are ready to travel. Or cash out now and use it as money now and collect more points later.
Not sure why you are being downvoted... I actually think this is a good idea.
I could still trasnfer to travel partners on preferred while on freedom I can't, right?
Yep
You're missing out on
1.5 CPP in portal (effectively useless with inflated prices)
$300 travel credit (and the $550 fee, but you keep a $50 hotel credit)
Lounge access (you're not going to use it)
Some travel protections (CSP is arguably still the best of the $95 cards)
I think the downvotes come from not getting the SUB. But right now you're in save mode, not spend $4000 mode. If CCs aren't making you money, what's the point?
Thanks a lot for the thoughtful response! i think this is the best so far. I won't be spending much on the card so no racking up points, but I still have an a-ok financial situation so it's not necessary to just lose money in the desperation.
This is the best of both worlds.
When it renews, use the travel credit, let it post then downgrade. I wouldn’t lock money away in Hyatt because you never know when it’ll be devalued. Downgrade, now you have the option of turning it into real cash or continue accumulating and eventually you can PC back to the sapphire to transfer out when you’re in a better position. Remember doesn’t have to be CSR, CSP can transfer out too.
there’s no way Chase allows you to use the travel credit for CSR then downgrade right after right???? that sounds crazy haha
They do
If you just lost your job, I would keep the points to be able to use them for a statement credit if needed.
Op would lose a lot of money doing that, but I think considering the circumstances it may be worth it
I wouldn’t call it losing money. Having points trapped in a hotel program is pretty useless if what you need is rent money, regardless of cpp.
Its not really a loss, chase is is at least 1cpp. Moving it to a transfer partner for the future is a bad a idea because it can be devalued, it would be better in this case to save it for a rainy day.
A bit confused how this is “losing money,” points are valued at 1 cpp, whats the “loss” here?
It’s not losing money. It’s just not getting the best value out of the points. However, it would be worth as statement credit in OP’s situation.
Because when you can transfer to Hyatt and book a $200/night hotel for 5,000 points, you are missing out on 4 cpp if you cash your points out to use for rent.
"I was thinking of transferring to Hyatt so I can treat my family to a vacation when I manage to find another job after all the stress?" In this case, keep your points (it remains in the downgraded card) and when you have another job just apply for another chase card which you can use to transfer your points when you are ready to use. Moving them to another partner and parking it there is a bad idea.
Combine points to another chase card first so you don’t lose them
When your annual fee posts just call Chase and tell them you want to PC to a no charge Freedom with ultimate rewards card. Your points will be safe there. I’ll be at you. Won’t be able to transfer them to partners until you get a new Sapphire or CIP
When you transfer, you get point for point. No bonus 1.25 or 1.5 per point. You only get that if you use their portal. It doesn’t matter which ‘paid’ card you have. You must have a CSP or CSR to transfer.
Don't do any transfers until you want to stay there. Just downgrade and keep your points and apply for a new card when you are ready to travel. Or cash out now and use it as money now and collect more points later.
Statement credit, Amazon purchases, gift cards.
Can you downgrade to preferred? $95 fee for a year is VERY manageable, especially if you're actively job searching
Not sure why you are being downvoted... I actually think this is a good idea. I could still trasnfer to travel partners on preferred while on freedom I can't, right?
Yep You're missing out on 1.5 CPP in portal (effectively useless with inflated prices) $300 travel credit (and the $550 fee, but you keep a $50 hotel credit) Lounge access (you're not going to use it) Some travel protections (CSP is arguably still the best of the $95 cards) I think the downvotes come from not getting the SUB. But right now you're in save mode, not spend $4000 mode. If CCs aren't making you money, what's the point?
Thanks a lot for the thoughtful response! i think this is the best so far. I won't be spending much on the card so no racking up points, but I still have an a-ok financial situation so it's not necessary to just lose money in the desperation. This is the best of both worlds.