Downgrade Chase Sapphire Preferred to Earn 60K Bonus

If you're looking to earn a 60,000-point bonus, downgrading your Chase Sapphire Preferred card to a Chase Freedom Unlimited card might be a smart move.

The Chase Freedom Unlimited card has no annual fee, so you won't lose any money by downgrading.

You'll still earn 3% cash back on all your purchases in your first year up to $20,000 spent, plus a 1.5% cash back on everything else.

This bonus is a great opportunity to boost your rewards earnings without breaking the bank.

If you already have the Chase Sapphire Preferred or the Chase Sapphire Reserve, and it's been four or more years since you last earned a sign-up bonus on either card, there's a way to get the 60,000-point offer.

You can call the number on the back of your Chase Sapphire card to request a downgrade to a no-annual-fee Chase Freedom Card, either the Freedom Unlimited or the Chase Freedom Flex.

Downgrading to one of these cards will keep your existing Chase Ultimate Rewards points intact, and you can even hold both a Chase Freedom card and a Chase Sapphire card at the same time.

Chase allows you to hold both cards, so you can downgrade to the version you don't already have in your wallet.

Once you've downgraded, you can reapply for a Chase Sapphire card with the current 60,000-point offer, as long as you meet the application requirements.

Wait at least two weeks before reapplying to ensure Chase doesn't have a record of your existing Sapphire card.

Once you're approved for your new Chase Sapphire card, you can transfer your points from the Freedom card you downgraded back to your new Sapphire card.

The Chase Sapphire Preferred is a solid choice, but if you're looking to upgrade to the Reserve, you'll want to consider the benefits of each card. The Chase Sapphire Reserve has a $550 annual fee, but it offers incredible earning potential, redemption options, and perks.

The Reserve card earns 3x Ultimate Rewards for all travel and dining purchases, while the Preferred card earns 2x Ultimate Rewards for the same categories. This means the Reserve card is a better choice for frequent travelers and foodies.

One of the Reserve's best benefits is the $300 annual travel credit, which reimburses you for travel purchases like airfare, hotels, and car rentals. This can add up to significant savings over time.

The Reserve also increases the value of your Ultimate Rewards points to at least 1.5 cents per point, making them more valuable than the Preferred card's points. You can redeem your points for 1.5 cents each through Pay Yourself Back or the Ultimate Rewards travel portal.

If you're not ready to commit to the Reserve's $550 annual fee, you can consider downgrading to the Chase Freedom Unlimited, which has no annual fee. This card earns 1.5% cash back on all purchases, making it a great choice for everyday spending.

Alternatively, you could consider the Chase Freedom Flex, which offers 5% cash back in rotating quarterly categories on the first $1,500 in purchases each quarter. This can be a great option for those who want to maximize their rewards in specific categories.