Good afternoon everyone. As part of my “Keep, Cancel or Convert?” series, I like to evaluate and reevaluate credit cards to make sure they still deserve a spot in my wallet (or my fiance’s wallet, in this case). Last year, my fiance was approved for the Chase Sapphire Preferred Credit Card and she used it heavily when she first got the credit card (to meet the $4,000 minimum spending requirement), but that credit card hasn’t gotten much use lately. This is mainly because I have the Chase Sapphire Reserve Credit Card that offers 3x on travel and dining vs. the Chase Sapphire Preferred’s 2x on travel and dining. And since my March App-O-Rama, I have been using my American Express Gold Card since that credit card offers 4x on dining. Long story short, my fiance’s Chase Sapphire Preferred was not worth the $95 annual fee. This is hard to believe since the Chase Sapphire Preferred was one of the best travel rewards credit cards just a few years ago. We decided the best thing to do would be to convert her Chase Sapphire Preferred Credit Card into a Chase Freedom Credit Card, since we did not have a Chase Freedom between the two of us and the 5% rotating cash back categories would be easy to use.
Before we called Chase, my fiance logged into her Chase Ultimate Rewards account and transferred all her Chase Ultimate Rewards Points to my Chase Ultimate Rewards account. You can do this instantly online by clicking the arrow near your Chase Ultimate Rewards Points balance, then clicking the See More/Less button on the right side, and then clicking the Combine Points button.
According to the Chase Ultimate Rewards terms, “You can move your points, but only to another Chase card with Ultimate Rewards belonging to you, or one member of your household.” Here are the complete terms:
Combine points with other Chase cards with Ultimate Rewards
You can move your points, but only to another Chase card with Ultimate Rewards belonging to you, or one member of your household. If we suspect that you’ve engaged in fraudulent activity related to your credit card account or Ultimate Rewards, or that you’ve misused Ultimate Rewards in any way (for example by buying or selling points, moving or transferring points with or to an ineligible third party or account, or repeatedly opening or otherwise maintaining credit card accounts for the sole purpose of generating rewards) we may temporarily prohibit you from earning points or using points you’ve already earned. If we believe you’ve engaged in any of these acts, we’ll close your credit card account and you’ll lose all your points.
My fiance entered my 16 digit Chase Sapphire Reserve Credit Card number, checked the box to transfer all of her Chase Ultimate Rewards Points and clicked the Submit button. Her Chase Ultimate Rewards Points were instantly transferred to my Chase Ultimate Rewards account. (Thank you Babe!)
She signed out of her Chase account and I signed into my Chase account. There they were, all of her Chase Ultimate Rewards Points in my Chase Ultimate Rewards account.
She then called the number on the back of her Chase Sapphire Preferred Credit Card and asked the rep to convert her credit card into a Chase Freedom Credit Card. The process was very easy and her new Chase Freedom Credit Card should arrive in the mail in the next few days. The rep also enrolled her card in the Chase Freedom Q2 5% cash back categories (grocery stores and home improvement stores). A few days later, the $95 annual fee was refunded and backdated to match the same date that the $95 annual fee posted.
If you have any questions about transferring Chase Ultimate Rewards Points to another Chase Ultimate Rewards account or about converting a Chase Sapphire Preferred Credit Card into a Chase Freedom Credit Card, please leave a comment below. Have a great day everyone!