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The Chase Sapphire Reserve and Preferred are in the same product family. You can either downgrade the CSR to CSP (without the signup bonus) OR cancel the CSR and then apply for the CSP to get the bonus. You also might try calling and canceling the CSR and see if they give you a retention offer. Might be worth more than the signup bonus on the CSP.
Better to downgrade to Freedom (which has no annual fee I believe) than to cancel.
Chief
Yes - product change to any Freedom cards. If you downgrade to CSP or no-fee Sapphire, you won't be eligible for any Sapphire welcome bonus.
Also, CSR has a higher, limited-time offer at 80k (vs CSP at 60k)
M1, yes you can still downgrade to OG Sapphire but there's no benefit to doing so
OP, use up your travel credit, do any pay yourself back points redemptions, and then downgrade to Freedom Flex. You can't downgrade to the CSP or OG Sapphire and get approved for a new CSP / CSR.
The CSR offer is elevated for the next few months so I'd recommend going after that. Happy to provide a referral via DM.
C1, Chase won't approve a new CSR / CSP application if you're not eligible for the bonus. Holding a CSP and applying for a new CSR will result in an immediate denial.
Conversation Starter
I did it last year. The only thing to note is that you need to wait between downgrading and applying for the new card so just make sure to give yourself some time in between (i think they say a new billing period to be safe) so that chase can process you not having a preferred family card and you’re eligible for the bonus
Yes downgrade to no fee freedom card (so you don’t lose the credit history), wait about 30 days, and apply for CSR.