How I Got the Legacy Chase Freedom Card, Even Though It’s Closed to New Applicants

As my wallet (and sock drawer) gets heavier with new credit cards every year, I often take account of all the annual fees I’m paying and see where I have an opportunity to trim the fat.

The most recent card on my chopping block might surprise you. I ended up getting rid of my Chase Sapphire Preferred^® Card, which has a $95 annual fee.

I’ll explain why I downgraded this popular travel card rather than canceling it, which card I chose to replace it with, and how I went through the entire process with Chase.

Why I Downgraded My Chase Sapphire Preferred Card

The Chase Sapphire Preferred card is one of my favorite cards and a go-to choice for many of my purchases, as it earns 3x Ultimate Rewards points on dining, online groceries, and select streaming services.

I often purchase travel with the card (earning 2x points) to ensure that I can utilize its travel insurance coverage should I have any disruptions.

BEST FIRST TRAVEL CARD

Terms Apply / Rates & Fees

Chase Sapphire Preferred^® Card

U.P. Rating 

The rating for this card has been determined by our own industry experts who know the ins and outs of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

A fantastic travel card with a great welcome offer, good benefits, and perks for a moderate annual fee.

Apply Now(at Chase's secure site)

Chase Sapphire Preferred^® Card

A fantastic travel card with a great welcome offer, good benefits, and perks for a moderate annual fee.

Welcome Offer

Earn 75,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.

75,000 points

UP's Offer Valuation*:

$1,500

Annual Fee

$95

APR

19.49 - 27.74% Variable

Credit Recommended

Upgraded Points credit ranges are a variation of FICO^® Score 8, one of many types of credit scores lenders may use when considering your credit card application.

Good to Excellent

Why We Like This Card

The Chase Sapphire Preferred card bonus categories include travel, dining, online grocery purchases (excluding Walmart, Target, and wholesale clubs), gas, EV charging, vacation home rentals with top brands, and streaming services.

It offers flexible point redemption options, no foreign transaction fees, and strong travel insurance coverage, including primary car rental insurance. If you travel a few times a year and spend on dining, the card is likely to be a good choice, but it’s hard to justify if you don’t dine out or travel often.

Pros & Cons

Pros

• 5x points on all travel booked via Chase Travel
• 3x points on dining purchases, online grocery purchases (excluding Walmart, Target, and wholesale clubs), gas, EV charging, vacation home rentals with top brands (such as Airbnb and Vrbo), and select streaming services
• 2x points on all other travel worldwide

Cons

• $95 annual fee
• Subject to Chase’s 5/24 application restrictions

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Card Highlights

• Earn 75,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.
• Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, 3x on vacation homes at top brands, 3x on gas & EV charging, 3x on top streaming services and online groceries (excluding Walmart, Target, and wholesale clubs), 2x on all other travel purchases, 1x on all other purchases.
• Earn up to $100 in statement credits each account anniversary year for hotel stays through Chase Travel.
• Count on Trip Cancellation/Interruption Insurance, Auto Rental Coverage, Emergency Evacuation and Transportation, and more.
• Get a year of complimentary Apple TV when activated by December 31, 2026 - a value of $180.
• Complimentary DashPass membership, a $120 value for 12 months. Enjoy $0 delivery fees and reduced service fees on eligible DoorDash orders, plus exclusive Chase savings on grocery, everyday essentials, and more. Activate by 12/31/29.
• Receive one statement credit of up to $120 every four years as reimbursement for the application fee charged to your card for a Global Entry, TSA Precheck^® or NEXUS application.
• Transfer points to leading airline and hotel loyalty programs.
• Member FDIC

Financial Snapshot

• APR: 19.49 - 27.74% Variable
• Foreign Transaction Fees: None

Rewards Center

Chase Ultimate Rewards

So if I’m singing the card’s praises, why did I get rid of it? Well, lots of reasons!

• My $95 annual fee had just hit.
• My husband has his own Chase Sapphire Preferred card, so we’d been paying 2 annual fees for the same card and benefits.
• I could receive the same benefits with no annual fee by being added as an authorized user on my husband’s Chase Sapphire Preferred card.
• My card had been active for over 48 months, and if I downgraded it, I would be eligible for a new welcome bonus offer for a new card, based on the application rules.
• I could transfer my existing Ultimate Rewards points to my Ink Business Preferred^® Credit Card.

Ultimately, downgrading my card to a no-annual-fee card was the best solution for my situation.

‘Freedom’ To Choose From a Few Downgrade Cards

If I had closed or canceled the card, this would have potentially reduced my credit history and lowered my credit score by a few points. Downgrading the card allowed me to preserve my credit score and credit history, as the downgraded card doesn’t show up as a new inquiry or account.

No-annual-fee options for downgrading the Chase Sapphire Preferred card include the Chase Freedom Unlimited^®, Chase Freedom Flex^®, and Chase Freedom^® card (closed to new applicants). Note that when you downgrade, you aren’t eligible for any welcome offers on the card you change to, as you need to apply for those as a new cardholder.

Terms Apply / Rates & Fees

Chase Freedom Unlimited^®

U.P. Rating 

The rating for this card has been determined by our own industry experts who know the ins and outs of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

This all-purpose cash-back card offers great bonus categories, including bonus points for every purchase you make!

Apply Now(at Chase's secure site)

Chase Freedom Unlimited^®

This all-purpose cash-back card offers great bonus categories, including bonus points for every purchase you make!

Welcome Offer

Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening

$200

UP's Offer Valuation*:

$200

Annual Fee

$0

APR

0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.49% - 27.99%.

Credit Recommended

Upgraded Points credit ranges are a variation of FICO^® Score 8, one of many types of credit scores lenders may use when considering your credit card application.

Good to Excellent

Why We Like This Card

The Chase Freedom Unlimited^® is easily one of the best cash-back credit cards on the market. There aren’t many no-annual-fee credit cards that offer multiple great bonus categories like 5% back on travel purchased through Chase, 3% back on dining and drugstore purchases, and 1.5% back on all other purchases.

When paired with other Chase cards in the Ultimate Rewards family, you can transfer that cash back into points if you wish – making it one of the most lucrative cards in your wallet.

Pros & Cons

Pros

• 5% back on travel purchased through Chase Travel℠
• 3% back on dining and drugstore purchases
• 1.5% back on all other purchases

Cons

• 3% foreign transaction fee

Read Full Review

Card Highlights

• Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening
• Enjoy 5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases.
• No minimum to redeem for cash back. You can use points to redeem for cash through an account statement credit or an electronic deposit into an eligible Chase account located in the United States!
• Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.49% - 27.99%.
• No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited^® card
• Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
• Member FDIC

Financial Snapshot

• APR: 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.49% - 27.99%.
• Foreign Transaction Fees: 3% of each transaction in U.S. dollars

Rewards Center

Chase Ultimate Rewards

Chase Freedom Flex^®

U.P. Rating 

The rating for this card has been determined by our own industry experts who know the ins and outs of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

The Freedom Flex card is an excellent no-annual-fee card that still earns big with 5% cash-back on travel and other bonus categories.

Chase Freedom Flex^®

The Freedom Flex card is an excellent no-annual-fee card that still earns big with 5% cash-back on travel and other bonus categories.

Welcome Offer

Limited Time Offer! Earn a $250 Bonus after you spend $500 on purchases in your first 3 months from account opening.

$250

Annual Fee

$0

APR

0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.49% - 27.99%

Credit Recommended

Upgraded Points credit ranges are a variation of FICO^® Score 8, one of many types of credit scores lenders may use when considering your credit card application.

Good to Excellent

Why We Like This Card

The Chase Freedom Flex^® sure does pack quite a punch — especially for a no-annual-fee card.

The Freedom Flex card is an incredible option for those looking for a well-rounded cash-back card, or a powerful point-earner when paired with a premium card in the Ultimate Rewards family.

Pros & Cons

Pros

• 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.49% - 27.99%
• Powerful cash-back earner: 5% back on quarterly categories and travel purchases through Chase Ultimate Rewards, 3% back on dining and drugstore purchases, and 1% back on all other purchases
• No annual fee

Cons

• Cannot transfer points to Chase’s airline and hotel partners

Read Full Review

Card Highlights

• Limited Time Offer! Earn a $250 Bonus after you spend $500 on purchases in your first 3 months from account opening
• 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter!
• New Benefit! Earn rewards worldwide with no foreign transaction fees
• 5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more
• 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1% cash back on all other purchases.
• No minimum to redeem for cash back. You can use points to redeem for cash through an account statement credit or an electronic deposit into an eligible Chase account located in the United States.
• 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.49% - 27.99%.
• No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Flex^® card
• Keep tabs on your credit health - Chase Credit Journey helps you monitor your credit with free access to your latest score, real-time alerts, and more.
• Member FDIC

Financial Snapshot

• APR: 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.49% - 27.99%
• Foreign Transaction Fees: None

Rewards Center

Chase Ultimate Rewards

Why I Chose the Freedom Card

I ultimately chose the legacy Freedom card, which is no longer available to new applicants.

It features the same rotating 5% cash-back bonus categories as the Freedom Flex card, covering various purchases such as gas stations, gym memberships, and more every quarter.

However, it’s different from the Freedom Flex card in that it doesn’t offer 3% cash-back on dining or drugstores, which is something to consider.

What edged me toward the Freedom card was that it’s a Visa, while the Freedom Flex card is a Mastercard. This means I can use it at Costco, which only accepts Visa cards, and maximize the 5% quarterly bonus if it offers categories like gas stations, mobile payments, or wholesale clubs.

I have other cards that offer similar returns on dining, though I will be missing out on the 3% cash back at drugstores offered by the Freedom Flex card and the Freedom Unlimited card. Fortunately, my spending at drugstores is less significant than at Costco.

How I Downgraded My Card With Chase

Before I called Chase, I made sure to use the Chase Sapphire Preferred card’s $10 DoorDash credit for the month. I also transferred all of my Ultimate Rewards points from my Chase Sapphire Preferred card to my Ink Business Preferred card. I don’t think this step was absolutely necessary, but I didn’t want to leave anything to chance.

To initiate the downgrade, I called the 1-800 number on the back of my card and connected with a representative. I stated my intention to downgrade my card and inquired about any available retention offers, but there were none. I then confirmed that my annual fee had posted and that I was within the 60-day grace period to have the entire annual fee refunded.

I stated that I wanted to downgrade to the regular Freedom card, not the Freedom Flex card, which initially confused the agent. In her system, the card was the Chase Freedom Visa with Ultimate Reward Points. Once we agreed on which card was right, she read the terms to me and proceeded with the downgrade.

The account number remained the same on my new Freedom card, but I intentionally removed the old Chase Sapphire Preferred card from my Apple Wallet and any recurring payments to avoid using it by mistake for the wrong bonus category.

Final Thoughts

I’ve been happy with my choice to downgrade from the Chase Sapphire Preferred card to the Freedom card. I’ve maintained my credit history with a new no-annual-fee card that I still intend to use when its quarterly bonus categories align with my spending. I’ll also get similar card benefits, such as purchase protection, extended warranty protection, and trip cancellation and interruption insurance.

Being a cardholder of another premium Ultimate Rewards card, the Ink Business Preferred card, was also an essential component in my strategy. I was able to transfer my points to my business card before downgrading the personal card, and any new cash-back earned on the Freedom card can be rolled over to my business card, allowing me to utilize Chase’s transfer partners. Best of all, should a fantastic welcome bonus offer for the Chase Sapphire Preferred card present itself in the future, I’m eligible to apply.