How I Maximized My Card Benefits Before Downgrading

Updated: April 4, 2026, 9:50am CDT

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Table of Contents

Why I Downgraded Instead of Canceling My Card
Why I Waited Until My Annual Fee Posted
Each Credit I Reviewed Before Downgrading
Why I Confirmed My Points Before Downgrading
Final Thoughts

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Premium credit cards can offer significant value, but they don’t always make sense to keep forever. When the annual fee no longer matches the value you get from the card, downgrading or canceling the card can be a smart move.

I recently downgraded my Chase Sapphire Reserve^® after realizing it didn’t offer as much value as other cards in my wallet. Instead of canceling the card right away, I reviewed my benefits and any unused credits to make sure I didn’t lose out on any rewards.

If you’re considering canceling or downgrading a credit card, here’s what to check first to avoid missing out on benefits.

Why I Downgraded Instead of Canceling My Card

Though the Chase Sapphire Reserve card is one of the best premium travel credit cards, I wasn’t getting enough value from it to justify the high annual fee.

After reviewing my spending and travel habits, I realized my Platinum Card^® from American Express and my Capital One Venture X Rewards Credit Card have been doing the heavy lifting in my wallet.

BEST LOUNGE CARD

Terms Apply / Rates & Fees

Platinum Card^® from American Express

U.P. Rating

The Amex Platinum reigns supreme for luxury travel, offering the best airport lounge access plus generous statement credits, and complimentary elite status.

Apply Now(at Amex's secure site)

Apply With Confidence

Know if you're approved with no credit score impact

If you're approved and accept this Card, your credit score may be impacted.

Platinum Card^® from American Express

The Amex Platinum reigns supreme for luxury travel, offering the best airport lounge access plus generous statement credits, and complimentary elite status.

Welcome OfferYou may be eligible for as high as 175,000 Membership Rewards® points after you spend $12,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.  
As High As 175,000 Points. Find Out Your Offer.

UP's Offer Valuation*:
Up to $3,850

Annual Fee

$895

APR

See Pay Over Time APR

Credit Recommended

Good to Excellent

Why We Like This Card

When it comes to cards that offer top-notch benefits, you’d be hard-pressed to find a better card out there than the Platinum Card^® from American Express.

Make no mistake — the Amex Platinum card is a premium card with a premium price tag. With amazing benefits like best-in-class airport lounge access, hotel elite status, and tremendous value in annual statement credits, it can easily prove to be one of the most lucrative cards in your wallet year after year.

Pros & Cons

Pros

The best airport lounge access out of any card (by far) — enjoy access to over 1,550 worldwide lounges, including the luxurious Amex Centurion Lounges, Priority Pass lounges (enrollment required), Plaza Premium Lounges, and many more!
5x points per dollar spent on flights purchased directly with the airline or with AmexTravel.com (up to $500,000 per year)
5x points per dollar spent on prepaid hotels booked with AmexTravel.com
Annual and monthly statement credits upon enrollment (airline credit, Uber Cash and Uber One, Resy, lululemon credit, streaming credit, prepaid hotel credit on eligible stays, Walmart+ credit, CLEAR+ credit, and Equinox credit)
TSA PreCheck or Global Entry credit
Access to American Express Fine Hotels and Resorts and Amex International Airline Program
Access to Amex transfer partners
No foreign transaction fees (rates and fees)

Cons

$895 annual fee (rates and fees)
Airline credit does not cover airfare (only incidentals like checked bags)

Read Full Review

Card Highlights

You may be eligible for as high as 175,000 Membership Rewards^® points after you spend $12,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
Get more for your travels with 5X Membership Rewards^® points on all flights and prepaid hotel bookings through American Express Travel^®, including Fine Hotels + Resorts^® and The Hotel Collection bookings. You earn 5X points on flights purchased directly from airlines or through American Express Travel^® on up to $500,000 on these purchases per calendar year.
With over 1,550 airport lounges - more than any other credit card company on the market* - enjoy the benefits of the Global Lounge Collection^®, over $850 of annual value, with access to Centurion Lounges, 10 complimentary Delta Sky Club^® visits when flying on an eligible Delta flight (subject to visit limitations), Priority Pass Select membership (enrollment required), and other select partner lounges.* As of 07/2025.
$200 Uber Cash + $120 Uber One Credit: With the Platinum Card^® you can receive $15 in Uber Cash each month plus a bonus $20 in December when you add your Platinum Card^® to your Uber account to use on rides and orders in the U.S when you select an Amex Card for your transaction. Plus, when you use the Platinum Card^® to pay for an auto-renewing Uber One membership, you can get up to $120 in statement credits each calendar year. Terms apply.
$300 Digital Entertainment Credit: Experience the latest shows, news and recipes. Get up to $25 in statement credits each month when you use your Platinum Card^® for eligible purchases on Disney+, a Disney+ bundle, ESPN streaming services, Hulu, The New York Times, Paramount+, Peacock, The Wall Street Journal, YouTube Premium, and YouTube TV when you purchase directly from one or more of the providers. Enrollment required.
$600 Hotel Credit: Get up to $300 in statement credits semi-annually on prepaid Fine Hotels + Resorts^® or The Hotel Collection* bookings through American Express Travel^® using the Platinum Card^®. *The Hotel Collection requires a minimum two-night stay.
$400 Resy Credit + Platinum Nights by Resy: Get up to $100 in statement credits each quarter when you use the Platinum Card^® to make eligible purchases with Resy, including dining purchases at U.S. Resy restaurants. Enrollment required. Plus, with Platinum Nights by Resy, you can get special access to reservations on select nights at participating in demand Resy restaurants with the Platinum Card^®. Simply add your eligible Card to your Resy profile to book and discover Platinum Nights reservations near you.
$209 CLEAR+ Credit: CLEAR+ helps get you to your gate faster by using your face to verify you are you at 55+ airports nationwide. You can cover the cost of a CLEAR+ Membership* with up to $209 in statement credits per calendar year after you pay for CLEAR+ with your Platinum Card^®. *Excluding any applicable taxes and fees. Subject to auto-renewal.
$200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees, such as checked bags and in-flight refreshments, are charged by the airline to the Platinum Card^® Account. American Express relies on airlines to submit the correct information on airline transactions to identify incidental fee purchases. If you do not see a credit for a qualifying incidental purchase on your eligible Card after 8 weeks, simply call the number on the back of your Card. Qualifying airlines are subject to change. See terms & conditions for more details.
Start your vacation sooner, and keep it going longer. When you book Fine Hotels + Resorts^® through American Express Travel^®, enjoy noon check-in, when available, and guaranteed 4PM check-out.
$300 lululemon Credit: Enjoy up to $75 in statement credits each quarter when you use the Platinum Card^® for eligible purchases at U.S. lululemon retail stores (excluding outlets) and lululemon.com. That’s up to $300 in statement credits each calendar year. Enrollment required.
$155 Walmart+ Credit: Receive a statement credit* for one monthly Walmart+ membership (subject to auto-renewal) after you pay for Walmart+ each month with the Platinum Card^®.* Up to $12.95 plus applicable local sales tax. Plus Ups not eligible.
Whenever you need us, we're here. Our Member Services team will ensure you are taken care of. From lost Card replacement to statement questions, we are available to help 24/7.
$895 annual fee.
Terms Apply.

Financial Snapshot

APR: See Pay Over Time APR
Foreign Transaction Fees: None

Rewards Center

American Express Membership Rewards

Capital One Venture X Rewards Credit Card

U.P. Rating

The Capital One Venture X card is an excellent option for travelers looking for an all-in-one premium credit card.

Capital One Venture X Rewards Credit Card

The Capital One Venture X card is an excellent option for travelers looking for an all-in-one premium credit card.

Welcome OfferEarn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel.
75,000 miles

UP's Offer Valuation*:
$1,350

Annual Fee

$395

APR

Purchases: 19.49% - 28.49% (Variable)

Credit Recommended

Excellent

Why We Like This Card

The Capital One Venture X Rewards Credit Card is the premium Capital One travel rewards card on the block.

Points and miles fans will be surprised to see that the Capital One Venture X card packs quite the punch when it comes to bookings made through Capital One, all while offering the lowest annual fee among premium credit cards.

Depending on your travel goals and preferences, the Capital One Venture X card could very well end up being your go-to card in your wallet.

Pros & Cons

Pros

10x miles per $1 on hotels and rental cars purchased through Capital One Travel
5x miles per $1 on flights and vacation rentals purchased through Capital One Travel
2x miles per $1 on all other purchases

Cons

$395 annual fee
Does not offer bonus categories for flights or hotel purchases made directly with the airline or hotel group, the preferred booking method for those looking to earn elite status

Read Full Review

Card Highlights

Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel
Receive a $300 annual credit for bookings through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options
Get 10,000 bonus miles (equal to $100 towards travel) every year, starting on your first anniversary
Earn unlimited 10X miles on hotels and rental cars booked through Capital One Travel and 5X miles on flights and vacation rentals booked through Capital One Travel
Earn unlimited 2X miles on all other purchases
Enjoy access to 1,300+ lounges worldwide, including Capital One Lounge and Landing locations and participating Priority Pass™ lounges, after enrollment
Use your Venture X miles to easily cover travel expenses, including flights, hotels, rental cars and more—you can even transfer your miles to your choice of 15+ travel loyalty programs
Enjoy a $100 experience credit and other premium benefits with every hotel and vacation rental booked from the Premier Collection
Receive up to a $120 credit for Global Entry or TSA PreCheck^®
Top rated mobile app

Financial Snapshot

APR: Purchases: 19.49% - 28.49% (Variable)
Foreign Transaction Fees: None

Rewards Center

Capital One Miles

It didn’t make sense to keep a third premium travel card with overlapping benefits that weren’t as easy to use as those on my Amex Platinum card and Capital One Venture X card.

Amex Platinum Capital One Venture X Chase Sapphire Reserve Upgraded Points LLC 3 — The main premium cards in my wallet. Image Credit: Africa Studio via Adobe Stock, modified by Upgraded Points LLC

Instead of canceling my Chase Sapphire Reserve card, I downgraded it to the Chase Freedom Unlimited^®.

LIMITED TIME OFFER

Terms Apply / Rates & Fees

Chase Freedom Unlimited^®

U.P. Rating

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 OfferEarn a $250 Bonus after you spend $500 on purchases in your first 3 months from account opening.
$250

Annual Fee

APR

0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.24% - 27.74%.

Credit Recommended

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

Limited Time Offer: Earn a $250 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 18.24% - 27.74%.
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 18.24% - 27.74%.
Foreign Transaction Fees: 3% of each transaction in U.S. dollars

Rewards Center

Chase Ultimate Rewards

By downgrading my card, I kept my account open and active on my credit report with the same credit line, but changed to a card with no annual fee.

When you cancel a credit card, it shortens your average account age and available credit, which is typically bad for your credit score. Downgrading and keeping the account open keeps your history intact without losing the benefit of a long-standing account.

But there was some time in between my decision to downgrade and actually doing so. Before I made the switch, I reviewed my card benefits to make sure I used the ones that made sense, without losing any rewards in the process.

Why I Waited Until My Annual Fee Posted

I didn’t downgrade right away when I realized it wasn’t working for me anymore. Instead, I waited until my annual fee posted to get a full year of benefits first.

Like many other premium credit cards, the Chase Sapphire Reserve card offers credits and perks that reset annually, either on the calendar year or the cardmember year, and canceling too early can mean forfeiting those benefits. By waiting until the annual fee appeared on my statement, I had time to review my account and use the remaining benefits before moving on.

Issuers typically refund your annual fee if you downgrade or cancel your card shortly after it posts. In my experience, I’ve received refunds from American Express and Chase after contacting the issuer to downgrade before my annual fee bill was due.

I had my Chase Sapphire Reserve card for several years, but keep in mind that issuers generally expect you to keep a card open for at least 12 months before canceling or downgrading. If you close or change the account too soon, you may lose your welcome offer.

Each Credit I Reviewed Before Downgrading

Premium travel cards often have multiple credits, including annual, semiannual, and monthly perks. Before I downgraded my Chase Sapphire Reserve card, I took another look at the card benefits to see what I’d already used and what I might be leaving on the table.

Annual Travel Credit

The $300 annual travel credit is the first benefit I checked, since it’s one of the most valuable benefits of the card and automatically applies to eligible travel purchases. I verified that I had used the full travel credit for my cardmember year.

TSA PreCheck or Global Entry Credit

I verified that I’d used my TSA PreCheck or Global Entry credit. My TSA PreCheck isn’t due for renewal yet, and I have credits I can use with my Amex Platinum card and Capital One Venture X card.

TSA PreCheck lane MCO — TSA PreCheck can save you time and energy on travel days. Image Credit: Keri Stooksbury

But I could have gifted the credit to a friend or family member if it were still available.

StubHub Credit

I had yet to use my $150 semiannual StubHub/Viagogo credit, so this was a good benefit to maximize before downgrading. I used the credit to buy theater tickets for an upcoming staycation.

Dining Credit

Before I downgraded my card, I dined out using the $150 semiannual Sapphire Exclusive Tables credit with OpenTable. I didn’t have a planned reservation, but I planned to use up the benefit before losing it.

DoorDash Credits

Every month, I made small purchases with DoorDash’s DashMart to use up the 2 $10 non-restaurant credits with the Chase Sapphire Reserve card. These credits could have easily slipped through the cracks during the downgrade, but I made my purchases for the month to get the $20 value before changing my account.

Hotel Credits

I also looked for ways to use the $500 The Edit credit and the $250 credit for qualifying Chase Travel hotels. In both cases, I couldn’t find bookings that would save me money, so I didn’t use those credits.

Honestly, I was fine with walking away from these credits to avoid any forced spending. These credits, though valuable, didn’t work for me, and that’s part of why I downgraded the card.

I didn’t use the Lyft credit, since I didn’t need any rides, and I canceled my Peloton Strength+ app membership, for which I was receiving a $120 Peloton credit annually.

Bottom Line:

I’d already used most of the benefits that made sense for me before I decided to downgrade, but I squeezed an additional $320 in value out of my Chase Sapphire Reserve card before switching to the Freedom Unlimited card. By taking a few minutes to review my benefits, I didn’t leave any easy value behind.

Why I Confirmed My Points Before Downgrading

When you downgrade your account instead of canceling, you typically retain your points. But the ways in which you can use rewards may change depending on the card you downgrade to.

I had access to the full set of Chase Ultimate Rewards redemption options with the Chase Sapphire Reserve card, including transferring points to airline and hotel partners. With my downgrade to the Freedom Unlimited card, I kept my points, but lost the ability to transfer points to partners. However, holding the Ink Business Preferred^® Credit Card still allows me to do so.

Hot Tip:

Review rewards first and find out what happens when you change your card. You may lose out on transfers or boosted travel redemptions, so it could make sense to redeem or transfer points before downgrading.

Final Thoughts

Downgrading a credit card can be a good option if you don’t want to pay a high annual fee but still want to keep the account open. Credit card issuers typically allow you to change your account to a card with a lower or no annual fee in the same family, so you can keep your account history while reducing costs.

This can be a smart move for your credit score, since closing a credit card can lower your available credit and shorten your average account age. You should always review your benefits and rewards before downgrading — check for unused credits, monthly perks, and redemption options that may change, so you don’t lose any value.