Ever since signing up for the Chase Sapphire Reserve card, I’ve planned to downgrade my Sapphire Preferred to a Freedom Unlimited card. The former gives 3X for dining and travel, whereas the FU (Freedom Unlimited) offers 1.5X everywhere. And points can be transferred to the Sapphire Reserve to make them more valuable. See: FU Sapphire Reserve: Better combos exist.
I first called Chase to downgrade my Sapphire Preferred immediately after signing up for the Sapphire Reserve, but I was told that I had to have the Sapphire Preferred open for at least a year before I could do so. Now the year was up and I called again. I was told no. I could only product change to the no-fee Sapphire card. Doh! I spoke with a supervisor — same answer.
I went ahead and product changed to the Sapphire. My hope is that if I call again in a month or two, they’ll let me change the Sapphire to the FU.