re: Advice on what to do with 500K Chase Sapphire Reserve points before annual renewal cancel

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Only if booked through the Chase portal. You can still get the most bang for your buck by transferring points to an airline and flying business class, which is what we do the most.

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Spot on... The only real thing you lose going from Reserver UR to Preferred UR is the bonus if booking directly through their system.

And like I said earlier, is the 25% credit between the two worth running out and burning 500k right now?

I'd heavily recommend just downgrading since you should only ever use your points when you transfer them out to travel parters and you want to avoid doing so until you have an actual plan and are literally making those transfers to book the flights/hotels right then and there

Think about whereby you'd like to travel. Play around with Hyatt and/or seats.aero and see if something comes up that interests you prior to October

If not, just downgrade until you find something that works and you can use up your balance