5% cash back categories that rotate quarterly) or the Freedom Unlimited (1.5% cash back on everything), of you call customer service should be no problem. Then you shouldn't lose the points. But you do lose the feature that your points redeemed in Chase Ultimate Rewards are worth 1.5 if redeemed for travel - only good with Reserve open. When is your annual fee due? May as well wait till then and maybe you'll redeem some points for travel and get 1.5x worth.