How to Upgrade or Downgrade Your Credit Card – NerdWallet

A wallet entire of credit cards is like a closet full of clothes : Items that seemed like a good estimate a few years ago credibly won ’ triiodothyronine be in stylus forever. Whether you want to upgrade that no-fuss card to one that earns rewards or you ‘re looking to downgrade a high-fee premium batting order with irrelevant perks, it ‘s frequently possible to make a switch. Issuers refer to that move as a “ merchandise change, ” and there are several benefits to requesting one. You typically retain your existing report and card number, which means you besides keep that report ‘s credit restrict and its length of credit history, both of which component into your credit scores. And because you ‘re not opening up a brand-new account, it by and large does n’t initiate a “ hard pull “ on your credit reports. here ’ s how to determine whether a credit circuit board switch might be right for you, plus what to know when requesting one . Nerdy tip :

The process of switching your calling card can vary among issuers, as can the possible effects on your credit. Call the number on the back of your card and ask the representative how your issuer handles intersection changes : which cards are available to you, whether the issuer will conduct a hard pull, and how your fees will change .

Why might you want to switch your credit card

Or possibly you ‘ve simply decided the poster precisely does n’t offer adequate benefits to justify the annual fee you ‘re paying. rather than cancel a card wholly, you can trade it for one that better fits you, even if that means you downgrade the card, shop it in a drawer and use it only a few times a year.

Benefits of switching your credit card

Whether you want better rewards or a lower ( or no ) annual fee, switching allows you to right-size your credit card to get perks that better reflect how you use it. Compared with applying for a newfangled card outright, upgrading or downgrading an existing card requires less feat. There ’ sulfur no lotion to complete, and normally there’s no hard credit inquiry. And compared with closing a calling card, switching can be a much better move for your credit report. You ‘re not losing an existing report ( or its history or credit limit ) ; you ‘re merely changing the product attached to that account.

Drawbacks to switching your card

When upgrading a card : Since you ‘re not applying for a new card outright, you besides broadly won ’ thyroxine be eligible for the sign-up bonus offered to new cardholders. The most lucrative bonuses can be deserving hundreds of dollars and can offset the high annual fees charged by some rewards cards. besides, when switching to a higher-tier card, you may have to begin paying an annual fee, or a higher one. When downgrading a wag : While you may be able to ditch your current card ‘s annual tip, you might besides lose some ongoing perks that your original card offered. Be surely you don ’ metric ton use them or wo n’t miss them when they ’ rhenium gone. And whether you ‘re upgrading or downgrading, make sure to ask your issuer what happens to the rewards you might have accrued on your existing card. If they transfer when you switch, no worries ; but if they do n’t, go ahead and redeem what you can before making the throw. Examples :

Limitations to switching

note that when deciding which card you want to switch to, you do n’t have carte blanche ( circuit board blanche ? ). As in the examples above, citation card issuers tend to offer multiple versions of the same card that offer unlike tiers of rewards in commute for higher or lower annual fees, and you may be limited to swapping only within that “ family ” of products. similarly, it ‘s typically not possible to jump among the payment networks — Visa, Mastercard, American Express and Discover. If your current tease runs on the Visa network, you about surely will not be able to “ move ” to an AmEx product, tied if your bank issues cards that run on both Visa and AmEx.

How do you start the process of upgrading or downgrading your credit card?

Your best bet is to call your issuer and ask. Start with the numeral on the back of your credit wag or try the customer servicing numbers below. Tell the representative you are concerned in a product change and would like to know what options are available to you. Keep in mind that the issuer is the fiscal institution affiliated with the batting order, not inevitably the company the poster is branded with. With an airline circuit board, for example, call the deposit, not the airline. The phone numbers below were independently confirmed by NerdWallet and are accurate as of November, 2020 .

How to switch your American Express credit card

Call 800-528-4800 .

How to switch your Bank of America credit card

Call 800-732-9194 .

How to switch your Barclays credit card

Call 877-523-0478 .

How to switch your Capital One credit card

Call 800-227-4825 .

How to switch your Chase credit card

Call 800-432-3117 .

How to switch your Citi credit card

Call 800-950-5114 .

How to switch your Discover credit card

Call 800-347-2683 .

How to switch your U.S. Bank credit card

800-285-8585 .

How to switch your Wells Fargo credit card

Call 800-642-4720.

What other kinds of credit card changes can you request?

many issuers allow you to set your own placard date, and in some cases, they might even forgive a former requital if it ‘s your first one and you ask nicely. In terms of actual changes to the features of the product you ‘re carrying, you can besides request :

A change to your interest rate

If you have credit batting order debt, negotiating a lower interest rate can help you save on pastime rate payments, pay your debt down faster or lower your monthly debt payments. It can ’ metric ton hurt to ask, and if you ’ re order no, you can pursue other options, like moving your remaining libra to a symmetry remove menu with an basic 0 % APR period.

A change in your credit limit

Your distinctive monthly outgo can change over time, but your citation card doesn ’ thyroxine always keep up. If you ’ rhenium otherwise happy with your wag, you can ask for a credit limit increase — but know that this request can affect your recognition score. “ If you ask for a citation limit increase, the lender may treat it as a new account application, resulting in a hard question, ” says Rod Griffin, director of consumer education and awareness at Experian. “ That could cause a small, impermanent dip in your scores. ”

however, a higher credit specify can work in your favor over time. “ The increase then might help your scores because it would reduce your utilization rate, ” Griffin says. “ That ’ s assuming everything else stays the same and you don ’ metric ton increase your balances. ” Experts recommend charging 30 % or less of your total credit restrict each placard cycle.

What’s next

The data related to the Capital One Savor Cash Rewards Credit Card has been collected by NerdWallet and has not been reviewed or provided by the issuer of this wag .

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