How to Upgrade, Downgrade, or Product Change Your Credit Card
As your financial goals and spending habits evolve, the credit card that was once perfect for you might become less than ideal. Rather than simply canceling your old card and applying for a new one, you can often make a "product change" (PC) within your card issuer's offerings. This guide explains how to effectively upgrade or downgrade your credit card, allowing you to adapt your financial tools to your current needs. This is a key component of a Navigating Advanced Credit Card Strategies approach to credit card management.
Understanding the product change
A product change is the process of switching an existing credit card to a different one within the same issuer's family of cards. For example, a Chase Sapphire Preferred® cardholder might downgrade to a Chase Freedom Unlimited®, or a Capital One QuicksilverOne® cardholder might upgrade to a Capital One SavorOne® Rewards for a better rewards structure.Key benefits of a product change
How to initiate a product change
The process for initiating a product change is straightforward, though it requires a conversation with your card issuer.1. Research your options: Look at your card issuer's website to see what other cards are available within the same product family. Some issuers, like American Express, are known to be stricter, often requiring a switch to a card within the same rewards currency.
2. Contact your issuer: Call the customer service number on the back of your card. Inform the representative that you are interested in a product change and ask what options are available to you.
3. Ask about important details: While on the phone, confirm a few key things:
- 1. Will the account number remain the same? In some cases, the number may change, so you'll need to update recurring payments.
2. What happens to your existing rewards? Confirm whether your points or miles will be transferred to the new card or if you need to redeem them beforehand.
3. Will there be a hard inquiry? In most cases, the answer should be no, but it's always good to confirm.
Important considerations and potential drawbacks
While a product change is a powerful tool, it's not always the best option.Related credit card articles
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FICO Credit Scores
A credit score is a number generally between 300-850, based on a statistical analysis of a person's credit files. This score represents the credit worthiness of a person. A credit score is assigned to each individual, to rate how risky a borrower he or she is--the higher the score, the less risk the individual poses to creditors. In most cases, your credit score will determine whether you will be approved for a credit card.
What is a Credit Score?
A credit score is a number generally between 300-850, based on a statistical analysis of a person's credit files. This score represents the credit worthiness of a person. A credit score is assigned to each individual, to rate how risky a borrower he or she is--the higher the score, the less risk the individual poses to creditors. In most cases, your credit score will determine whether you will be approved for a credit card.
Credit Score Facts
- Credit Scores range from 300-850, the higher the better.
- Most lenders base approval on your credit score.
- Higher Scores mean lower payments and better deals.
- Higher Scores mean Lower interest rates.
- Scores are determined by 5 main categories:
- Payment History
- Amounts Owed
- Length of Credit History
- Type of Credit Used
- New Credit
Note: Credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any credit card product.
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