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
FICO® Score Ranges:
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- Good: 670–739
- Fair: 580–669
- Poor: 300–579
What is a Credit Score?
A credit score is a three-digit number, typically ranging from 300 to 850, that predicts your creditworthiness—how likely you are to repay borrowed money on time. Lenders use this score to assess the risk of lending to you and to determine the interest rates and terms of any credit you might receive.
Why is a Credit Score Important?
A credit score is important because it acts as your financial reputation. Lenders, landlords, insurers, and employers use this single number to quickly judge how reliable you are with money. A higher score helps you qualify for loans and credit cards, often securing lower interest rates that can save you significant money. Conversely, a poor credit score can lead to application denials or much higher costs for borrowing, making it a key factor in your overall financial opportunities.
FICO® Credit Score Facts
- Three-Digit Number: Like other credit scores, FICO® Scores are a three-digit number that summarizes a consumer's credit risk.
- Range: Most standard FICO® Scores range from 300 to 850. Higher scores indicate lower credit risk.
- Data Source: FICO® Scores are calculated using data from your credit reports maintained by the three major credit bureaus: Experian, Equifax, and TransUnion. Your score may vary slightly depending on which bureau's data is used.
- Industry Standard: Lenders rely on FICO® Scores for mortgages, auto loans, and credit cards because they provide a consistent, statistically sound assessment of the likelihood that a borrower will repay their debt.
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