Benefits Of Upgrading Or Downgrading Your Card With Chase
If your Chase credit card is no longer suited to your spending habits, requesting a product change to another Chase card can help ensure you still earn rewards that make sense for you all without a ding to your credit score.
For example, the Chase Freedom Flex offers cash back in rotating bonus categories that you must enroll in each quarter, but some cardholders might be able to get more value out of a card with a higher flat rate on non-bonus spending, like the Chase Freedom Unlimited.
You can also ensure that you arent spending more than you can afford on an annual fee. If you signed up for the Sapphire Preferred but now cant swing the $95 annual fee, you could downgrade to a no-annual-fee Ultimate Rewards card like the Freedom Unlimited.
Alternatively, if you find yourself with more room in your budget to pay a high annual fee, you can upgrade to take advantage of more extensive rewards and benefits. For example, the Sapphire Reserve offers cardholders a $300 travel credit every year and up to $100 in credit for a Global Entry or TSA PreCheck application. These perks have a lot of potential value for frequent travelers if you can handle the cards $550 price tag.
Changes To Your Credit Card
So what changes when you upgrade or downgrade a card instead of applying for a new one? Several things will stay the same, as you have the same account just with a new card. The following things will not change after your product change:
- Your card number does not change, but youll receive a new card with an updated CVV and expiration date so dont forget to update any automatic payments.
- Your current rewards balance will transfer over to the new card.
- Your credit limit and APR will be the same on the new card as the old one.
- Since you keep the same card number and account history, managing a new Chase card is simple. Just keep in mind that several features might change:
- Your rewards value might shift, as some Chase cards offer a higher point value than others when you redeem your rewards for travel through the Ultimate Rewards portal.
- You wont receive a new introductory offer unless you receive a targeted offer directly from Chase. This includes both points-based sign-up bonuses and intro APRs.
- If you downgrade from a card with a higher annual fee to one with a lower fee, you can be refunded the cost as long as you switch within 40 days of the fee posting. If you miss this grace period, you can still receive a prorated refund.
- If you upgrade to a card with a higher annual fee, youll be charged your new annual fee immediately.
How Do I Change The Credit Card Used For Automatic Payments
Use our self-service portal
1. Log in to the self-service portal and follow the prompts for Manage payment methods. My Account users, continue on to steps 2-6.
2. From your account’s homepage, click the Billing & Payment menu and choose Manage Payment Methods. .
3. Click Delete next to the current automatic payment credit card and then click Delete Credit Card.
4. Click the Billing & Payment menu and choose Manage Payment Methods.
5. Under the section, enter your credit card number, credit card type, and expiration date.
6. Select Set up Automatic Payment and click Add Credit Card.
**Note: Due to system limitations we can only set up automatic payment for any individual credit card on one customer account. We apologize for any inconvenience.
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See How Truist Enjoy Beyond Works For You
- Earn unlimited points3x on travel purchases, 2x on dining, and 1x on all other eligible purchases.8
- Receive up to $100 annual travel experience statement credit for items such as ground transport, streaming services, and ticket agencies.8
- Up to $100 statement credit for TSA Pre-Check® or Global Entry® fee awarded once every four years.8
- Customizable card controls for added security.
- Contactless payments and mobile wallets for faster checkout.
- Visa® Zero Liability11 protection against unauthorized card use.
Card Switch Not Approved
We may not be able to process your request to switch cards because:
- Your current credit limit doesn’t meet the limit of the card you wanted to switch to. Manage your limit
- Your address isn’t in Australia or you’re not an Australian citizen
- You’ve spent over your credit limit
- Your account is in arrears or your balance is overdue
- You’re trying to switch to Ultimate Awards from a low rate or low fee card using the NetBank form
- You’ve already started a request to switch cards
If youre having problems switching your cards, try again a little later or call us on , 8am to 7pm Monday to Friday and 9am to 2pm on Saturday .
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Should You Downgrade Your American Express Credit Card
Downgrading an American Express credit card is a popular option when you want to avoid an annual fee, or at least pay a lower annual fee. This usually happens when consumers no longer use the benefits and perks their American Express credit card offers, or when someones financial situation changes enough that they prefer not to pay a high annual fee anymore. Since the annual fee on the Platinum Card is now the highest weve seen at $695, for example, canceling or downgrading is worth considering if you find yourself struggling to use all the perks.
However, you may also want to consider downgrading between cards from other rewards families in order to save on annual fees for perks youre not using as we illustrate below.
What You Need To Know About Credit Card Interest
Interest is one of the biggest factors to consider when choosing a new card, especially if youâre someone who tends to carry a monthly balance. If youâre not paying off your card in full every billing period, a higher interest rate can quickly put you in the weeds. Paying off more interest than principal will only yield higher levels of debt, so choose a card with an interest rate thatâs going to work for you.
Worried about paying off your balance each month? A high-interest credit card could cost you hundreds, if not thousands of dollars, so you may want to consider a low-interest card. Their rewards may be skimpy, but if youâre more interested in avoiding debt than collecting points, itâs the right way to go. In addition, many providers offer a promotional low interest rate. These can work to your benefit if you can use it to pay off your balances before the regular rate kicks in, but you need to have a solid payment plan going in. Read the fine print or call the provider to find out how long the promotional period lasts, and what the normal interest rate will be once that ends.
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Should I Shop Other Issuers
Its smart to shop all of your options before you change cards especially if you have to reapply anyway or your current issuer is going to pull your credit.
Even if you can get the new card without a credit check or extra paperwork, its still worth looking at what else is out there, says McClary. Look at some of the competitive offers from other lenders, too.
Its smart to shop all your options before you change cards especially if you have to reapply.
Heres how the major card issuers deal with card swaps:
- Can switch without a credit check as long as you stay within same card family and rewards currency.
- For card upgrades, an application is needed.
- New card will be reported to credit bureaus as the original account. Account numbers remain the same.
- Cant switch from exclusively Amex cards to co-branded cards without reapplying and getting credit check.
- Cardholder may get an upgrade bonus when switching cards if they solicited for such an offer.
Bank of America
EDITORIAL DISCLOSURE All reviews are prepared by CreditCards.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the bank’s website for the most current information.
How Can I Get A New One
What do you do if you think youve been assigned the wrong MCC? You can contact a card company to explain why the number does not apply to your business. The card company may need more information to investigate your request and will tell you what procedures to follow to challenge the MCC assignment.
If youve been assigned a high risk MCC that you think has been wrongly attributed to your business, dont let it go. High-risk MCCs are attributed to categories of business that tend to experience a lot of chargebacks and fraud.
These often range from neighborhood businesses like drugstores to those involved in adult activities, such as casino gambling and escort services. You will likely have to work with a specialized merchant processor if you fall into one of these categories and pay higher fees.
Plus, some businesses set up credit cards for their employees that dont allow purchases with certain MCCs, which limits who can buy from you. Although its hard to get an MCC changed, its worth a try if you feel your business has been put in the wrong bucket, as it could save you money.
If you cant get your MCC changed, then youll probably have to find a specialized merchant processor. Shop around carefully to see who offers the best prices. High fees cut into your profits.
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What Is A Credit Card Upgrade
If youre still using a starter credit card but spend more money now than you used to, you might benefit by upgrading to a rewards card. A credit card upgrade could allow you to get a new card, possibly with better benefits and rewards, without requiring you to apply for a new line of credit.
When you upgrade, you may be able to keep the same credit account, but youll receive a new card in the mail.
How To Upgrade Or Downgrade Your Credit Card
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A wallet full of credit cards is like a closet full of clothes: Items that seemed like a good idea a few years ago probably wont be in style 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 card with irrelevant perks, it’s often possible to make a switch.
Issuers refer to that move as a “product change,” and there are several benefits to requesting one. You typically retain your existing account and card number, which means you also keep that account’s credit limit and its length of credit history, both of which factor into your credit scores. And because you’re not opening up a brand-new account, it generally doesn’t initiate a “hard pull” on your credit reports.
Heres how to determine whether a credit card switch might be right for you, plus what to know when requesting one.
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Can The Bank Change My Credit Card From A Mastercard To A Visa Or From A Gas Card/department Store Card To A Mastercard
Yes. While banks are not allowed to mail unsolicited credit cards, they can substitute one credit card for another credit card, as long as the cardholder requested or applied for and received the original credit card. Substitution is permissible as long as only one of the accounts remains active for use.
Circumstances when a bank may send a substitute card include when there is a change in the account relationship, such as a change in the bank name, the name of the card, or the features of the card.
Last Reviewed: April 2021
Please note: The terms “bank” and “banks” used in these answers generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations that are regulated by the Office of the Comptroller of the Currency . Find out if the OCC regulates your bank. Information provided on HelpWithMyBank.gov should not be construed as legal advice or a legal opinion of the OCC.
How Do I Change Credit Cards
These steps will help guide you through the process of switching credit cards:
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S To Upgrade Your Credit Card
Every credit card companyâs policy is different. So contact your card issuer to learn what to expect from an upgradeâand how your existing account may change.
The steps you take to upgrade your card may look something like this:
A Change To Your Interest Rate
If you have credit card debt, negotiating a lower interest rate can help you save on interest rate payments, pay your debt down faster or lower your monthly debt payments. It cant hurt to ask, and if youre told no, you can pursue other options, like moving your remaining balance to a balance transfer card with an introductory 0% APR period.
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How To Get A Product Change
The process didnt take long. I called Bank of America® customer service and told the representative which card I had and which card I wanted. At first, she told me I wouldnt be able make the switch because the two cards are different products and have different terms and conditions.
She said that mine was an old account and my credit might have changed. But, I said, you know what my credit is. I pay my balance in full and on time each month. Then I said I really wanted to change to a cash-back card.
That must have been the tipping point: I might take my business elsewhere. She asked me to hold. Within a few minutes, she came back on the line and said I was eligible for a product change, but Id lose my points. I didnt mind, because they didn’t amount to even 10 bucks in cash. I confirmed that my credit history would be preserved and there wouldn’t be a hard inquiry on my credit file.
She read a verification that my old account would be closed and gave me a to-do list:
Destroy the old card when I get the new one.
Notify merchants of the new number for recurring payments.
Delete the old card from your mobile wallet and add the new one.
See below for more detailed information on how to product-change with specific issuers like Chase, American Express and Citi.