Upgrading Cards With Chase
Thanks to Chases 5/24 rule, many people start their credit card journey with Chase. So, Chase is often the first issuer for which a consumer may attempt to upgrade a card.
Chase may allow you to product change cards within the same family, although your account generally must be at least one year old. If you want to upgrade, you can call the number on the back of your card and ask about upgrade options.
Does The Card Offer Elite Status Or Qualification Help
Another thing to consider, especially when dealing with hotel credit cards, is whether a card will grant you elite status or get you closer to hitting the threshold. While airline credit cards won’t get you status directly, premium cards such as the Platinum Delta SkyMiles® Credit Card from American Express, will put you on your way. With that card in particular, you can pick up 10,000 Medallion Qualification Miles after you spend $25,000 or more in eligible purchases in a calendar year, as well as 10,000 more if you spend $50,000 in a calendar year.
Hotel cards, on the other hand, often do bestow elite status outright, making holders eligible for upgrades, late checkout, free breakfast and more. Make sure to factor those perks into your decision-making, since they can save you money.
Unlike the Hilton Honors Aspire Card from American Express, which confers top-tier Hilton Diamond status to its holders, the Bonvoy Brilliant taps out at Gold Elite three levels below top-of-the-pack Ambassador Elite. This fact also didn’t impress me, since I already had Marriott Gold status through my Amex Platinum.
How Could Applying For A New Credit Card Affect My Credit
Applying for a new card typically requires a hard credit inquiry, which may temporarily lower your credit score. And submitting multiple applications in a short amount of time could also give lenders a negative impression of your financial situation.
Your credit utilization, another factor involved in credit scoring, is worth considering, too. In general, experts say to avoid using more than 30% of your total credit. If youâre approved for a new line of credit, the percentage youâre using is likely to change.
Changes to your credit score also depend on how much credit youâre approved for and whether you close your original accountâespecially if itâs your oldest line of credit. Thatâs because credit scores are partly based on how long your credit accounts have been open.
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How The Upgrade Card Works
The Upgrade Card works in two ways. Cardholders can use their line of credit to make purchases anywhere Visa is accepted worldwide. They can also choose to have some of the funds from their credit line transferred to their bank account, to help tackle existing debt. This latter method makes the card a useful alternative for a balance transfer credit card.
Once the statement period ends, Upgrade lumps all bank transfers and purchases into one balance, which the account holder then pays down based on their installment terms. As noted, these terms range from 12 months to 60 months. During subsequent statement periods, cardholders can continue making purchases or transferring funds to existing bank accounts up to their credit limit, with the processes repeating itself.
How Do I Pay My Bill
You can pay your credit card bill:
- By signing on to Wells Fargo Online®.Compare your payment options
- Regular mail: Wells Fargo Card Services, P.O. Box 51193, Los Angeles, CA 90051-5493
- Express mail: Lockbox Services 51193, Attn: WF Consumer Credit Card, 3440 Flair Drive, El Monte, CA 91731
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How Long Youve Had Your Current Card
Unlike some issuers with strict requirements around how long you must have a card open before you can upgrade it, Citi has no public rule on this. You might be able to upgrade or downgrade after just a few months of card ownership. However, a good rule of thumb is to wait until the year mark. This is due to protections in place from the CARD Act, which protects cardholders from a higher annual fee in the first year.
You Have A High Interest Rate
If you carry a balance from month to month, your credit cards interest rate is the most important feature. While its best to pay off your balance in full each month to avoid interest, that may not be possible for you at this time.
If it isnt, consider asking your card issuer for a lower rate. If the issuer refuses, consider applying for another card with low apr or consider to transfer your balance to a balance transfer credit card that offer 0% intro apr.
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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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Things To Consider Before Changing Your Credit Card
Upgrading your credit card can cause some fundamental changes to how you use your card, and potentially affect your credit score. Here are a few questions to ask yourself before making the jump.
- Do you have debt? Unless you want to make a balance transfer, pay down as much of your credit card debt as possible before applying for a new card. A high debt might reduce your chances of approval when the bank is assessing your ability to repay.
- How will this impact your credit score? Too many applications for credit in a short space of time is a red flag for creditors. Make sure you apply only for the card you really want to get.
- What are the costs? If youre upgrading to a rewards credit card with an annual fee, make sure the value-adding features are worth the extra cost and that youll be using these features.
- Will you close your old account? If youre upgrading to a credit card with a different issuer, make sure you decide whether you want to close the account after youve made the switch. If you have debt remaining on the card, youll have to keep it open until youve paid it off. If youve conducted a balance transfer or paid your debt off, you could consider closing it. Keep in mind, closing your oldest credit card will shorten your credit history and could affect your credit score.
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Signs Your Credit Card Needs An Upgrade
Modified date: Sep. 22, 2021
If you use credit cards regularly, its crucial that you have the best card for your needs. So if its been a while since you got a new credit card or things have changed in the meantime, it might be time to replace your old card with a new one.
If youre not sure whether you need a new credit card, weve put together a list of 15 times when you should consider it. Well also share some top credit cards that can help you achieve your goals.
Whats Ahead:
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 number on the back of your credit card or try the customer service numbers below. Tell the representative you are interested in a product change and would like to know what options are available to you.
Keep in mind that the issuer is the financial institution affiliated with the card, not necessarily the company the card is branded with. With an airline card, for example, call the bank, not the airline.
The phone numbers below were independently confirmed by NerdWallet and are accurate as of November, 2020.
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Weigh The Pluses And Minuses Of Upgrading
One of the big pros of upgrading is the chance to switch cards without a credit check. This can be helpful if youre planning to buy a home in the next six months or so and want to avoid credit inquiries that could cause glitches or push you up to a higher mortgage interest rate. However, one major downside of upgrading is that youll likely miss out on any sign-up bonus that comes with the new card. These bonuses typically are reserved for new applicants, as are first-year annual fee waivers. Theres a caveat, though: some issuers send current cardholders targeted upgrade offers that may include rewards bonuses plus the chance to put off paying the annual fee for a year. If youre thinking of upgrading, its definitely worth checking with your issuer to see if they have any offers you can snag. Also keep in mind that the new credit card likely will come with a new account number even if its not officially considered a new account, Weliver points out. This means you probably wont escape the hassle of updating any auto pay bills you currently pay with your old card.
If youre adamant about the issuer not dinging your score with a hard pull, double check to confirm they wont check your credit if you request an upgrade.
Depending On Your Situation Both Choices Could Be Worth Considering
Are you missing out on potential rewards and benefits with your current credit card? Maybe your spending habits have changed since you got it. Or maybe youâre ready to start earning better rewards for your purchases. If so, it might be time for a change.
It helps to start with your card issuer. If youâve been using your credit card responsibly and your account is in good standing, two options could help you get more from your card. Keep reading to learn more about upgrading your current credit card or applying for a new one.
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Is The Upgrade Bonus Big Enough To Be Worth It
How many points or miles will you receive if you meet the minimum spend requirement? And how does the value of that bonus compare to your increase in annual fee?
In my case, the prize for upgrading to the Bonvoy Brilliant Amex was 100,000 Marriott points, enough for two or more nights in properties that fall into Categories 1-6, or one night and change at a Category 7 or 8 hotel.
A bonus of that size would be enough to convince some people to accept the offer especially if they could do it in an upgrade situation, which doesn’t impact your credit the way taking out a new card does. After all, for 85,000 points, you could score a night at Al Maha, a luxury resort in the desert near Dubai that includes meals and activities and often goes for more than $1,700 per night.
I’m pretty strict about only carrying cards that will continue to bring me value beyond the initial bonus, though, so I dug deeper.
Why You Maybe Shouldnt Upgrade A Delta Card
When Delta and American Express increase the welcome offer bonuses on the cards, they are clearly looking to get new cardholders in the door. But theyre also shelling existing cardholders with offers to upgrade to a higher-tier card, too.
Should you take them up on an offer? Its almost always a bad idea. Taking that upgrade will make you ineligible for earning a big welcome bonus offer on the same card later on.
Lets say youve got the Delta Gold SkyMiles American Express Card and get an offer via email to upgrade that card to the Delta Platinum SkyMiles American Express Card. More often than not, these upgrade offers pale in comparison to the elevated bonuses we often see on the suite of co-branded Delta credit cards.
And because of the way Amexs application rules work, even if you have the Delta Gold Card, you would still be eligible to apply for the outright Delta Platinum card and earn the full welcome offer bonus as long as you havent earned the bonus on that card previously.
Upgrade instead, and you wont be able to get a big welcome bonus on that card in the future. So while Amex will often present you with an offer to upgrade to a more superior card, that offer will almost never be as good as the offer to apply for the card as a new account.
That said, Amex and Delta have started to turn this on its head recently with some very strong upgrade offers stronger than weve ever seen, in fact.
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Upgrading A Chase Freedom To A Chase Sapphire
Another common upgrade Ive seen people make is from a Chase Freedom , Chase Freedom Flex or Chase Freedom Unlimited to a Chase Sapphire Preferred or Chase Sapphire Reserve. Its generally best to wait until you can apply for the Chase Sapphire Preferred or Chase Sapphire Reserve and earn the sign-up bonus. But, if youve used up all your 5/24 slots and dont plan to be under 5/24 any time soon, upgrading might be your best option. The information for the Chase Freedom has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
You can also downgrade in the reverse direction. If you cant justify the annual fee on your Chase Sapphire Reserve or Chase Sapphire Preferred, downgrading to a no-annual-fee card such as the Chase Freedom Flex or Chase Freedom Unlimited is a great way to keep your account open. You generally want to keep your accounts open so they continue to age and strengthen your credit report.
Using My Favorite Properly Spend Cards
How do I buy stuff with my cards? You can use your Wisely spend card regarding the mobile, on the internet, or even in any stock that welcomes Debit Mastercard or Visa . You may use your own properly spend credit to your mobile pocketbook. Pay with a single contact anyplace Apple Spend , Samsung Give or Google Spend is actually acknowledged. 7
Will there be a cost for making net products with my card? There is not any charge which will make Internet spending using your properly card.
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Youre Just An Authorized User
If youve been using an card on someone elses account but youve never had a credit card of your own, it might be time to change that. Having your own credit card means you get to earn all the rewards you generate with your spending.
Plus, you could potentially improve your credit score more than if you were to stay being an authorized user.
How Do I Report A Lost Or Stolen Card
If your credit card is lost or stolen, report it immediately to our 24-hour Customer Service number, 1-800-642-4720. This number is also printed on your monthly statements.
Please note: when you report your credit card lost or stolen you will receive a new card with a new account number. Please continue to make payments as usual except for amounts in dispute. If you are enrolled in Automatic Payment or Overdraft Protection services, these services may be temporarily unavailable for up to 72 hours while we set up your new account.
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Whats The Difference Between A Credit Card Downgrade And Upgrade
There are a couple of specific situations in which a downgrade or upgrade may get you the card you want without having to apply for a new one.
- You may want to downgrade your rewards card if youre looking for a lower annual fee or interest rate.
- On the other hand, if youre looking to earn rewards for everyday spending or travel, you may want to upgrade your no-frills card to a rewards card offered by your card issuer.
In both situations, you may be allowed to keep your original account open so that you can continue to build credit from that account while, in many cases, avoiding the hard inquiry that typically comes with filing a new credit card application.
Is It Better To Apply For A New Credit Card Altogether
Everyoneâs situation is unique, but applying for a new credit card might make sense for a number of reasons.
New accounts may also be eligible for additional rewards, such as bonus miles or cash back, if you spend a certain amount after being approved for a card.
Perks aside, it can also be helpful to have an extra line of credit on hand in case of unexpected expenses. And with a new card, you might have the option to transfer your existing balance, which may allow you to save on interest.
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