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Written by
Raychelle Heath
Edited by
Rebekah Rosado-Evans
Rebekah is an Editor II on the Bankrate credit cards education team. She loves sharing educational insight with those who are looking to learn more about their personal finances.
Rebekah comes with over 13 years of both writing and editing, covering a range of topics.
Outside of work, Rebekah loves writing creatively, finding new recipes to cook and — most of all — being a parent.
Rebekah’s first credit card was a Bank of America card — with a Hello Kitty design to boot. She opened the card when she was in college and since then has learned how to wield the power of credit card rewards (and she’s ditched the Hello Kitty designs). Rebekah’s goal is to share valuable insight with others in the credit card and personal finance space.
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Over time, your credit card spending goals will likely change, and you might want to apply for a new credit card to get new benefits or rewards. Before you apply for a new card, you should consider upgrading or downgrading your existing account (also known as a product change) with your current issuer. With an upgrade or downgrade, there’s no hard credit inquiry, you’ll keep your same account information and you’ll get to maintain your credit history — the only change is the type of card you’ll have.
If you’re looking to upgrade or downgrade your Chase credit card, Chase offers its cardholders a variety of options, with more than 30 credit cards and co-branded credit cards advertised on its website. So, whether you’re a student, traveler or business person, there’s a card for you. Just make sure that you meet Chase’s eligibility requirements for the new card. To confirm if you’re able to upgrade or downgrade your card to your desired choice, simply contact Chase to get started.
However, note that you’ll generally have to switch to a card in the same category or credit card family if you want to do a product change. For example, you can’t change from a personal card category to a business card category. This is also true for Chase’s co-branded credit cards, such as the Marriott Bonvoy Boundless® Credit Card*. So, you could switch this card with another Chase Marriott card, but not with a different co-branded card.
Below, we’ll explore what you need to know about Chase’s product change options and how to make a switch.
The Chase Sapphire Preferred Card and Chase Sapphire Reserve are two of Chase’s premium credit cards, and they’re best known for their generous travel rewards. If your spending goals are focused on travel, upgrading or switching to one of these cards is a great idea. Another reason to upgrade is if you are interested in a different Chase card, but already have opened five or more new credit card accounts during the last 24 months. In that case, you’d fall under Chase’s “5/24 rule,” an unofficial rule that says Chase doesn’t approve card applicants who have opened five or more cards from any issuer in the past 24 months.
Upgrading your current Chase card to either the Sapphire Preferred or Sapphire Reserve — or upgrading from the Sapphire Preferred to the Sapphire Reserve — can be as easy as making a phone call to Chase. Upgrading is generally considered to be a product change, so it shouldn’t require a hard inquiry or a new application. However, you will need to meet the conditions for the card you’re upgrading to. For example, upgrading to the Sapphire Reserve requires an excellent credit score.
When you upgrade, you’ll likely keep your same account information and credit limit. If you want to request an increase to your credit limit, different steps are required. It’s also important to note that you won’t be eligible for any sign-up bonuses, although you may be able to negotiate a targeted offer when you request your upgrade.
Downgrading your credit card may sound like an unappealing option, but it can offer a lot of benefits. You want to make sure that the card you have is meeting your spending needs, and a downgrade may help with that. Two options you may want to consider include the Chase Freedom Flex* or the Chase Freedom Unlimited.
The process of downgrading your card begins the same way as upgrading. Simply call your issuer at the number on the back of your credit card to get started. Because downgrading doesn’t involve an increased annual fee, you shouldn’t have to deal with a waiting period. And if you complete your product change within 30 days of paying the annual fee on your old card, your fee will likely be refunded.
When downgrading your card, you won’t be eligible for welcome offers. However, you can try to negotiate a targeted offer with the issuer. Also, before you go through with a downgrade, make sure you know what will happen with any rewards you’ve earned.
Whether you’re planning to upgrade or downgrade your Chase credit card, there are some aspects to keep in mind to make the most of the transition. Most importantly, make sure you are changing to a card that better suits your spending habits and rewards goals. Here are a few other things to do to get the most out of your product change.
Timing is everything when you are switching from one card to another. If you are moving to a card with a lower annual fee or no annual fee, make sure you change within a certain time frame to avoid paying the fee for the old card.
You have likely accumulated rewards on your current card that you would like to keep. When you transition to a new card, make sure you have a clear understanding of how your rewards will be transferred. Your rewards will likely transfer to your new card, but their value might shift.
When you apply for a new credit card, there is often a welcome offer that comes along with it. However, when you do a product change, you are not automatically eligible for a bonus offer. Check with your card issuer to see if you can negotiate a targeted bonus offer. Sometimes, card issuers will be open to this option to keep you as a customer.
If your current Chase card is no longer meeting your needs, upgrading or downgrading your card could be a worthwhile option. Do some research to see which Chase credit card would be best for you and your spending habits, and make sure you meet all of Chase’s requirements. Then, simply call your issuer to request a product change or switch.
*The information about the Chase Freedom Flex® and Marriott Bonvoy Boundless® has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
