How To Upgrade Or Downgrade A Chase Credit Card
How To Upgrade Or Downgrade A Chase Credit Card
How to Upgrade or Downgrade a Chase Credit Card Your spending goals with a credit card may change over time, and you may want a new card with different perks.
Consider upgrading or lowering your account before applying for a new card.
When you upgrade or downgrade, there is no hard inquiry into your credit report; you keep the details of your account, and your credit history stays the same.
Chase provides more than 30 credit cards to upgrade or downgrade customers. There’s a card for students, travelers, and businesspeople.
Before applying, make sure you satisfy Chase’s standards.
To change products, you must choose a card from the same category. You can’t switch from personal to business cards.
You may replace this card with a Chase Marriott card, but not a co-branded card.
Chase provides explicit methods for product changes. Here’s how to swap Chase products.
Should You Upgrade Your Chase Credit Card?
Upgrading to Chase Sapphire Preferred Card or Chase Sapphire Reserve
Chase Sapphire Preferred® Card and Chase Sapphire Reserve® are recognized for their travel perks.
If your expenditure objectives are travel-related, consider upgrading.
Benefits of Upgrading
- Better rewards. 5X points on Chase Ultimate Rewards travel and Lyft rides (until March 31, 2025); 3X points on restaurants, some streaming services, and online grocery purchases (excluding Walmart, Target, and wholesale clubs); 2X points on all other travel purchases.
- Every account anniversary earns a 10% point bonus. The Chase Sapphire Reserve gives a $300 yearly travel credit and 5X points on Chase Ultimate Rewards air travel purchases.
- You’ll earn 10X points on Chase restaurants, hotels, and car rentals, 10X on Lyft purchases (until March 31, 2025), and 3X on general travel and restaurant expenditures. Both cards get 1X points on anything else.
- Travel perks. Both cards provide travel bonuses. Sapphire Preferred offers travel cancellation and interruption insurance, luggage delay insurance, and trip delay compensation.
- The Sapphire Reserve also includes a Priority Pass Select membership (with access to 1,300 airport lounges) and a $100 application fee credit for Global Entry or TSA PreCheck.
- More redemption options. Chase’s Pay Yourself Back function lets consumers redeem points for 50% more on travel and dining expenditures (through March 31, 2022). Rewards are a statement credit.
Disadvantages of Upgrading
- Annual fees. Premium incentive packages cost money. Sapphire Preferred’s yearly fee is $95, while Sapphire Reserve’s is $550.
- Travel focused. Despite Chase’s August 2021 Sapphire card modifications, these premium travel cards are still rewards cards. You can maximise points for trip purchases, but many other transactions only receive 1 point per dollar.
- Using points for cash back or gift cards is less valuable than for vacation.
- No intro APR offer. These premium cards provide rewards and privileges, but no 0% APR on purchases or debt transfers.
- The Chase Sapphire Preferred’s variable APR is 17.49% to 24.49%, while the Chase Sapphire Reserve’s is 18.49% to 25.49%.
- No welcome bonus. Because a downgrade isn’t a fresh application, you won’t get welcome perks. The Sapphire Preferred gives 60,000 extra points after spending $4,000 in the first three months.
- Spend $4,000 in the first three months after creating a Sapphire Reserve account to get 60,000 bonus points.
How To Upgrade Your Card
Simply contact Chase to upgrade to Sapphire Preferred or Sapphire Reserve. Upgrading is a product change; thus, no hard inquiry or new application is needed.
You must fulfill the upgrade card’s prerequisites. The Sapphire Reserve demands a good credit score.
You’ll preserve your account and credit limit after upgrading. Increasing your credit limit requires multiple processes.
You won’t be able to get sign-up bonuses, but when you upgrade, you might be able to negotiate a better deal.
You’ll likely have to wait a year to update your account.
A credit card issuer can’t charge a customer a higher annual fee on the same account during the first year of establishing it.
Should You Downgrade Your Chase Credit Card?
Downgrading to Chase Freedom, Chase Freedom Unlimited or Chase Slate Edge
Downgrading your credit card might be beneficial. Downgrading your card may help you fulfill your spending demands.
Chase Freedom FlexSM, Freedom Unlimited®, and Slate EdgeSM are three alternatives.
Benefits Of Downgrading
- No annual fee. Chase Freedom Flex, Freedom Unlimited, and Slate Edge are yearly fee-free. If your Chase card’s annual fee isn’t offset by rewards and privileges, you may wish to downgrade.
- General rewards earnings. The Chase Freedom Flex offers 5% cash back on bonus category purchases each quarter (up to $1,500, then 1%) and on Chase Ultimate Rewards travel purchases; 5% cash back on Lyft rides (through March 31, 2022); 3% cash back on dining (including restaurants, takeout, and eligible delivery services); and 1% cash back on all other purchases.
- Chase Freedom Unlimited gives 5% cash back on Lyft purchases (until March 31, 2025), 5% cash back on Chase Ultimate Rewards travel purchases, 3% cash back on eating and pharmacy purchases, and 1.5% cash back on all other transactions. The Chase Slate Edge doesn’t give cash back benefits, but it does offer a 2% APR reduction for on-time payments.
- Lengthy intro APR offers. Chase Slate Edge is a good option for paying down a debt or financing a significant purchase. Purchases and balance transfers are interest-free for 18 months (16.49 percent to 25.24 percent variable APR after that).
- Freedom Flex and Freedom Unlimited provide 0% initial APR on purchases and debt transfers for 15 months (16.49 percent to 25.24 percent variable APR for the Freedom Flex and 16.49 percent to 25.24 percent variable APR for the Freedom Unlimited after that).
Disadvantages Of Downgrading
- Fewer rewards. You’ll receive fewer prizes and more limitations without an annual fee. The Freedom Flex gives 5% cash back on up to $1,500 in combined purchases, but only in quarterly categories that need activation in advance. The Chase Slate Edge offers no prizes.
- Foreign transaction fees. Freedom Flex, Freedom Unlimited, and Slate Edge charge 3% for overseas transactions. Use a card without a foreign transaction fee if you’re going overseas.
- No welcome offers. Since you’re not applying for Freedom Flex or Freedom Unlimited, you won’t get their welcome incentives. The Slate Edge doesn’t have a welcome offer.
- The Freedom Flex provides new cards a $200 cash incentive after spending $500 in the first three months. The Freedom Unlimited offers an extra 1.5% cash back on all purchases for the first year (up to $20,000; Bankrate).
How To Downgrade Your Card
Downgrading begins in the same way that upgrading does. Start by calling the credit card number.
Because downgrading doesn’t raise yearly fees, there shouldn’t be a waiting time.
If you change cards within 30 days of paying the annual fee, you may get a refund.
You won’t get welcome incentives while downgrading. Try negotiating a specific offer with the issuer.
Know what will happen to your rewards points before downgrading.
How To Make The Most Of Your Upgrade Or Downgrade
Upgrade or downgrade your Chase credit card with these tips. Make sure the new card fits your spending and rewards objectives.
Here are some more product change tips.
Time Your Switch
Switching cards requires precision. Because there is a waiting period, you may want to consider switching to an annual fee card ahead of time.
Switch to a card with a lower annual fee or no fee at all within a certain time frame to avoid paying the fee for the old card.
Ask About How Your Rewards Will Transfer
You want to maintain your card’s benefits. When switching cards, know how your rewards will be transferred.
Rewards will transfer, but their value may change.
Check Eligibility For Bonuses
A welcome offer comes with a new credit card application. Product changes don’t automatically qualify for bonus offers.
Try negotiating a specific bonus with your card issuer. Card issuers are often willing to do this to retain customers.
The Bottom line
Upgrade or downgrade your Chase card if it no longer meets your requirements.
Before transferring, look into which Chase credit card is best for you and how you spend.