Key takeaways
- Upgrading or downgrading your Chase credit card responsibly may be a good option if your spending goals change.
- Upgrading to premium cards like the Chase Sapphire Preferred® Card or Chase Sapphire Reserve® may be beneficial for travel rewards.
- Downgrading to cards like Chase Freedom Flex®* or Chase Freedom Unlimited® can help you meet specific spending needs — for instance, downgrading to a card with no annual fee.
- When downgrading or upgrading cards, timing is important to avoid paying unnecessary fees.
As your credit card spending goals evolve, you may consider applying for a new credit card to take advantage of new benefits or rewards. Before applying for a new card, it’s worth exploring the option of upgrading or downgrading your current account (also known as a product change) with your current issuer. With an upgrade or downgrade, there’s no hard credit inquiry, you retain your account information, and you maintain your credit history while simply changing the type of card you hold.
If you’re interested in upgrading or downgrading your Chase credit card, Chase provides cardholders with a range of options, featuring more than 30 credit cards and co-branded credit cards on its website. Whether you’re a student, traveler, or business person, there’s a card tailored to your needs. Ensure you meet Chase’s eligibility criteria for the new card. To determine if you can upgrade or downgrade your card to your desired choice, contact Chase to begin the process.
It’s important to note that when doing a product change, you typically need to switch to a card within the same category or credit card family. For instance, you can’t transition from a personal card category to a business card category. This rule also applies to Chase’s co-branded credit cards, such as the Marriott Bonvoy Boundless® Credit Card*. You can swap this card with another Chase Marriott card, but not with a different co-branded card.
Below, we’ll delve into Chase’s product change options and how to navigate a switch.
Should you upgrade your Chase credit card?
Upgrading to Chase Sapphire Preferred Card or Chase Sapphire Reserve
The Chase Sapphire Preferred Card and Chase Sapphire Reserve are two of Chase’s premium credit cards, renowned for their generous travel rewards. If your spending goals align with travel rewards, upgrading or switching to one of these cards is a wise choice. Another reason to upgrade is if you’re eyeing a different Chase card but have opened five or more new credit card accounts in the last 24 months. If you have opened five or more cards from any issuer in the past 24 months, you would be subject to Chase’s “5/24 rule,” which states that Chase does not approve card applicants who fall under this category.