Over time, your credit card spending goals may change, and you may want to apply for a new credit card to get new benefits or rewards. Before applying for a new card, you should consider upgrading or downgrading an existing account with an existing card issuer (also known as a product switch).
There are no hard credit requests when upgrading or downgrading, you keep your account information and can maintain your credit history - the only change is the type of card you will have.
If you'd like to upgrade or downgrade your Chase credit card, Chase offers cardholders a variety of options, with more than 30 credit cards and co-branded credit cards listed on their website. Whether you are a student, traveler or businessman, there is a card for you.
Just make sure you meet Chase's eligibility requirements for the new card. To find out if you can upgrade or downgrade your card to your desired option, simply contact Chase to get started.
Note, however, that if you switch products, you will usually have to switch to a card of the same class or credit card family. For example, you cannot switch from the Personal Card category to the Business Card category.
This also applies to Chase co-branded credit cards, such as the Marriott Bonvoy Boundless® Credit Card. So you can trade this card for a Chase Marriott card, but not for a co-branded card.
Should You Upgrade Your Chase Credit Card? Upgrade to Chase Sapphire Preferred Card or Chase Sapphire Reserve
The Chase Sapphire Preferred® Card and Chase Sapphire Reserve® are two premium credit cards from Chase known for their great travel rewards. If your spending goals are focused on travel, it's a good idea to upgrade or switch to one of these cards.
upgrade benefits Better rewards. Chase Sapphire Preferred offers 5x points on travel purchased through Chase Ultimate Rewards; 5x points on Lyft rides (through March 31, 2025); restaurants, select streaming services, and online grocery shopping (excluding Walmart, Tajikistan 3X points on travel and wholesale clubs); 2X points on other travel purchases; and 1X points on all other purchases.
Or, Chase Sapphire Reserve offers 10x points on hotel stays and car rentals with Chase Ultimate Rewards; 10x points on Chase Dining purchases with Ultimate Rewards; 10x points on Lyft purchases (through March 2025); 5x points with Ultimate Rewards Air travel points; 3X points on general travel and restaurant purchases; and 1X points on all other purchases.
travel allowance. Both cards come with premium travel perks. With Sapphire Preferred, you get benefits like trip cancellation and interruption insurance, baggage delay insurance, travel delay reimbursement, 1:1 point transfers with Chase travel partners, and no international transaction fees.
Sapphire Reserve benefits include up to $300 in annual points on qualifying travel purchases, more comprehensive travel insurance, Priority Pass Select membership with access to over 1,300 airport lounges, 1:1 point transfers and up to Global Up to $100 in credits on Entry, TSA PreCheck or NEXUS, plus many other benefits.
Increased rewards for travel redemption. Sapphire Preferred offers a 25% point bonus on travel redeemed through Chase Ultimate Rewards, and Sapphire Reserve offers a 50% point bonus on travel redeemed through Ultimate Rewards.
Upgrading Downsides annual fee. The annual fee for Sapphire Preferred is $95, while the annual fee for Sapphire Reserve is much higher at $550. tourist oriented.
Although Sapphire Preferred and Sapphire Reserve offer higher rewards rates in many common everyday categories, these rewards cards are still best for frequent flyers because their rewards and perks are more travel-focused. Plus, exchanging points for cash back or gift cards doesn't add as much value as using them for travel (especially through Chase's portal).
There is no welcome bonus. As an existing cardholder, you'll miss out on a great welcome bonus for new cardholders. For example, Sapphire Preferred currently offers new cardholders the opportunity to earn 60,000 bonus points after spending $4,000 in their first three months of account opening. Sapphire Reserve also offers 60,000 bonus points after spending $4,000 in the first three months.
How to Renew Your Chase Card
Upgrading your current Chase card to a Sapphire Preferred or Sapphire Reserve - or from a Sapphire Preferred to a Sapphire Reserve - is as easy as calling Chase. Upgrades are generally considered product changes, so no hard queries or new applications are required. However, you must meet the conditions of the card you want to upgrade to. For example, excellent credit is required to upgrade to the Sapphire Reserve.
If you are upgrading, you may keep your account information and credit limit the same. If you wish to apply for an increase in your credit limit, you will need to follow a few steps. It's also important to note that you're not eligible for any sign-up bonuses, although you can negotiate targeted offers when you apply for an upgrade.
Should You Downgrade Your Chase Card? Downgrade to Chase Freedom Flex or Chase Freedom Unlimited
Downgrading your credit card might sound unappealing, but it can offer a lot of benefits. You want to make sure the card you have meets your spending needs, and downgrading can help. Two options to consider are Chase Freedom Flex℠ or Chase Freedom Unlimited®*.
Benefits of downgrading
No annual fee. No annual fee for Chase Freedom Flex and Chase Freedom Unlimited. If you currently have a Chase annual fee card, consider downgrading your card if you haven't covered the cost of the annual fee with rewards and perks.
Daily rewards. Chase Freedom Flex offers 5% cash back quarterly in activation bonus categories (up to $1,500 in purchases, then 1%); Chase Ultimate Rewards 5% cash back on travel purchases; 5% cash back on Lyft rides (through March 2025 31); 3% back at restaurants and drugstores; 1% back on all other purchases. Or, Chase Freedom Unlimited offers 5% cash back on Lyft purchases (through March 31, 2025); 5% back on travel purchased through Chase Ultimate Rewards; 3% back on purchases at restaurants and drug stores; and all 1.5% on other purchases.
The downside of downgrading
Rewards are less. In exchange for not paying an annual fee, you get fewer rewards and more restrictions. For example, Freedom Flex offers a generous 5% cashback on rotating categories every quarter, but capped at $1,500 per quarter. In addition, the quarterly card needs to be activated in advance, which may be inconvenient for some cardholders.
Foreign transaction fees. Both Freedom Flex and Freedom Unlimited charge a 3% foreign transaction fee. If you're planning to travel internationally, it's best to use a card that doesn't charge international transaction fees.
There are no welcome offers. Because you did not submit a new application, you are not eligible for the Freedom Flex and Freedom Unlimited welcome offers. Freedom Flex offers new cardholders a $200 cash bonus after spending $500 in the first three months, while Freedom Unlimited offers an additional 1.5% cash back on top of the original cash back rate on all purchases in the first year (up to $20,000; via Bankrate) ).
How to Downgrade a Chase Card
Downgrading a card starts the same way as upgrading it. Just call your issuing bank using the number on the back of your credit card to get started. Since there is no additional annual fee for downgrading, you should not accept any waiting time. If you switch products within 30 days of paying the annual fee on your old card, your fee will likely be refunded.
Downgrading your card will void the welcome offer. However, you can try to negotiate a targeted offer with the issuer. Also, make sure you know what happens to your rewards before downgrading.
How to get the most out of an upgrade or downgrade
Whether you're planning to upgrade or downgrade your Chase credit card, there are a few things to keep in mind to make the most of the transition. Most importantly, make sure you switch to a card that better suits your spending habits and rewards goals. Here are some other things you can do to get the most out of your product changes.
Timing switch
Timing is everything when moving from one map to another. If you're switching to a card with a lower annual fee or no annual fee, be sure to switch within a certain period of time to avoid paying the annual fee on the old card.
Ask how your award will carry over
You may wish to keep the accumulated rewards on your current card. When switching to a new card, make sure you know exactly how your rewards will transfer. Your rewards may be transferred to your new card, but their value may change.
Check Bonus Eligibility
When you apply for a new credit card, there is usually a welcome offer. However, if you change products, you will not automatically receive bonus offers. Check with your card issuer to see if you can negotiate a targeted bonus offer. Sometimes card issuers will open up this option in order to get you as a customer.