How to Upgrade or Downgrade a Credit Card

Thinking about ditching one of your credit cards?

Before you close the account, consider upgrading or downgrading your credit card instead.

In general, you can upgrade or downgrade your current credit card to a different card with the same company.

Maybe you’re tired of paying that $95 annual fee for a card you don’t really use anymore, and you want to downgrade to a card with no fees.

Or maybe you want to upgrade your basic cash back card to a premium credit card to help pay for your upcoming honeymoon.

Downgrading or upgrading a credit card is also called a product change because you’re switching between two different types of cards without closing your account.

There are pros and cons to making a product change with the same credit card company.

You usually get to keep your current account and card number, for instance, but you’ll miss out on welcome bonuses available only to new members.

Here’s everything you need to know about upgrading or downgrading your credit card — including how to make the switch.

Upgrading Your Credit Card: Pros and Cons

Premium credit cards come with lots of perks. Many offer impressive travel rewards, like free hotel nights, travel insurance and airport lounge access.

They also reward earn points at a higher rate than standard credit cards.

The biggest drawback? High annual fees.

But if your income is higher than it used to be — or you’re traveling more — it might make sense to upgrade a simple cash back card to a premium card or a travel rewards card.


  • Enjoy premium perks
  • Easy to switch
  • No hard credit inquiry


  • Higher annual fee
  • No welcome bonus
  • Your interest rate might change


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