What is a Credit Card Product Change and How Does It Work? – NerdWallet

New accredit cards, with better perks or rewards programs, come along frequently. You ’ d like to apply for one, but you don ’ thymine want to take the credit score hit. And you ’ ve already got cards you don ’ thymine practice. The estimable newsworthiness is it ’ s possible to get the perks of a fresh poster without opening a brand-new account. You can ask the issuer to “ intersection change ” your existing credit poster to a different version within the issuer ‘s portfolio. Say you have a Chase Sapphire Reserve® that you opened years ago for the change of location perks. But now you ’ re traveling less much and would rather have cash back. rather of closing that circuit board, you could request a Chase intersection change, and get a Chase Freedom Unlimited® in its place. As with all personal finance decisions, you should do your research before jumping on a newfangled credit card. Do the benefits of the card still serve you ? Or are there newfangled products that might make more feel ?

This was surely the event for me. hera ‘s how and why I did it.

Why do a product change?

You might request a merchandise change rather than applying for a new card because you want a card that better matches your life style and/or spending habits, and :

  1. You want to keep your stream menu ’ randomness history on your credit composition .
  2. You don ’ metric ton want a new credit rating question on your credit report .

I ‘d held a Bank of America® rewards card for many years, but after reviewing the card ‘s benefits, I realized that it did n’t offer american samoa much as newer cards did. My older tease earned 1 indicate per $ 1 spend, but the redemption options were poor people. For model, you needed a minimal of 2,500 points to redeem rewards, and that would earn you only $ 12.50 in statement credit. That ’ s a half-cent per point, if you ’ re keeping seduce at home. consequently, I had n’t used this card a lot — fair enough so the issuer didn ’ thyroxine delete it. When an issuer cancels a card, you lose the accredit history and the recognition argumentation, which can hurt your credit score, evening though the tease can stay on your credit rating report card for up to 10 years. But I decided it was time to make a change : a product deepen. I wanted the Bank of America® Customized Cash Rewards credit calling card. It earns 3 % on a category of your choice and 2 % at grocery store stores and wholesale clubs on up to $ 2,500 in combined category/ grocery store store/ wholesale club purchases each quarter ( then 1 % ), and 1 % on all other spend.

How to get a product change

The summons didn ’ t take long. I called Bank of America® customer service and told the congressman which wag I had and which card I wanted. At first, she told me I wouldn ’ triiodothyronine be able make the interchange because the two cards are unlike products and have different terms and conditions. She said that mine was an old report and my credit might have changed. “ But, ” I said, “ you know what my credit is. I pay my balance in fully and on time each month. ” then I said I very wanted to change to a cash-back tease. That must have been the tipping point : I might take my business elsewhere. She asked me to hold. Within a few minutes, she came back on the argumentation and said I was eligible for a intersection change, but I ’ d lose my points. I didn ’ thyroxine mind, because they did n’t amount to even 10 bucks in cash. I confirmed that my accredit history would be preserved and there would n’t be a hard inquiry on my citation file. She read a verification that my honest-to-god account would be closed and gave me a disturbance list :

  1. Destroy the old batting order when I get the new one .
  2. Notify merchants of the new count for recurring payments. ( In some cases, your calling card number wo n’t change. )
  3. Delete the previous card from your mobile wallet and add the new one .

See below for more detail information on how to product-change with specific issuers like Chase, American Express and Citi.

The downsides of a credit card product change

Switching your credit card can be a adept solution, but it might not be a perfect one. Beware these pitfalls : electric potential personnel casualty of accrue points : Losing the points on my former Bank of America® card wasn ’ t a big distribute because there weren ’ deoxythymidine monophosphate enough to redeem. But if you ’ re considering a product change, try to use your points or miles before you make the request. Issuers might approve an apples-to-apples transfer, but might not let you convert points to miles or cash back, or frailty versa. Ask the customer service rep about the rules. ineligibility for a sign-up bonus : The Bank of America® Customized Cash Rewards accredit circuit board has a bonus, but I missed out on that because I ported over an old account, rather than opening up a new one. If you do a product change, you credibly won ’ deoxythymidine monophosphate be eligible for a sign-up bonus, either. limit calling card options : As noted, most issuers only allow you to switch between “ proprietorship ” cards, those issued under the bank ’ s name. You normally can not swap a proprietary card for a co-branded card — those issued by the bank on behalf of, say, an airline or retailer — or between two co-branded cards. sometimes a batting order issuer will upgrade or downgrade its products without a customer ‘s request, offering newfangled benefits or reducing them. “ The customer should understand what kind of change is being made, ” says Julie Pukas, head of U.S. Bankcard and Merchant Services at TD Bank. She explained that TD Bank has made changes to the cards they issue in the past. “ We migrated everyone to the raw cards. It does not impact customer credit, and the customer can take advantage of the enhanced offer. ” Whether you want to upgrade, downgrade or precisely get a better rewards program without a credit hit, do your research and then call your issuer about a merchandise deepen

What’s next?

NerdWallet writer Erin Hurd contributed to this article frequently asked questions How do I product change a Chase credit card ? If the Chase credit rating card you have is no longer working for you, you can ask to product transfer to a different Chase card. You ’ ll have to stay within the same “ family ” of cards, though. That means if you have a bounty Chase Sapphire Reserve®, you could change it to the Chase Sapphire Preferred® Card, with a lower annual tip. But you couldn ’ thymine choose for, say, the Southwest Rapid Rewards® Plus Credit Card, even though it, besides, is issued by Chase. If you wanted a Southwest poster, you ’ d have to apply for a new account . How do I product variety an AmEx recognition calling card ? American Express offers many popular cards and allows you to upgrade or downgrade the card you have, but as with Chase, there are “ card family ” restrictions. If you have a circuit board that earns Membership Rewards, like The Platinum Card® from American Express, you can only change to another tease that besides earns Membership Rewards, like the American Express® Gold Card. besides, if you have a co-branded poster like the Delta SkyMiles® Reserve American Express Card, you can only switch to a different Delta card. You can ’ triiodothyronine trade a Delta SkyMiles® Reserve American Express Card for a Hilton Honors American Express Surpass® Card. To request an AmEx product change, beginning by calling the number on the back of your batting order and express sake in changing to a different card. You can besides try using the chat have when you ’ re logged into your AmEx history. The chew the fat congressman will much be able to make the change for you, and if they ’ re not they ’ ll lineal you to the right phone number to call. In order to be eligible to switch your American Express card, the existing account must have been open for at least a year . How do I product change a Citi credit card ? Unlike Chase and AmEx, which alone allow you to change your menu to another card in the same “ kin, ” Citi ‘s options are much broader. It may be possible, for example, to change your Citi® / AAdvantage® Platinum Select® World Elite Mastercard® to a Citi® Double Cash Card – 18 month BT offer if you decide you ’ d like cash back rather than airline miles. The best way to see which Citi cards you ’ re eligible to change to is by calling the phone number on the back of your card. Each cardholder could be eligible for different options. Do a fiddling research before you call to see which Citi cards you ’ re concerned in switching to, because you may be presented with multiple options. unfortunately, sometimes you may not be eligible to change at all. No change rules are published by Citi, so you ’ ll need to explore your personalized options with the customer service representative . What is a product change ? A product exchange is the credit poster industry term for exchanging your existing recognition circuit board for another one within that same issuer ‘s portfolio of products, without having to open a brand-new card history. For example, you may wish to upgrade your calling card — to one with better rewards and incentives — or downgrade it to avoid paying an annual tip . Does a product change affect your credit scores ? typically no. Issuer policies vary, but the two chief benefits of a product change ( if you ‘re eligible for one ) involve your credit reports : You neither lose your current card ’ second history, nor do you incur a new credit question on your reputation, either of which could otherwise ding your credit scores . What are the drawbacks of a merchandise change ? by and large, you will not be eligible to receive the sign-up bonus on a calling card that you product-change to. After all, you are not opening a brand-new account ; you ‘re merely switching an existing one over. It ‘s besides possible you could lose any accrued rewards on your existing report. And you ‘ll face limits as to which cards are available for such swaps. One case : If your menu runs on the Visa payment network, you are normally not able to switch the product over to one that runs on Mastercard . How do I request a product change ? Call the number on the back of your existing credit batting order. How do I product change a Chase credit card ? If the Chase citation batting order you have is no longer working for you, you can ask to product change to a unlike Chase card. You ’ ll have to stay within the lapp “ family ” of cards, though. That means if you have a premium Chase Sapphire Reserve®, you could change it to the

Chase Sapphire Preferred® Card, with a lower annual tip. But you couldn ’ triiodothyronine choose for, say, the Southwest Rapid Rewards® Plus Credit Card, even though it, excessively, is issued by Chase. If you wanted a Southwest card, you ’ d have to apply for a new explanation. How do I product change an AmEx credit calling card ? American Express offers many popular cards and allows you to upgrade or downgrade the card you have, but as with Chase, there are “ card class ” restrictions. If you have a card that earns Membership Rewards, like The Platinum Card® from American Express, you can entirely change to another card that besides earns Membership Rewards, like the American Express® Gold Card. alike, if you have a co-branded card like the Delta SkyMiles® Reserve American Express Card, you can only switch to a unlike Delta batting order. You can ’ t trade a Delta SkyMiles® Reserve American Express Card for a Hilton Honors American Express Surpass® Card. To request an AmEx product change, start by calling the count on the back of your menu and express pastime in changing to a different batting order. You can besides try using the old world chat sport when you ’ re logged into your AmEx account. The chew the fat representative will often be able to make the change for you, and if they ’ re not they ’ ll direct you to the veracious number to call. In order to be eligible to switch your American Express card, the existing report must have been open for at least a year. How do I product change a Citi credit circuit board ? Unlike Chase and AmEx, which entirely allow you to change your poster to another batting order in the same “ family, ” Citi ‘s options are often broader. It may be possible, for model, to change your Citi® / AAdvantage® Platinum Select® World Elite Mastercard® to a Citi® Double Cash Card – 18 month BT offer if you decide you ’ d like cash back rather than airline miles. The best way to see which Citi cards you ’ re eligible to change to is by calling the number on the back of your wag. Each cardholder could be eligible for different options. Do a little research before you call to see which Citi cards you ’ re matter to in switching to, because you may be presented with multiple options. unfortunately, sometimes you may not be eligible to change at all. No change rules are published by Citi, so you ’ ll need to explore your personalized options with the customer service example. What is a product change ? A product change is the recognition poster industry term for exchanging your existing credit menu for another one within that same issuer ‘s portfolio of products, without having to open a brand-new card report. For exemplify, you may wish to upgrade your wag — to one with better rewards and incentives — or downgrade it to avoid paying an annual tip. Does a product variety affect your credit scores ? typically no. Issuer policies vary, but the two main benefits of a product change ( if you ‘re eligible for one ) involve your credit reports : You neither lose your stream card ’ mho history, nor do you incur a new credit inquiry on your report, either of which could otherwise ding your recognition scores. What are the drawbacks of a product change ? generally, you will not be eligible to receive the sign-up bonus on a card that you product-change to. After all, you are not opening a brand-new account ; you ‘re merely switching an existing one over. It ‘s besides potential you could lose any accrued rewards on your existing account. And you ‘ll face limits as to which cards are available for such swaps. One case : If your card runs on the Visa payment network, you are normally not able to switch the intersection over to one that runs on Mastercard. How do I request a intersection change ?

Call the number

on the back of your existing credit rating card .

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