“The increase then might help your scores because it would reduce your utilization rate,” Griffin says. “That’s assuming everything else stays the same and you don’t increase your balances.” Experts recommend charging 30% or less of your total credit limit each billing cycle. You should also double check the rewards and benefits of your current card to make sure a product change is the right move.
We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Activate Upgrade Shopping offers from participating merchants via your account dashboard.8 Then shop online through Dosh or at stores, using your Upgrade card. You can get up to 10% cash back as a statement credit on qualifying purchases.And Upgrade Shopping cash back is earned in addition to other Upgrade Card rewards. Bank Altitude Reserve Visa Infinite card if you want a significantly higher rewards rate.
What are travel rewards cards & why get one?
One thing to consider is that if your upgrade is granted, you won’t be eligible for sign-up offers as you’re not a new customer. Additionally, be sure to ask your issuer what will happen to any current rewards you might have. I found the two cards were similar enough that I couldn’t justify paying both annual fees.
Earn Chase Ultimate Rewards® on everyday purchases and redeem for travel, cash back and more. See all our rewards credit cards and choose one that’s right for you. To see if you’re eligible to upgrade or swap, check with your credit card company. Bankrate.com is an independent, advertising-supported publisher and comparison service.
How does upgrading a credit card work?
Start with the number on the back of your credit card or try the customer service numbers below. Tell the representative you are interested in a product change and would like to know what options are available to you. This means that you can avoid the hard credit inquiry required when you apply for a new card — and the temporarily lower credit score that comes with it. Make sure to ask your issuer when you make the upgrade request though, since this may vary depending on your bank. Of course, you can always apply for a new credit card and add to your portfolio. But asking your current issuer for an upgrade can help simplify the approval process and even avoid a hard credit inquiry.
If you typically carry a balance, this may help you lower your utilization ratio. If you find yourself in a similar situation and are wondering whether you should upgrade or downgrade your credit card, keep reading. We’ll help walk you through the process so that you can better anticipate what to expect. You could also upgrade a secured credit card, which requires a security deposit, to an unsecured credit card. If your card issuer lets you upgrade your secured card, then your security deposit will be refunded. Chase’s website and/or mobile terms, privacy and security policies don’t apply to the site or app you’re about to visit.
In simple terms, this could mean either increasing your credit limit or upgrading your current card when your issuer launches a newer version. There are both pros and cons if you decide to upgrade your credit card, so it’s important to factor in all the information when deciding whether it’s the right next step for you. Capital One’s pre-approval tool, for example, lets you see if you might be approved for some of Capital One’s cards before you even apply.
Limiting the number of new cards you apply for is also better because each inquiry can shave points off your credit score. Comparing credit card offers can help you find the one that’s right for you. Once you’re ready to upgrade, you’ll need to contact the bank that issued the card. You should be able to find the customer service number listed on the back of the card.
Call your card issuer
If you want to take a step up in the credit card world, it may be time to upgrade a credit card. This is a simple way to swap your credit card for one with more perks — without having to apply for a new card. Sign in to activate a Chase card, view your free credit score, redeem Ultimate Rewards® and more. If you have a metal credit card, call your issuer to see if you can send your card back to them for proper disposal.
- Even after you make a purchase, you may change the designation of that purchase from Pay Now to Pay Later, or vice versa, up until 12pm Pacific Time the day after your purchase settles.
- An upgrade has its benefits, but there are also some notable drawbacks.
- Upgrade Card balances have a fixed rate and term so you know when you pay off your balance and can save on interest.
- You could also upgrade a secured credit card, which requires a security deposit, to an unsecured credit card.
An upgrade has its benefits, but there are also some notable drawbacks. Here’s a complete look at how to upgrade a credit card and decide if it makes sense for you. Our partners cannot pay us to guarantee favorable reviews of their products or services. Depending on your issuer, you may get a temporary card number immediately after you’re approved to begin spending online and via digital wallet. Otherwise, you’ll need to wait until you receive your new card in the mail (typically within seven to 10 days).
What should be my credit score to upgrade my credit card?
New accounts may be eligible for additional perks—like an introductory APR or bonus rewards that you can earn if you spend a certain amount within a specific period after being approved. If you get the card by upgrading or swapping instead, you might not be eligible for those perks. If you have credit card debt, negotiating a lower interest rate can help you save on interest rate payments, pay your debt down faster or lower your monthly debt payments. It can’t hurt to ask, and if you’re told no, you can pursue other options, like moving your remaining balance to a balance transfer card with an introductory 0% APR period. Before you choose to upgrade your credit card, make sure you want to stay with the same issuer.
An issuer may look at factors such as your credit reports and scores, payment history, spending habits, debt, income, employment and overall banking relationship. However, there’s a significant drawback to product changes with the same credit card company. In most cases, requesting an upgrade or product change from your issuer means you’ll forfeit the card’s welcome bonus offer. These offers can be worth hundreds of dollars in value, so it’s worth considering whether the tradeoff makes sense for you.
Redeeming unused rewards before requesting an upgrade can ensure they don’t go to waste. It’s wise to compare the value you’ll get with different redemption options to ensure your points, miles, or cash-back rewards go as far as possible. Upgrading to a new card could help you unlock more value, but it isn’t always a perfect solution. For one, your credit card company may be unwilling to grant an upgrade, no matter how good of a customer you’ve been. Typically, sign-up bonuses are only available to cardholders of new accounts. With an upgrade or downgrade, you’re maintaining the same account rather than establishing a new one.
If you’re not satisfied with your current card, consider upgrading or downgrading before you apply for an entirely new credit account. This could help you save money (or earn more rewards) and continue to build your credit history at the same time. In my opinion, if you’re using these benefits, this more than makes up for the hefty $550 annual fee. The offers for financial products you see on our platform come from companies who pay us. The money we make helps us give you access to free credit scores and reports and helps us create our other great tools and educational materials. If you’re looking to change things up with your credit cards, you might be wondering how to upgrade your credit card.
If you do decide to apply for an all-new card, keep in mind that applying for a new card can lower your credit scores—usually by just a few points—since it will typically result in a hard inquiry. And applying for too many credit cards within a short period of time can have a negative impact on your credit. Have your spending habits and lifestyle changed since you got your current credit card? Maybe you’re ready to start earning more rewards for your purchases. Or maybe you aren’t using your card enough to justify its annual fee.
It’s also worth keeping in mind that you might have to forfeit the perks of your current card when you upgrade or swap. And once you switch to the new card, you might not be able to take advantage of some of that card’s perks—like an introductory APR offer or early spend bonus. And whether you’re upgrading or downgrading, make sure to ask your issuer what happens to the rewards you might have accrued on your existing card. If they transfer when you switch, no worries; but if they don’t, go ahead and redeem what you can before making the switch. And compared with closing a card, switching can be a much better move for your credit report.