Travel When can you downgrade your credit card?
Consider your options: 3 reasons to downgrade from the Amex Platinum to Amex Gold
While The Platinum Card® from American Express has travel and lifestyle perks aplenty, it also is one of the most expensive cards on the market at $695 per year (see rates and fees). Meanwhile, slotted below the Platinum is the American Express® Gold Card, a product that carries fewer benefits but a more palatable $250 …Meanwhile, slotted below the Platinum is the American Express® Gold Card, a product that carries fewer benefits but a more palatable $250 annual fee (see rates and fees). Both cards offer a variety of statement credits and perks to help offset their yearly fees.
Editor’s note: This post has been updated with new information.
If the annual fee just came due for one of your, you may find it difficult to justify the expense if you’re not getting enough value in return. If you find you aren’t able to maximize the card’s benefits, earning rates or redemption opportunities, there may be an option besides , or calling to see if you can . That option is to .
The 11 best increased card offers to sign-up for in November
Editor’s note: This is a recurring post, regularly updated with new information. Credit card sign-up bonuses and welcome offers are the quickest and easiest way to rake in lots of points and miles, so we regularly update the roundup of our favorite current offers in our best credit cards guide. But to help you keep …Credit card sign-up bonuses and welcome offers are the quickest and easiest way to rake in lots of points and miles, so we regularly update the roundup of our favorite current offers in our best credit cards guide.
As a result of policies included in the, you’ll generally need to wait until you’ve had your card for a year before you can downgrade it. But some issuers have different policies, and there are also some other aspects to consider. Today I’ll cover when you can downgrade your credit card account for most major card issuers — and when it might be a good option.
Get the latest points, miles and travel news by signing up for.
In This Post
What does it mean to downgrade a card?
Downgrading your card means switching to another credit card offered by the same issuer with a lower fee (or none at all) and (most likely) fewer benefits. Since you aren’t opening a new account, there shouldn’t be a, and your online login information should stay the same. You’ll receive a and a new physical card in the mail, but your , and other factors that affect your shouldn’t change.
What You Need to Know Before Renting an RV
Don't book your rental without considering #11.
You can save on annual fees by. However, some issuers base your on which credit cards you’ve had open, not just which cards you’ve earned a bonus on. So be wary that downgrading a card might prevent you from earning a valuable bonus in the future.
Most issuers only allow you to upgrade or downgrade within a. But, issuers may not offer all cardholders the same downgrade options — and some of your cards may not have any downgrade options at all. Finally, note that while issuers may to a new credit card product, it’s unusual for an issuer to provide an incentive like bonus points for you to downgrade.
When can you downgrade an American Express card?
Amex doesn’t officially require you tobefore downgrading it. However, you should wait at least one full year because Amex has language in the terms and conditions of its card applications that explicitly call out cardholders who downgrade their account within the first year. Here’s the language in the current American Express® Gold Card welcome offer:
Unexplained Earth: the world's most mysterious places
Join us as we take a look at the science, stories, theories and tales surrounding some of the world’s strangest sites.
If we in our sole discretion determine that you have engaged in abuse, misuse, or gaming in connection with the welcome offer in any way or that you intend to do so (for example, if you applied for one or more cards to obtain a welcome offer (s) that we did not intend for you; if you cancel or downgrade your account within 12 months after acquiring it; or if you cancel or return purchases you made to meet the Threshold Amount), we may not credit Membership Rewards® points to, we may freeze Membership Rewards® points credited to, or we may take away Membership Rewards® points from your account. We may also cancel this Card account and other Card accounts you may have with us.
Amex also doesn’t allow you to change products between personal and business cards and you have to stay within a single card family (such as, or ). To determine your options and ask for a downgrade, call the number on the back of your card or log in to your online account and chat with an Amex representative.
Because of, I generally to any card that has a welcome offer. After all, by downgrading, you’ll lose the opportunity to earn a welcome offer on that card in the future. But if you’re thinking of , it’s worth checking your downgrade options first.
15 credit cards currently offering sign-up bonuses of 100,000 points or more
Editor’s note: This is a recurring post, regularly updated with new card offers and information. Credit card welcome offers and sign-up bonuses are the fastest way to increase your points and miles stash. There’s nothing quite like the thrill of seeing a massive bonus post to your loyalty account. From there, you can start dreaming …Credit card welcome offers and sign-up bonuses are the fastest way to increase your points and miles stash. There’s nothing quite like the thrill of seeing a massive bonus post to your loyalty account.
When can you downgrade a Chase card?
Chase may allow you to downgrade your card to another card within the same family if the account you want to downgrade has been open for at least one year. To determine your options or ask for a downgrade, call the number on the back of your credit card.
Due to, many cardholders prefer to instead of canceling them. But there are other reasons to downgrade a Chase card. For example, you might want to downgrade the Chase Sapphire Reserve to a no-annual-fee option after you’ve held it for 48 months so that you can then for the Chase Sapphire Preferred Card. Or, you might want to downgrade the Marriott Bonvoy Boundless Credit Card to the Marriott Bonvoy Bold Credit Card to avoid paying the annual fee.
When can you downgrade a Citi card?
Citi generally requires that you wait at least 12 months from opening the account before you can downgrade your card. But, unlike most other issuers, Citi may allow you to downgrade to cards outside the original card’s family. Be sure to call the number on the back of your card and ask for your options.
Sorry, bread bowls. 'Next-generation' Panera is here
Fast food lovers will be surprised to see what their favorites were like when they opened, and how they grew. From McDonald's and Burger King to Starbucks and Panera Bread, read about how these eateries are evolving today, too.
When can you downgrade a Capital One card?
Capital One doesn’t seem to have a hard-and-fast rule about how long your account has to be open before you can downgrade a card. But I’d generally recommend waiting until you’ve held the card for at least a year. Call the number on the back of the card if you’re interested in downgrading.
Since many of the no-annual-feeoffer modest sign-up bonuses that, according to the company, “may not be available for existing or previous account holders,” downgrading to one of these cards may mean you’re ineligible for a sign-up bonus on that card if you apply at a later time.
When can you downgrade cards with other issuers?
Other issuers may allow you to downgrade your card, although many smaller issuers don’t allow. A good rule of thumb is to wait until your annual fee comes due and then call the number on the back of your card to inquire about downgrade options.
If you’re not getting your money’s worth from your, downgrading to a can be an excellent way to keep your card’s open while avoiding the annual fee. When in doubt, be sure to call the customer service line found on the back of your card to learn about your options. You may find that your issuer provides you with a that may be worth considering to justify keeping your card after all.
Additional reporting by Stella Shon.
Featured image by Orli Friedman for The Points Guy.
SPONSORED: With states reopening, enjoying a meal from a restaurant no longer just means curbside pickup.
And when you do spend on dining, you should use aand potentially even score special discounts. Thanks to temporary card bonuses and changes due to coronavirus, you may even be able to score a meal at your favorite restaurant for free.
for dining out, taking out, and ordering in to maximize every meal purchase.
Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
How to choose the right credit card for you .
How to choose the right credit card for you will depend on what kind of credit card you need. For example, you might be looking for a card that offers cash back rewards, while someone else will prefer one that features travel rewards. And you’ll also likely want to look for a card that fits your credit profile. If you don’t have excellent credit, your priority may be to find a card that you’re likely to be approved for.But given that everyone is different, within each category some choices may be better for you than others. Let’s take a closer look.