Spending habits can change. If your credit card isn’t the best fit for your spending habits anymore, you might decide to request an upgrade rather than close the card.
An upgrade – also called a product change – allows you to exchange one card for another without closing your current account. Here's how a credit card upgrade works and how to request one.
What is a credit card upgrade?
When you upgrade your credit card, you keep your account but change from one card to another with the same issuer. For example, you might request to upgrade your American Airlines AAdvantage® MileUp® Mastercard® to a Citi® / AAdvantage® Platinum Select® World Elite Mastercard®.
Because you’re not closing the old card, you keep the credit card history you built with your original card. This can be an advantage because length of credit history impacts your creditworthiness. The card issuer usually does not do a hard credit check because upgrading does not involve submitting a new application. However, you still must meet eligibility criteria for the new card.
Usually, when you upgrade your card, you’ll get a new account number. This means you’ll have to change your information for automatic payments or subscriptions the card is set to pay.
Upgrading your credit card is different from a limit increase, where you keep the same card, only with an increased limit.
Ways to get a credit card upgrade
If you’re looking to upgrade your card, keep in mind that your current account should be in good standing. You will still need to meet eligibility and creditworthiness requirements for the new card, even if the card issuer doesn’t perform a hard credit check.
Your card issuer may have other restrictions, such as the length of time your account has been open, before offering an upgrade.
Before you request an upgrade, decide which card you want. Look at what cards the issuer offers and consider what matches your spending habits. For example, if you spend a lot on gas and groceries, you might want a card that lets you earn more points on those purchases.
There are typically 2 ways to get an upgrade:
Contact the credit card company: Can contact the card issuer by phone and request an upgrade. If your upgrade is approved, you can discuss specifics like limits and APR.
Automatic upgrades: Some cards are upgraded automatically. For example, if you have a secured credit card and demonstrate responsible credit use over a certain period, the card issuer may automatically upgrade the card to an unsecured card.
Pros and cons of upgrading your credit card
Here are a few benefits and drawbacks to consider when upgrading your card.
Pros
- Upgrading can mean getting a card with rewards categories that match your lifestyle and spending habits. This can offer the opportunity to earn more points or miles.
Cons
- If you upgrade your card, you might not be eligible for welcome offers or other intro offers, like low intro APRs on Balance Transfers or purchases.
- When you upgrade your card, your account number changes, so you’ll have to update information for any automatic payments you’ve set up.
- The new card may come with an annual fee. Consider whether this works with your spending habits, and whether the benefits of the new card will likely outweigh the cost of the annual fee.
Disclosure: This article is for educational purposes. It is not intended to provide legal, investment, or financial advice and is not a substitute for professional advice. It does not indicate the availability of any Citi product or service. For advice about your specific circumstances, you should consult a qualified professional.
