Source: The Points Guy
Summary
Downgrading a credit card can be a good option if you’re not getting enough value from the card’s benefits, earning rates, or redemption opportunities. Most issuers allow you to downgrade to another card within the same family, but some may have different policies. American Express doesn’t publicly state a required waiting period, while Chase and Citi generally require a 12-month wait. Capital One’s downgrade options are account-specific. Downgrading can help you save on annual fees and keep your credit line open without losing rewards or affecting your credit score.
Our Reading
The destination is rediscovered.
Travel rewards cards can be downgraded to save on annual fees.
American Express, Chase, and Citi have different policies on downgrading cards.
Capital One’s downgrade options are account-specific.
Downgrading can help you keep your credit line open without losing rewards.
Some issuers base eligibility for welcome bonuses on which cards you’ve had open.
Downgrading a card might prevent you from earning a valuable future bonus.
Author: Evan Null
