You want a new card – one that offers more perks and fewer fees.
But if you applied for a new card and closed the old one, there would be negative credit score consequences, right? Well, there’s actually a risk-free loophole that lets you bypass all of that!
It’s called a “product change.” A card holder requests to upgrade or downgrade their card within the portfolio of cards offered by the issuer – no hard pull on your credit file necessary!
But when does it make sense to utilize this brilliant side step?
According to NerdWallet, you might want to make the switch if you want to stop paying an annual fee, you want more access to rewards such as cash back or travel points, or you want to “ditch” the card, but not the points you’ve earned or the positive score impact of your good payment history.
Credit lenders don’t advertise this method because the fees you pay make them richer – and they’re hoping you’ll coast along without ever questioning if your needs are truly being met!
Now that you know what’s up, what do you have to do? Call your credit issuer’s customer service line and tell them you’re interested in making a “product change” – and see what advantageous options you might qualify for!