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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 a new one with more perks -- without having to actually apply for a new card.
A credit card 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.
How does upgrading a credit card work?
Upgrading a credit card is when you change your current credit card to a better card in the card issuer's lineup. This typically means you get a new card with better benefits, a higher rewards rate, and a more expensive annual fee.
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.
The technical term for an upgrade is a product change, which covers both upgrades and downgrades. Downgrading a credit card is a move in the opposite direction, often done to save money on a card's annual fee.
Here's an example: Let's say you have the Chase Sapphire Preferred® Card. You could upgrade to the Chase Sapphire Reserve®, which is a higher-end card in that line. But you couldn't upgrade to a Chase United Airlines credit card, because that would be jumping to a different product line.
When you're ready to upgrade a credit card, it boils down to two simple steps:
Pick the new credit card you want. Remember that it needs to be in the same lineup as the credit card you have right now. If you're not sure which credit cards qualify, contact the card issuer. Explain that you're thinking about an upgrade and ask what your options are.
Call the card issuer to request the upgrade. Credit card companies generally require you to call for any type of product change. When you call, tell the representative you'd like to upgrade your credit card and let them know which card you want.
Your card issuer will then approve or deny the upgrade request. If the old and new credit cards are both aimed at consumers in the same credit score range, then you have a good chance of approval.
It may be more difficult if you're trying to upgrade to a card with stricter application requirements. The most common example would be upgrading from a secured to an unsecured card. Secured credit cards tend to be the easiest cards to get. If you previously only qualified for a secured card, you'll need improved credit and a solid payment history to upgrade to an unsecured card.
What are the benefits of upgrading a credit card?
The benefits of upgrading a credit card are:
Greater value from you card: The main reason to upgrade a credit card is to get one that provides more value. Your upgrade may earn more rewards on your purchases, have more valuable perks, or both.
Maintain your account history: Upgrading your credit card means you continue the account history you started with the old card, which is good for your credit. The average length of time you've had credit accounts open is a factor in calculating your credit score, so closing one card and opening a new one could temporarily hurt your score.
No credit check: Card issuers can usually process an upgrade without performing a hard credit inquiry. A new credit card application, on the other hand, would require a hard inquiry that temporarily affects your credit score. Just keep in mind that there are exceptions, so you should double-check before you upgrade if you're worried about your credit score.
Upgrade bonus offers: Sometimes credit card companies offer bonuses to cardholders who upgrade, most often in the form of extra rewards.
What are the drawbacks of upgrading a credit card?
The drawbacks of upgrading a credit card are:
No introductory offers: You won't qualify for any welcome bonuses or 0% intro APR offers that new customers would get for the same credit card. Considering that big sign-up bonuses can be worth $500 or more and some 0% intro APR offers last for over a year, you could miss out on a lot of value if you upgrade to a new card instead of applying for it normally.
More expensive: In most cases, you'll be paying a higher annual fee. Before you upgrade a credit card, make sure that your new credit card's perks will make up for its cost.
Sign-up bonus credit cards
When you upgrade your credit card, you aren't eligible for a new welcome bonus. Disappointed? Yeah, us too. If you're looking for a card with a great sign-up bonus, here are a few of our favorites:
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Credit Rating Requirement:
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Poor
Fair
Good
Excellent
300-579
580-669
670-739
740-850
Good/Excellent (670-850)
Credit Rating Requirement:
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Poor
Fair
Good
Excellent
300-579
580-669
670-739
740-850
Good/Excellent (670-850)
Credit Rating Requirement:
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Poor
Fair
Good
Excellent
300-579
580-669
670-739
740-850
Good/Excellent (670-850)
Welcome Offer:
Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
$200 cash rewards
Welcome Offer:
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
60,000 bonus points
Welcome Offer:
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases
25,000 points
Rewards Program:
Earn unlimited 2% cash rewards on purchases.
2% cash rewards
Rewards Program:
Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more.
5x on travel purchased through Chase Travel℠, 3x on dining and 2x on all other travel purchases
Rewards Program:
Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open.
1.5 points per dollar
Intro APR:
0% intro APR for 12 months from account opening on purchases and qualifying balance transfers
Purchases: 0% intro APR, 12 months from account opening
Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers
Intro APR:
N/A
Purchases: N/A
Balance Transfers: N/A
Intro APR:
0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.49% - 28.49% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers.
Purchases: 0% Intro APR for 15 billing cycles for purchases
Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
Regular APR:
19.24%, 24.24%, or 29.24% Variable APR
Regular APR:
20.74% - 27.74% Variable
Regular APR:
18.49% - 28.49% (Variable)
Annual Fee:
$0
Annual Fee:
$95
Annual Fee:
$0
Highlights:
Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
Earn unlimited 2% cash rewards on purchases.
0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 19.24%, 24.24%, or 29.24% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
$0 annual fee.
No categories to track or remember and cash rewards don’t expire as long as your account remains open.
Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Highlights:
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more.
Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Travel℠. For example, 60,000 points are worth $750 toward travel.
Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2027.
Member FDIC
Highlights:
Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire as long as your account remains open.
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases.
Use your card to book your trip how and where you want - you're not limited to specific websites with blackout dates or restrictions.
Redeem points for a statement credit to pay for travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout.
0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 18.49% - 28.49% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more points on every purchase. That means instead of earning an unlimited 1.5 points for every $1, you could earn 1.87-2.62 points for every $1 you spend on purchases.
Contactless Cards - The security of a chip card, with the convenience of a tap.
This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
You should consider upgrading your credit card if you want to move up to a card in the same product line without a new credit card application. Just make sure you won't miss out on a high-value introductory offer in the process.
Here are a few examples of when it's a good idea to upgrade a credit card.
You've been building or rebuilding credit with a secured card: By upgrading a secured card to an unsecured card, you can get your security deposit refunded and still keep the account open.
You have a student credit card and you've finished school: Since student credit cards are a popular choice as a first credit card, you may want to hang on to yours so you can maintain a long credit history. But it also makes sense to upgrade your student card once you're out of school and have a more established credit history.
You're planning to apply for a loan: When you have a loan application coming up, you shouldn't do anything that can lower your credit, including applying for new credit cards. A higher credit score can make a big difference in the amount of interest you pay, especially with mortgages and auto loans.
If the credit card you want has a sign-up bonus, it's usually better to apply for it instead of upgrading. These bonuses offer so much value that you shouldn't pass them up. If there's no introductory offer you're interested in, then an upgrade is the better choice.
Upgrading a credit card won't affect your credit score as long as the card issuer doesn't perform a hard credit check. Most card issuers don't, in which case you can upgrade your credit card without any impact to your credit.
To see if your card issuer will perform a hard credit check to upgrade your card, you can contact the company to ask. Even if your issuer does, a hard credit check lowers most consumers' FICO® Scores by less than five points, so it won't be a big drop.
After you upgrade a credit card, your old credit card should continue to work. The card number usually doesn't change, so you could continue using the old card if you wanted to.
The more secure decision, however, would be to destroy your old credit card. You can do this with a pair of scissors if it's a plastic credit card. If it's made of metal, the card issuer will handle the disposal process -- just ask for a prepaid envelope so you can mail it back.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Wells Fargo is an advertising partner of Motley Fool Money. Bank of America is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Lyle Daly has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bank of America, JPMorgan Chase, Target, and Visa. The Motley Fool has a disclosure policy.
The Motley Fool owns shares of and recommends Visa.
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