It's a passion from SME and today we're going to talk about the product change options available for your chase cards. Let's get started.
This is probably one of the most common questions I get asked, I figured I'd make a post on it and basically, we're looking at what cards you can either downgrade to or our grade from instead of telling you. Let me show you.
The things need to consider
Here is basically a giant chart of all the available cards from Chase, and also what cards you can product change to. You can basically Prada change between any of the cards in the same category, from the United cards there are three different options for the taste ultimate reward cards.
There's a lot of options, the one thing to consider is that you cannot make a product change between personal and business, so they're separate and there's no way to do that. Another thing to consider is that for certain cards you won't be able to do a product change until you have the card for 12 months finally.
For some cards, you might notice that there's a symbol on the right of it, and that basically means that their philosophies.
Have you looked at the bottom of the page? You can see what it means, and here, for example, the chase united new annual fee card, it exists, but you can't separately apply for it. The only way to get it is to downgrade to it.
Since we're going to go through each of these options just to kind of share my thoughts. If we start on the Left we have the ultimate rewards earning cards, so we have a slide, we have the freedom unlimited Chase Sapphire Reserve preferred, and also the normal sapphire.
The freedom and the freedom unlimited card
If you're looking to downgrade the CSR or the CSP I would strongly consider the freedom and the freedom unlimited, depending on which one makes more sense for you, I would only have one freedom unlimited though because there's no point of having two.
If you do have a lot of these cards I would recommend getting more freedom cards instead of more freedom unlimited just to maximize the 5x categories.
For example, trying to grocery monks where you're going to be getting 5x, if you spend more than $1,500 in 3 months, if you have two cards then your limit is not going to be 1500 for the 5x. It's going to be 3000, so personally, I have two freedom cards, for this reason, moving over to Airlines we have United cards.
If you do want to downgrade to a new annual fee card there is an option, the thing to consider though is that you don't get free baggage.
A few of the perks that you do get from the Dallas card or the club card, you basically don't get here. Something to consider, I think it's a pretty good card if you do want to just keep your credit history alive, but there are not that many perks. To me, don't rely on it that my next to Southwest cards.
If you do want to lower your annual feed then you can downgrade to a Plus Card, it really just depends on you, though since you do get points every year you're kind of breaking even, so it just depends on whether you want cash or more Southwest Points, makes it a British airline card, which is by itself. There are no options there.
Moving over to hotel cards
Moving over to hotel cards, there's actually no product change options, so a common misconception is that Marriott and routes Carlton can be product changed when they cannot even though Marriott owns Ritz-Carlton, they're considered separate products. Maybe they'll change it in the future, but given how it currently works, there's no way to product change those cards.
Next is the other category, here we have visiting cards, Amazon cards, and ARP card. Here for the Disney card, if you do want to lower your annual fee you can downgrade it to the lowest one, and for the Amazon one it just really depends on whether you have Amazon Prime. Both cards have no annual fee.
Moving over to business cards
Moving over to business cards, and again you cannot product change between a personal card and a business card, and you can't even actually move credit limits around. It's kind of annoying if you do have a lot of personal credit limit and you want to move some over to your business. They'll be like it's separate, you can't transfer them like that, so we have Inc cards.
There are three different anchor cards, there's a cash card, the ink plus, and the ink preferred, so you can no longer apply for the ink plus, you can still product change it to the ink cache, that's preferred. Though if you want to lower your annual fees you can down agree to the ink cash card, so there are no annual fees and it's basically a keeper card, it works out really well if you have a lot of office expenses.
The ink plus has an annual fee and also it only gives you three expect, but it's on different categories. If you do a lot of social media marketing on Pip and websites like Google and Facebook then that card makes a lot more sense for you.
In terms of other cards, there is a United card, there's a Southwest card and there's the Marriott card. They all stand separately, there's no way to product change somewhere to do anything special with them.
Why people would product change cards
If you're wondering why people would product change cards, there are a few reasons, but the big one is that it keeps your credit history alive. So if you've got a card in 2007 and let's say you want to change the product into something more useful, the big benefit is that it stays on your credit report as 2007, even if you change it from freedom, let's say at a sapphire Reserve nothing gets affected on your credit report. So you don't lose any of the age of the account which is really good.
On the credit report, they're looking at it as chase giving you a credit card, not as chase giving you a specific credit card, that makes sense. Basically, looking at the instrument versus the product itself, another benefit is that some cards you won't be able to get if you're over chased 5:24.
If you have more than five new accounts from any issuer in the last 24 months you will not be eligible for any of the ultimate rewards earning cards. Let's say you have Chase Sapphire Preferred that you no longer need, if you wanted a freedom one you can just apply for the freedom, you're automatically going to get rejected if you again have more than five cards and watch 24 months.
The easiest ways to product change
The easiest ways to product change it, one very big consideration is that you do not get signup bonuses whenever your product change. Let's say there is an offer for the freedom card of 15,000 ultimate reward points, if your product changed from a tree Sapphire Preferred over you don't get any points at that point, you have to weigh whether you value your credit history more or the extra points more, and also whether it's even possible.
Again if you're over five twenty-four, if you're looking at a product in jacquard you can either call them or set a secured message. I prefer to ladder, just because it's a lot easier, so you basically just log into your account and I think it's on the top left somewhere.
But there's a send message button and you basically just tell them that you want to make product change this card into the freedom card or into whatever another card. That's based on the target we have, and it works out pretty well.
Have to meet the requirements for the card change
A final thing to consider is that if you want to do a product change you have to meet the requirements for the card. Let's say you have a chase freedom card that has a one thousand dollar limit if you want to make product change.
And the Chase Sapphire reserve you would actually need to have at least a ten thousand dollar limit on that card because you have to meet the requirements for Visa Infinite. The Visa Infinite has a minimum credit limit of $10,000, and visa signature cards have a minimum of $5,000.
In this case, if your credit limit was five thousand you would be able to go from freedom to chase a fire preferred, and it goes ten thousand from freedom to Chase a farm Reserve.
If your credit limit isn't high enough for the product change then what so often ask you to do is whether you want to ask for a credit limit increase. There is going to be another hard inquiry if you want to do that something to consider there but just depends on what makes more sense for you. I hope that was helpful.
Other web page resource
What is a Credit Card Product Change: https://thepointsguy.com