How To Downgrade a Credit Card

How To Downgrade a Credit Card - The Right Way

Рет қаралды 7,080

Күн бұрын

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In today's show we'll take a look at how to downgrade a credit card and not cost yourself any potential signup bonuses along the way.
Advertiser Disclosure: Some of the products that appear on this website are from companies from which RJ Financial will earn an affiliate commission or referral bonus. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.

Пікірлер: 93

@RJFinancial 3 жыл бұрын

Thanks for tuning in! Have a lot of Chase UR Points? Checkout the best ways to redeem them here - kzfaq.info/get/bejne/ms-jiLKZ0ay2lJs.html

@P.I.P.E.L.I.N.E_Podcast 3 жыл бұрын

Can you downgrade a CSR into a CFF even if you already have a CFF?🤔

@RJFinancial 3 жыл бұрын

@@P.I.P.E.L.I.N.E_Podcast Good question. When the Flex first came out, Chase said in an FAQ that you could only have one Flex card so I don't think so. May have to go for the Freedom Unlimited. There's also a no annual fee Sapphire card. It's worthless outside of this specific use case of a downgrade path of last resort.

@annoy_ken 2 жыл бұрын

Most thorough walk through - thank you

@BankAccountBonusCentral 3 жыл бұрын

Great Explanation RJ! I love how you can change a CSR into a Flex. you can catch a Sapphire bonus every 48 months... and you know I plan on doing that in both 1 and 2 player modes with the wife.... those sign up bonuses are way too sweet to pass up.

@RJFinancial 3 жыл бұрын

Haha, if they keep up with those 80k offers on the CSP then might as well!

@jeancarloscascante6952 4 ай бұрын

Also great explanation all love ❤

@nycabilifeisgreat9768 3 жыл бұрын

Smiley Put ! Great video man. very helpful!

@RJFinancial 3 жыл бұрын

Hey, thanks for stopping by, glad it was helpful. I have a follow up about upgrading cards coming out later this week.

@Frugal101 3 жыл бұрын

Wow I didn't even know it was possible to downgrade definitely learnt something new thanks for sharing

@RJFinancial 3 жыл бұрын

They don't advertise it but if you call in they'll do it. You know how the banks are lol

@WisdomWealth77 3 жыл бұрын

Never needed to downgrade a credit to date. But great information for if I need to or can help someone.

@RJFinancial 3 жыл бұрын

Thanks, my pleasure!

@UnboxingJobs 3 жыл бұрын

Very informative & appreciated the review on the steps. Sometimes I wonder if this unofficially effects ones credit a little bit somehow.

@RJFinancial 3 жыл бұрын

There are a few instances that could maybe... for example if you went from a sapphire preferred to a reserve... the CSR is a visa infinite card and infinite cards have a minimum credit limit of $20k I think. So in that instance Chase would have to adjust your credit limit. Except for those fringe cases your credit will be fine making the change. I actually went thru with this downgrade example in the video and didn't see any changes.

@jeremymoore450 3 жыл бұрын

RJ, Great content as always I see you are from Michigan so am I raised there until I left and joined the Navy and now I am in california for now. Downgrade or a retention offer could be an option or a annual fee waived since travel isn't really happening right now in 2021..☹️. Love the content man what's next on your lineup? March is around the corner. What is in your wallet for March? What new card you going to go for next? How many cards you got and how do you manage them?

@BankAccountBonusCentral 3 жыл бұрын

some travel cards are worth keeping even if there is no travel. My wife and I both have Hyatt cards and gladly pay $95 a year each as we get over $300 per night in value for each annual certificate and there is no downgrade path... Hyatt for life for us.

@RJFinancial 3 жыл бұрын

Shout out! Man you want spoilers?? Two things, what would you like to see? And, Indeed I've been in the lab working on something. I'll say this, it's tipping off March 1st, so make sure to tune in! I think you guys are going to like it.

@BankAccountBonusCentral 3 жыл бұрын

@@RJFinancial I'm sure it will be EPIC!

@TimLeakOfficial 3 жыл бұрын

I never downgraded a card but would definitely consider it if it was no longer worth its annual fee. I’m sure the credit card companies don’t like the consumers to know about this option.

@RJFinancial 3 жыл бұрын

Ha yeah man they don't make it obvious. If you call in wanting to cancel then they'll tell you but even then not the full story in my opinion.

@jonathanfactor6688 3 жыл бұрын

Great video thanks what do you think about the united airlines club card witch now has a 525 yearly fee?

@RJFinancial 3 жыл бұрын

Looking at it now... The AF being waived in year one is a solid signup bonus. It allows you to test out the card and see how much you get out of it. Checkout the lounges and see how many bags you actually check in that first year. If you have a family or a player two this could be a game changer.

@WaysToWealth 3 жыл бұрын

I'm trying to upgrade that CC man!!!

@RJFinancial 3 жыл бұрын

Lol, I have part 2 coming out soon which is how to upgrade a card

@putitomalo3997 Жыл бұрын

Hey RJ, really appreciate the video. Super insightful. I have a little situation below and would really appreciate if you can give me your recommendation on how to proceed with this! Back in July 7th, 2022, I applied for the chase ink business preferred card and got approved. I'm now looking to downgrade to the chase business unlimited as I actually don't use the ink business preferred at all as I thought I would. July 7th is approaching and I will be hit with the $95 annual fee post soon. Should I call now, before July 7th (before the $95 annual fee hits), and ask them to downgrade/product change to the ink business unlimited? Or should I wait for the annual fee to hit and do this sometime in August, which would be the 13th month that I would have the card. I am asking this since it is my first year of having this card and my first time doing a product change/downgrade, and I don't want chase to give me issues with this. Want to proceed this in the best way possible.

@RJFinancial Жыл бұрын

1. Have you had the CIU card already? If yes, then proceed. If not, reconsider because this would cost you an intro bonus. 2. Best practice is to wait until the AF hits, then phone in for a cancelation/product change. Due to the card act, issues can't charge you a higher fee in year one of the card. Because of this, they don't like to see people make changes themselves within the first year. If you make the change within 30 days of the fee posting, it will be refunded/removed from the account.

@putitomalo3997 Жыл бұрын

@@RJFinancial Hi RJ, I actually have not applied for the CIU yet. I actually wanted to downgrade from the CIP to the CIU since I don't use my CIP card like at all anymore. So I would just be having this $95 annual fee card in my wallet without using it. I don't want to cancel the card of course since that would potentially hurt my credit. Would rather play the optimal route and downgrade to either the CIU or the CIC since those are 0 annual fees. I also did not know that if I product change to one of those I would not be able to get a welcome offer with it. If I do manage to change to one of those cards, would i be able to get a welcome offer the 2nd year of having the card? Do you know if this is something chase does. Regardless, I will be downgrading to something as I cannot afford to pay the $95 annual fee again sadly

@RJFinancial Жыл бұрын

@@putitomalo3997 1. Canceling the CIP won't do much, if anything to credit. These business cards don't report to personal credit. They do pull personal credit at application. 2. Optimal strategy would be to either apply first for the CIU or to cancel the CIP 3. Product changing a card is not opening a new account. Intro offers are only for opening new accounts. If you PC to the CIC then you wouldn't be getting an intro offer. Current offer is $750. lot to leave on the table.

@nnou2514 Жыл бұрын

Does downgrading generate a new hard inquiry or any lower you credit score in any way ? Thanks for the video !

@RJFinancial Жыл бұрын

No, it's a straight swap into a different product. No credit pull, no credit score impact because it's the same account on paper, now with different features which the agencies don't care about

@len10100 2 жыл бұрын

Can you please help me. I’m trying to close my Chase Slate card but I kind of don’t want to. Is it possible for me to upgrade or downgrade? I currently have the freedom unlimited and sapphire preferred. Thank you

@RJFinancial 2 жыл бұрын

You can close it by calling in to Chase. Here are some things to consider 1. Slate is a no annual fee card so it does no harm to leave it open 2. If you product change the slate to a freedom you won't be eligible for the signup bonus and both freedom cards are running great offers right now. My thought would be to keep the slate and apply for the Freedom Flex. Unless Chase would allow you to product change the Slate to the Original Freedom card that is no longer available to new applicants. That would be a win. Hope that helps.

@fuermadw 4 ай бұрын

Can I downgrade my Chase Sapphire Reserve to a Chase Freedom Unlimited, then be eligible to apply and receive sign up bonus for a Chase Sapphire Prefered or Chase Sapphire Reserve Card later this year? I originally got the Chase Sapphire Reserve Card back in 2016

@RJFinancial 4 ай бұрын

Yes. It's typically done before paying the annual fee again. If you've already paid it then use all the benefits you can before making the change. Just phone in and ask to product change it. Then wait till you see a Sapphire offer you like. I have some here: www.profitablecontent.com/credit-card-offers/

@unorthodoxsavings9552 3 жыл бұрын

Woah to be completely honest downgrading a credit card never crossed my mind but it can make a lot of sense I really liked this video! Could I downgrade a credit card and claim a sign up bonus ? Or will that not work since I’m already a member of that credit card (chase freedom line )

@RJFinancial 3 жыл бұрын

If you downgrade to another card you won't get the bonus for the new card. In the eyes of the card issuer, you aren't a new applicant and it's not a new account. It's transferring an existing account to a new product. So sadly no bonus.

@su6arfaire Жыл бұрын

@@RJFinancial I downgraded the CSR to the CSP. Thinking about product changing from CSP to FF and then apply for CSP. Will I be considered as a new applicant for the CSP? I applied for the CSR in March 2020, so I am clear of the 48 month window.

@RJFinancial Жыл бұрын

@@su6arfaire No because it's only been since 2020 that you got the CSR bonus. Chase writes it as a Sapphire rule, not a CSR rule. So you'd still need to wait 2 more years before getting another sapphire bonus

@su6arfaire Жыл бұрын

@@RJFinancial Thanks! For some reason, I had thought 48 months = 2 years. (I probably got it confused with 48 hours = 2 days.) Total brain fart moment LOL!

@janethchorlango6707 5 ай бұрын

Thank you for this great information. I am trying to downgrade an AA card with citi and I have talked with two agents. 1 told me to confirm with the credit bureau to see if there is impact in my credit, I called them and they said that I have to ask to a financial advisor (which does not make sense to me), the agent N.2 told me that nothing happens because is a product change. I am still scare to downgrade before to make sure it will not impact in my credit score. Please let me know your thoughts. Thanks,

@RJFinancial 5 ай бұрын

Nobody is going to document an answer as not to take on liability. Product changing doesn't impact credit because it's not a new account. I've done it multiple times with no issues. So long as they don't pull credit which you'd have to agree to, you'll be fine.

@janethchorlango6707 5 ай бұрын

Thank you so much. You are very kind.

@idunno421 28 күн бұрын

When downgrading from reserve to flex. How long would i have to wait to sign up for the reserve to be eligible for the bonus?

@RJFinancial 28 күн бұрын

Sapphire card rules are a bonus once every 4 years. If it's past that, the safe bet is to wait till the next statement cycle then apply. I've seen it done faster tho

@bclife9431 Жыл бұрын

If I downgrade my CSP to a freedom card can I reapply for the CSP and get the sign up bonus?

@RJFinancial Жыл бұрын

If it’s been 4 years since your last sapphire bonus you could. Sapphire bonus rules: 1. Can’t hold the card 2. Can’t have gotten a bonus in the last 48 months

@jeancarloscascante6952 4 ай бұрын

What about BoA Alaska airline credit card ?

@anandr1385 Жыл бұрын

So do you actually pay the year 2 AF and then request downgrade? Or just wait for it to show up and then request? TIA

@RJFinancial Жыл бұрын

As soon as the fee posts I phone in to make the cancelation or product change. I don't pay the fee. It's been voided out every time I've done it with Chase/Amex with no issue

@anandr1385 Жыл бұрын

@@RJFinancialgotcha! Thanks for the quick reply and the great content you provide for the credit card community RJ.

@jaycobquinones5551 Жыл бұрын

Do you lose points earned if you downgrade from a reserve to preferred?

@RJFinancial Жыл бұрын

No, because they both earn UR points you will keep the points

@marissayang989 2 жыл бұрын

I’m wondering…Is it possible to apply for the Freedom while I still have the CSP. Then, after the Freedom bonus posts, request to downgrade to the Freedom from CSP? Is that possible if I already have that Freedom account opened? Trying to minimize the harm to credit score.

@RJFinancial 2 жыл бұрын

I believe it is. You can only have one CFF card but multiple OG Freedom cards. I know I've seen vids of people doing this but it was some time ago. They may try to push you to a CFU card but i haven't seen anything that says your plan wouldn't work with persistence. One note is that to change the CSP I think you'd have to wait until the first year is up. Anything sooner may seem like gaming the system to chase and upset them.

@marissayang989 2 жыл бұрын

@@RJFinancial Thanks. To clarify, we have had the CSP for a few years. So I can apply for the FU, get the bonus, and then ask to downgrade? Does that harm any credit? Do I have to wait for the bonus to post to downgrade? I guess I’m wondering if they still downgrade even if that downgraded account is already opened?

@RJFinancial 2 жыл бұрын

@@marissayang989 No impact to credit for a product change. The current offer for CFU has 5x on gas for the first year up to $6k. I wouldn't change the card out until you hit all of that to get max value. Additionally, I'm not sure how long Chase will want you to wait before making the move. Traditionally its one year but that's in terms of an annual fee card being downgraded, this is more of a lateral move. I'm going to guess they'll want it to be a year... maybe 6 months if lucky.

@douglasgrossi196 2 жыл бұрын

I’ve called Barclays to downgrade my AA card and they told me that I don’t have an offer to downgrade. I explain all I wanted to do was to be taken down to my original card I had four years ago and they wouldn’t do it. That my only alternative would be to close the current account then reapply for the one they has no fee. I’m like WTF ….

@flyingdin1164 Жыл бұрын

Having worked for Barclays this makes total sense. Management are uncompetitive and cannot figure out what they’re doing.

@vcosino Жыл бұрын

My annual fee for the CSR is coming up in June, and definitely don't want to pay for that annual fee anymore. Can I call them up to waive annual fee since I've been w them for a long time since 2017? If not, can I downgrade to a 2nd freedom flex since I already 1 freedom flex?

@RJFinancial Жыл бұрын

No, they won't waive it or offer any discounts. When the annual fee hits you have 30 days to call and either cancel the card or product change it. Downgrade it to another CFF. I have two CFF's and two OG Freedoms. They don't care.

@vcosino Жыл бұрын

@RJFinancial sounds good, thanks bro. I've been binge watching ur vids, and I'm learning a lot. Thank u! I wish they taught us this in school back in the days.. but yeah I've used ur referral links for the banks and just recently started on it. Keep up the great work n keep the education coming

@RJFinancial Жыл бұрын

@@vcosino Appreciate it my guy. You know where to find me should you need anything else.

@luiscristianfloresgarcia8319 11 ай бұрын

So I can a sapphire preferred and I want to downgrade to the freedom cards I’ve had the preferred for over three years now Then I want to sign up for the sapphire reserve so I can get the sign up bonus Do you think this is a good way to go about it?

@RJFinancial 11 ай бұрын

Sapphire rules are 1. Can't currently hold a Sapphire card. 2. Has to be 48 months from the last time you got a sapphire bonus. You can downgrade to a CFF/CFU now if you want, but will need to be exact on time since you got the last bonus.

@luiscristianfloresgarcia8319 11 ай бұрын

@@RJFinancial funny cause I have had my sapphire preferred since 2016 (that’s my earliest statement) So I think that’s well over 4 years lol I’m going to downgrade to the flex then re apply for a new sapphire most likely reserve then book a vacation on the reserve to reach the 4K minimum spending to gain the points How does that sound?

@RJFinancial 11 ай бұрын

@@luiscristianfloresgarcia8319 So long as you've already had the CFF bonus already, I say this is fine. If not, best to pick up a CFF first and lock in the bonus. CFU is also an option but having two CFF's is nice. For all your card needs if you're so inclined: www.profitablecontent.com/credit-card-offers/

@ArtVanDeLegh10 Жыл бұрын

I have the CSP, CFU, CFF, CF My wife has the CSP and CFF We are going to downgrade my wife’s CSP because we don’t need 2 but aren’t sure what we should downgrade her to. The CFU sign up bonus is $200 + you get 5% back on grocery stores for the first year. I know she wouldn’t be eligible for the sign up bonus, but would she be eligible for the 5% back? If we can get the 5% back, would it make sense to downgrade to the CFF (it would be her 2nd CFF) and then sign up for a new CFU (it would be her 1st) so she can get both the $200 sign up bonus and 5% back on groceries?

@RJFinancial Жыл бұрын

Downgrade her to the OG CF card. Chase will oddly enough still allow this as of summer time. I have a CF, CFF, CFU, and a CSR. downgraded CSR - a second CF with no issues. They may try to push you towards the CFF because it is technically a better card but they didn't put up a fight. This gets you another 5x card and leaves wife open to get the CFU bonus outright.

@bnguy Жыл бұрын

@@RJFinancial I tried to downgrade to the og cf card today and said they only allowed the option of the flex or unlimited. Idk maybe I was only getting push back

@RJFinancial Жыл бұрын

@@bnguy Nah, I've heard similar this past month. I think that game is finally come to an end. If you already have a CFF then it's not that big of a deal so long as they'll let you PC a CSP to a second CFF.

@bnguy Жыл бұрын

@@RJFinancial wack just as I was starting to get into the game. Thanks for the response though

@Floof_Factory 2 жыл бұрын

How do I do the product change? Can I do it through the chase app or website?

@RJFinancial 2 жыл бұрын

They require you to phone in. There’s no real reason it couldn’t be done via secure message aside from their policy. It’s quick. Tell them what you want. They’ll do an account review then read you the legal and your good

@Floof_Factory 2 жыл бұрын

@@RJFinancial do I just ask for a product change or do I have to say, I'm not interested in the Chase sapphire prefered anymore

@RJFinancial 2 жыл бұрын

@@Floof_Factory My pro tip would be to say you don't want to pay the annual fee on the CSP anymore and request a product change to the OG Freedom card. Rumor has it you can still do this even if you already have the OG Freedom. An extra $1500 at 5x each quarter will come in handy. Plus you can still apply for a Flex or unlimited if you need/want those.

@michaelkeaton32 2 жыл бұрын

I'm kind a watch guy, and in other videos I saw you wearing a Submariner. The watch you're wearing in this video, I think, is a Sky-Dweller?

@RJFinancial 2 жыл бұрын

Good eye. Sky Dweller black dial is my go to and the one you see the most. The other is a Sea Dweller anniversary. There's also a G-Shock for the gym. I've had a lot of watches over the years, mostly running thru the Omega line then trading up to these two. I do want the original Dark Side of the Moon... that would fit the black look of the channel. What watches are you into?

@michaelkeaton32 2 жыл бұрын

@@RJFinancial That Sky-Dweller's a sleeper watch, very cool one. I obviously like Rolex, too. I also like Ball watches, Breitling, Seiko, and Casio (you have to have a Casio). My wife has an OP, and we both got Breitling Super Oceans in January for our 5th wedding anniversary. I've put watch buying on hold for a little while, but I'll get a Rolex one day. I'm thinking of the new Explorer, or I might go crazy and try to get a used Breguet Classique. There are some that are around the $8k-$10k range.

@RJFinancial 2 жыл бұрын

@@michaelkeaton32 Fine tastes you both have. Rolex market is stupid crazy these days. That can for sure wait till things get back to normal. But the Breguet, that would be next level, worthy of an unboxing vid to say the least. Keep me posted sir!

@monia1111 2 жыл бұрын

Can i downgrade my United Explorer card to Gateway And open NEw Explorer card to collect signing bonus again?

@RJFinancial 2 жыл бұрын

Yes you can. Moving to Gateway would mean you don't currently hold the Explorer card. Only other thing to check is that it's been 2 years since you got the original explorer bonus paid out. Once you make the change, may want to wait until the next billing cycle so it's fully updated in their system. Rule from the TC: This card product is available to you if you do not have this card and have not received a new Cardmember bonus for this card in the past 24 months.

@monia1111 2 жыл бұрын

@@RJFinancial Thank you bunch for your reply. Been 4 years with Explorer, for some reason never a good time to cancel. Will wait for 80K miles bonus and re-apply :)