How (and Why) to Downgrade or Upgrade the Chase Sapphire Cards

Chase is one of the most popular credit card issuers for a reason. Chase cards are well thought out and benefit almost any consumer. Whether you’re looking for a premium travel rewards card or a card that gives you cash back on your groceries, Chase has an option for you.

What do you do if a once-loved card no longer fits your needs? While most might think of canceling the card and applying for a new one, this option could lead to worse problems down the road. Instead, you can contact Chase and let them know you’re interested in a product change. All this means is you want to move from one Chase card to another, whether it be from the Chase Freedom Unlimited^® to the Chase Sapphire Preferred^® Card or from the Chase Sapphire Preferred to the Chase Sapphire Reserve^®.

Although most call this an upgrade or downgrade, issuers tend to stay away from these terms and instead label everything as a product change or upgrade, even if you’re moving to a lower annual fee. Here’s everything you need to know about requesting a Chase product change.

Canceling versus downgrading a credit card

Although canceling a Chase card might seem to make sense if it no longer meets your needs, especially if it’s one of the cards with an annual fee, there are significant downsides to closing a credit card account.

First and foremost, canceling your credit card can hurt your credit score. You'll lose the credit available to you on your card, which makes your credit utilization ratio higher. Keeping your credit card accounts open, even if you’re not using them, can help your ratio. In addition, the closed credit card account will eventually drop off your credit record, reducing the average age of your accounts. This also hurts your score, as lenders and credit issuers prefer a longer credit history.

If you no longer find value in your card, a better alternative would be to downgrade to a no-annual-fee card. This allows you to keep your account history and credit line to avoid damaging your score but bypass an annual fee.

Which Chase cards can you downgrade to?

Chase offers several great cards, so if you’re in the market for a product change, you’re in luck. You can only move within one product family. So, if you have a Chase co-branded airline card, you can’t switch to a Sapphire card. However, as Chase’s cash back options earn Ultimate Rewards points, you can switch from the Sapphire Preferred or Sapphire Reserve to a card like the Freedom Unlimited.

Beware of losing card benefits

Remember that when you change products, although you keep your rewards, they can become less flexible. If you hold a Sapphire card, you can transfer your points to hotel and airline partners and get bonus value from your points when booking through Chase Travel. If you were to downgrade to the Chase Freedom Unlimited^® or Chase Freedom Flex^®, you’ll lose these benefits.

How to downgrade Chase Sapphire Preferred or any Chase card

To request a downgrade, pick which card you want to switch to, and then simply call the number on the back of your Chase credit card and ask the agent to make a change. If you call within 30 days of your annual fee being charged, you might get a prorated refund, so be sure to inquire about that.

Upgrading your cards

Downgrading your card isn’t the only option if it no longer works for you. You might be able to upgrade your card, but this isn’t always recommended. With select cards, especially co-branded cards, you might receive an offer to upgrade your card to earn a bonus, similar to a welcome offer. I’ve taken advantage of this before when upgrading from the Delta SkyMiles^® Gold American Express Card to the Delta SkyMiles^® Platinum American Express Card.

These offerings don’t happen quite as often within the Chase lineup, but it’s still worth a shot, especially if you’re limited by Chase’s 5/24 rule, which states you’ll be denied a new card if you’ve applied for any five personal credit cards in the last 24 months. If you have the Chase Freedom Unlimited but are desperate for the Sapphire Preferred and fall under this rule, you could talk to a Chase agent to see if you’re eligible to upgrade.

Keep in mind you’ll have to pay the new annual fee whenever you make the switch, and you’ll need to be a cardholder for at least a year before making the switch.

How to handle your Chase Ultimate Rewards

The value of Chase Ultimate Rewards can vary depending on your card and how you redeem your points. You should aim to spend your points before you downgrade to a card that doesn't offer bonuses on travel redemptions because, though you can take them with you, they won't be worth as much.

You could also opt to transfer your points to a Chase travel partner to preserve their value. However, once you switch to a different card, such as a Freedom Card, you won't be able to transfer them to partners anymore.

Things to consider

If you're a Chase cardholder and you're considering downgrading your card, there are a few things you should know:

• You won't earn a welcome offer on your new card. If you switch from the Chase Sapphire Reserve to the Chase Sapphire Preferred, you won't earn the Preferred’s welcome offer because you already earned one on your Sapphire Reserve.
• You can't change from a business card to a personal card. Although product-switching is allowed, you must stay with the same type of card.
• You have to stay within the product family. You can't switch from a co-branded card to a Chase card, and you can't switch among co-branded cards. For example, if you have The World of Hyatt Credit Card through Chase, you can't just swap it for Chase’s Marriott Bonvoy Boundless^® Credit Card.
• Your card must have been open for at least 12 months. You can't upgrade or downgrade a card you just opened.
• You probably won't need to undergo a hard credit check. Too many hard inquiries hurt your credit, but you usually won't get one when switching between cards from the same issuer. Just in case, you should always clarify when you request an upgrade or a downgrade.
• You can keep your card number, rewards, and APR. You will get a new card with an updated expiration date and security code, but your account number won't change, and you won't lose any rewards — though the value of the rewards you have might change. For example, with the Chase Sapphire Preferred Card, your rewards are worth 25% more when you redeem them for travel through the Chase portal. That is not the case with the Chase Freedom Flex^®.
• Your credit line should stay the same. This helps to protect your credit utilization ratio to avoid a negative hit to your score.
• You may be due a refund of your annual fee. If you switch to a more affordable card within 30 days of being charged the annual fee, you could be refunded a prorated amount.

FAQs

Bottom line

With so many great Chase rewards credit cards, there's often little reason to cancel one. Doing so could damage your hard-earned credit score. Instead, consider upgrading or downgrading to a different Chase credit card that is better suited to your needs.

A Slam-Dunk Welcome Offer!

AAdvantage^® Aviator^® Red World Elite Mastercard^®

4.6

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

AAdvantage^® Aviator^® Red World Elite Mastercard^®

Compare Credit Cards

Current Offer

Earn 60,000 bonus miles after you make your first purchase and pay the annual fee in the first 90 days

Annual Fee

$99

Rewards Rate

2X miles per dollar spent on eligible American Airlines purchases, and 1X mile per dollar spent on all other purchases

Benefits and Drawbacks

Benefits

• Earn 60,000 bonus miles after you make your first purchase and pay the annual fee in the first 90 days
• 2X miles on eligible American Airlines purchases
• Intro APR on balance transfers
• In-flight savings options, first check bag free, preferred boarding
• No foreign transaction fees

Drawbacks

• Has annual fee
• Best for American Airlines travelers

Card Details

• Earn 60,000 bonus miles after you make your first purchase and pay the annual fee in the first 90 days
• 2X miles per dollar spent on eligible American Airlines purchases, and 1X mile per dollar spent on all other purchases
• Intro balance transfer 0% APR offer: 0% for 15 billing cycles (on balance transfers that post within 45 days of account opening) then 20.74% to 29.99% (variable)