If you decide to pursue a product change, you’ll need to contact your card issuer. Before you do that, though, be sure you know to which card you’d like to switch.
“Some things to consider before you make the switch are if you’ve already paid an annual fee for your current card and if the company is willing to apply that fee towards the new card,” Martin says, “[or] if you have any travel rewards to redeem and if they will disappear if you switch cards.”
If you think you might lose rewards by making a product change, consider transferring points or miles to a partnering program, if available, or redeeming any available cash back.
The most important thing is that the features of your new card address what you felt your previous card was lacking in conjunction with your lifestyle,” Martin emphasizes.
Some card issuers may allow you to request a product change via an online chat, but be prepared to call and speak to a customer service representative. Explain the change you would like to make and confirm what happens to your current rewards if approved for the switch.
Your account number and login info should stay the same after a product change, but double-check with the representative to be sure of these details. In a few weeks, you should receive a new card. Also, keep in mind that your account number and your credit card number aren’t the same. Your new card will have a new card number, so you’ll want to make sure you update any auto payments you have associated with the old card number.
Product changes can be an easy way to lower fees and switch to a card with a rewards structure that makes more sense for your current spending habits. The next time you want to update the credit cards in your wallet, consider the pros and cons of a product change before making a snap decision to apply for an entirely new account and cancel your old one.