Today we’re going to talk about the product change options available for your chase cards, but first if you are new here, we’re all about how to maximize the value of your credit cards, so how to get the most cash back and also how to travel for free. Let’s get started.
So this is probably one of the most common questions I get asked so I figured I’d write an article on it and basically we’re looking at what cards you can either downgrade to or our upgrade from, instead of telling you, let me show you. So here’s basically a giant chart with all the available cards from chase and also what cards you can product change too. So it can basically product change between any of the cards in the same category.
So from the united card, there’s three different options. For the chase ultimate reward cards, there’s a lot of options. The one thing to consider is that you cannot 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’ve had the card for 12 months. Finally, for some cards you might notice that there’s a symbol and the right event and that basically means that there’s a glossary. So have you looked at the bottom of the page, you can kind of see what it means. And here, for example, to chase united, no 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 here, we’re going to go through each of these options just to kind of share my thoughts. So again, if we start on the left, we have the ultimate rewards earning cards. So we have the slate, we have the freedom and freedom, unlimited chase sapphire reserve, preferred, and also the normal sapphire.
If you’re looking to downgrade the Chase Sapphire Reserve or the Chase Sapphire Preferred, 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 to.
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. So for example, try the grocery months where you know you’re going to be getting 5x if you spend more than $1,500 in three months. If you have two cards that your limit is not going to be $1,500 for the 5x, it’s going to be $3,000.
So personally I have two freedom cards for this reason. Moving over to airlines, we have united cards, so if you do want to downgrade to no annual fee card, there is an option. The thing to consider though is that you don’t get free baggage, so a few of the perks that you do get from the knowledge card are the clubcard. You basically don’t get here, so it’s something to consider. I think it’s a pretty good card if you do want to just keep your credit history alive, but there’s not that many perks, so to me, don’t rely on it that much.
Next stuff, less cards, so if you do want to lower your annual fee, 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, next the British airline card, which is by itself. So there’s no options there, moving over to hotel cards. There’s actually no product change options. So a common misconception is that Marriott and Ritz Carlton can be product change when they cannot.
Even though Marriott owns Ritz Carlton, they’re considered separate products. So maybe they’ll change it in the future. But given how it currently works, there is no way to change those carts. Next to other categories. So here we have Disney cards, Amazon cards, and a ARP card. So 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, and again you cannot probably change between a personal card and a business card and you can’t even actually move credit limits around, so 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, there’ll be like it’s separate, you can’t transfer it like that.
So we have anchor cards, so there’s three different anchor cards. So there’s a cash card, the ink plus and the ink preferred, so it can no longer apply for the ink plus. So you can still product change it to the ink cash or the preferred though, if you want to lower your annual fees, you can downgrade to the in cash card. So there’s no annual fees and it’s basically a keeper card. It works out really well if you have a lot of office expenses.
Think plus has an annual fee and also it only gives you 3x back, but it’s on different categories. So again, if you do a lot of social media marketing on fifth and websites like Google and facebook, then that card makes lumber sense for you. In terms of other cards, does a united card, there’s a southwest card and there’s the Marriott card, so again, they all stand separately, there’s no way to product change them or to do anything special with them.
If you’re wondering why people would product change cards, there’s a few reasons, but the big one is that it keeps a credit history alive. So again, if you’ve got a card in 2007 and let’s say you want to product change to something more useful, the big benefit is that it stays on your credit report as 2007, so even if you change it from a freedom to let’s say a chase 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. So again, on their credit report they’re looking at it as chase giving you a credit card, not as trace, giving you a specific credit card, if that makes sense. So 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 overtures 5/24.
So if you have more than five new accounts from any issuer and the last 24 months, you will not be eligible for any of the ultimate rewards earning cards. So again, let’s say you had a chase sapphire preferred that you no longer need. If you wanted a freedom one, you can’t just apply for the freedom, you’re automatically going to get rejected if you again, have more than five cards in the last 24 months.
So the easiest ways to product change it. One very big consideration is that you do not get signup bonuses whenever your product change. So let’s say there is an offer for the freedom card of 15,000 ultimate reward points. If your product change from a tree Sapphire preferred over, you don’t get any points, at that point, you kind of 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 5/24, if you’re looking at product change a card, you can either call them or send a secured message. So I prefer to a ladder just because it’s a lot easier. So you basically just log into your account and I think at the top left somewhere, but there’s a sense message button and you basically just tell them that you want a product change this card into the freedom card are into whatever other card that’s based off the chart we have and it works out pretty well.
A final thing to consider is that if you want to do a product change, you have to meet the requirements for the card. So let’s say you have a chase freedom card that has a $1,000 limit. If you want to change that to the chase sapphire reserve, you would actually need to have at least a $10,000 limit on that card because you have to meet the requirements for visa infinite.
So visa infinite has a minimum credit limit of $10,000 in visa. Signature cards have a minimum of $5,000. So in this case, if your credit limit was 5,000, you would be able to go from freedom to chase sapphire preferred. And if I was 10,000 from freedom to chase sapphire reserve, if your credit limit isn’t high enough for the product change than what they’ll often ask you to do is whether you want to ask for a credit limit increase. So there is going to be another hard inquiry if you want to do that, so something to consider there, but it just depends on what makes more sense for you.
So I hope that was helpful and let me know if you guys have any questions. And again, if you do want to refer to the chart and we’re going to have a link down below. And if you know anyone who would benefit from that, feel free to share it.