What is a credit card product change, and is it worth it?
A credit card product change refers to swapping one credit card for a different card from the same issuer. Think of upgrading a secured card to an unsecured card or switching out your current credit card for one with higher rewards.
A product change is one way to get a card that better suits your needs. But before you decide to swap your card, it can help to understand how product changes work.
What you’ll learn:
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A product change, sometimes called a credit card upgrade or downgrade, refers to swapping your current card for a different card from the same issuer.
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With a product change, your existing line of credit is transferred to a new card. Your card number and account number typically remain the same.
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Product changes don’t involve a hard inquiry, opening a new account or closing your current one.
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You may not be eligible for bonuses or introductory APR offers when you choose a product change over applying for a new card.
What is a credit card product change?
A credit card product change is an industry term that refers to switching from one type of credit card to another from the same issuer. A product change doesn’t require the cardholder to close their current account or open a new one. The existing line of credit is simply transferred over to the new card. And because you’re not opening a new credit card account, a product change typically doesn’t involve a hard inquiry.
Product changes may sometimes be referred to as credit card upgrades or downgrades. But these terms can be misleading. If you swap your current card for one with fewer rewards, for example, it may be referred to as a downgrade. But if that card has a lower annual fee or better suits your needs and spending habits, it still may be an upgrade for you.
How does a credit card product change work?
Each credit card issuer has its own requirements and processes when it comes to product changes. Typically, if you’re interested in a product change, you can start by contacting your credit card issuer. And in some cases, your card issuer may reach out to you if you’re eligible for an upgrade.
To be eligible for a product change, your account generally needs to be in good standing. And you may need to meet credit score and other eligibility requirements for the new card.
With a product change, you’ll typically keep the same card number and account number. But keep in mind that your account might be subject to new terms and conditions. And it’s not guaranteed that your old card’s perks will transfer over after a product change.
When you swap a card instead of applying for a new one, you may forgo some of the benefits that come with opening a new account, such as potential bonuses or introductory APR offers. It’s also important to note that you may need to have your current credit card account open for a year before you’re eligible for a product change.
Reasons to consider a credit card product change
Here are a few examples of reasons why you might consider a product change:
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You want to avoid triggering a hard inquiry with a new credit card application.
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You want to upgrade from a secured credit card to an unsecured card.
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You aren’t using your card enough to justify the annual fee.
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You want a card with benefits that are more suited to your lifestyle.
- You want to earn rewards in a different spending category.
What’s an example of a Capital One credit card product change?
Imagine you have a Venture card and love the 5X miles you earn on hotels and rental cars booked through Capital One Travel. But you’re traveling more these days and decide you want to upgrade to a Venture X card. Now you’re earning 10X miles on hotels and rental cars booked through Capital One Travel and 5X miles on flights booked through Capital One Travel. Plus, you get to enjoy even more perks, such as complimentary access to Capital One Lounge and a $300 annual travel credit.*
Or maybe you decide you want a travel rewards card with no annual fee. In that case, you may decide to switch to VentureOne. With VentureOne, you’ll earn 5X miles on hotels and rental cars booked through Capital One Travel and 1.25X miles on all other purchases, with no annual fee. View important rates and disclosures.
Product change FAQ
Here are answers to some frequently asked questions about credit card product changes:
Does a product change affect your credit score?
A product change generally won’t directly affect your credit scores.
The length of your credit history, or your credit age, is one factor that impacts credit scores. Because you’re not closing or opening an account with a product change, it shouldn’t alter your credit age. Plus, product changes don’t typically involve a hard inquiry. And hard inquiries may temporarily hurt your credit scores.
Will my rewards transfer to my new credit card?
Each credit card issuer has its own rewards policies. If your issuer doesn’t allow you to transfer rewards to a new card, you may want to make a plan to redeem your rewards before initiating a product change.
With Capital One credit card product changes, rewards typically transfer to the new card. And they’ll be updated to match the new card’s rewards currency. So if you’re swapping a Quicksilver cash back rewards card for a Venture travel rewards card, for example, your cash back rewards will be converted to miles.
Am I eligible for a sign-up bonus when doing a product change?
Typically, bonuses and introductory APR offers are only available to new credit card accounts. So if you choose to upgrade your card instead of applying for a new one, you may not be eligible for these offers.
Key takeaways: Credit card product changes
Credit card product changes let you swap one card for another from the same issuer without closing your current account or opening a new one. You might consider a product change if you’ve recently become eligible for a card with better perks or more rewards potential. Or you might swap your card if it no longer suits your spending habits and needs.
In some cases, applying for a new card may be the right decision for you. For example, if you want to take advantage of introductory offers or don’t want to give up your current card, you may choose to apply for a new card over making a product change.
If you’re thinking about either, you can compare cards from Capital One to find one that’s right for you.
