An upgrade could be the right move for you if your credit score has improved and you want to start racking up rewards for your purchases. But, a downgrade can be a smart decision if you want to get away from a card with a high annual fee.
While an upgrade or downgrade will usually meet your needs, opening a new account might be your best bet if you want a card’s introductory bonus. Such bonuses are only available to new cardholders, and getting an upgrade or downgrade to a given card usually doesn’t qualify. Please note that Capital One reserves the right to withhold introductory bonuses if you’re a current or previous cardholder.
Capital One doesn’t spell out eligibility requirements for upgrading or downgrading your account. But, as a general rule, your existing account must be in good standing at the time of the change, and you must have a positive payment history.
Plus, the Credit Card Accountability Responsibility and Disclosure (CARD) Act prohibits card issuers from increasing your annual fee within a year of opening your account. That means you’ll probably have to wait until the year is up to upgrade if your card of choice has a higher annual fee.
Your upgrade and downgrade options will vary based on several factors, including the card you currently have. For example, when a Bankrate writer and Capital One Quicksilver Cash Rewards Credit Card account holder called the bank’s customer service department, they were informed that their account could not be downgraded.