Credit cards play a significant role in most people’s consumption habits and travel decisions. But there could be those times when we will feel that our cards no longer meet our expectations or they are no longer fitting to our needs. It may be difficult to continue when we pay an annual fee that is great in sum or when the terms do not seem advantageous to our interests. Making a downgrade on our credit cards can be a good option when we want to get the best arrangement that could help us achieve our lifestyle goals and travel bucket lists.
Depending on where you live and on what you usually purchase with your card, different providers offer different benefits to their cardholders. A case to reckon with is those residing in Atlanta. Most of the residents in the area hold a Delta Gold Card and a Platinum Card. They may be paying a significant amount of annual fees but the privileges that they enjoy are worth every penny they pay. But the same enjoyment of the Delta cards may not apply when you visit other places such as New York because there are other carriers that offer greater benefits to their customers.
Thinking Of Closing The Credit Card?
Whenever we get a feeling that the card we have no longer respond to our desires or goals, we have the tendency to decide on closing it right away. Before acting on the closure of your card, make sure that you make the necessary decision-making process first. Do you want the closure of your card to affect your credit score? Maybe this will make you think twice or thrice because closing down a credit card may actually affect your future applications for loans and credit cards. Remember that your FICO score shall always be below 30% in order to be considered by banks as a trustworthy customer.
Another way to still enjoy your credit card according to your own lifestyle goals is by downgrading it. This is actually a lot different when compared with shutting down your own credit line. When you downgrade your credit card, you can still have the privilege to retain the points that you have earned over the years of using the credit card. Unlike closing down the card which affects your credit score, downgrading actually does not have the same effect. In this post, we will help you on deciding on how to manage your American Express Card, Chase Card, and Citibank Card for optimum travel rewards.
Downgrading A Chase Card
You have to know that there are different rules for every card downgrading procedure. If you happen to hold a Chase Credit Card, you have to understand the specific processes involved in what you would like to happen with your credit line. If you want to downgrade your credit line, make sure that you are downgrading cards of the same family. Basically, you cannot transform one brand to another.
If you are after getting the best deals from your downgrade, then we suggest the Chase Ultimate Rewards Family. One route that you could go to is downgrading from the Chase Sapphire Preferred Card to the Freedom Card. By doing this, you can be free from paying the annual premium which is almost a hundred dollars. Apart from this, you can also be sure that your reward points will never go to waste. Getting the Freedom Card is really worth it because of the earning potentials that your card could have.
Downgrading An American Express Card
There are different advantages to downgrading an American Express Card. But before delving on such matter, you must first know that you cannot easily downgrade a charge credit to a credit card. Also, you have to be mindful of conversing with the company representatives because some of the staff may lead you to a wrong procedure. You have to assert your desire to simply downgrade your line. That definitely means that you no longer need to file a new application. Some agents just prove to be unhelpful at times and during the moments when you feel that your call will bring you nowhere good for you, then we suggest calling back. Let us just admit that not all contact representatives are knowledgeable of all options open for customers. Calling back could allow you to reach an agent who can better respond to your downgrading needs.
We personally appreciate the beauty with Amex Everyday Credit Card. You can call the hotline and request for a downgrade of your other American Express Cards to the Amex Everyday Credit Card. This will open you to other benefits such as getting two points for every grocery shopping that you do. Also, you can even get additional 20% if you make more than 20 transactions in a single month. Doesn’t that sound great? Apart from those, you will also not have to worry about paying a premium just to get those benefits. How rewarding, right? Further, all the points that you earn can actually be transferred to different airlines such as Delta and other Amex Membership Rewards partners.
If you have an Amex Charge Card, know that there can be no option to downgrade it to a credit card. Deciding on shutting down your Amex Membership Rewards will actually make you lose all the points that you have earned over your purchases. You should rather decide on using all your points first before closing down the card so as not to forfeit the points that you have earned.
That’s why we really suggest that you just get the Amex Everyday Credit Card because this offers you an option to transfer your points to other cards and you will also not worry about paying a huge sum for its annual fee.
If you have the Amex Platinum or the Amex Gold Rewards, we can also suggest that you simply downgrade to the Amex Green Card. Choose this option if you are only after a low annual fee. What is ugly with the Amex Green is that it offers low point-earning potential. But then again, we really recommend just getting the Amex Everyday Credit Card because of its zero annual fees and opportunity for point transfer. Don’t worry, downgrading is never equivalent to closing down a card!
Downgrading A Chase Business Card
Do you have the Ink Business Preferred Card and would like to downgrade but still retain your points? Then you have to call the company and ask the agent to downgrade from the business preferred card to the Ink Cash Card. This way, you are ascertained that you will have not to pay a premium fee. Further, you will also have the chance to earn points for purchasing certain supplies and gassing up.