You may have to cancel your credit card if it is not the right fit. You can downgrade to another credit card to replace your card, usually with the goal of receiving a card with lower annual fees.
Chase offers credit cards that are suitable for all credit scores. However, there are restrictions. It should not be difficult to downgrade your Chase card if you are eligible.
How do I downgrade my Chase card
Chase cardholders who are currently Chase cards must contact Chase directly to have an advisor process the downgrade request. Chase’s customer service number for credit cards is 800-432-3117.
Chase offers a secure messaging service on its website and app. This allows cardholders to ask questions or make requests. However, downgrades cannot be processed through this feature.
Tip
A Chase credit card for business cannot be downgraded or converted to a consumer card.
The benefits of downgrading your Chase card
Although it might seem like you are settling for less in credit card terms, downgrading can often result in a net gain. Here are some of the benefits:
-
There is no credit check: You can downgrade without submitting to a hard pull of your credit report. This could potentially save you some points on your credit score.
-
You can preserve your credit history by downgrading to another credit card. However, you will keep your credit history from the old card. A downgrade is better than cancelling a card if it’s one you have had for a while. Credit scores are influenced by the average age of credit accounts.
-
Reductions in fees: A Chase card can be downgraded to lower or eliminate an entire annual fee. Chase Sapphire Reserve(r), the top-of-the line travel card, has a $550 annual fees. It would be easy to reduce that cost by upgrading to Chase Freedom Flex(sm), which has a $0 annual fee.
-
Rule workaround: You could downgrade to another card to circumvent Chase’s informal 5/24 rules. Chase won’t approve you to apply for another credit card if your credit history includes more than five credit cards from any issuer in a 24-month time period. If you have exceeded the 5-card limit in the past two years and want to apply for a Chase credit card, you can do so by requesting a downgrade. You can request a downgrade instead of submitting a new application.
Tip
Chase Freedom Flex(sm), the only Chase Ultimate Rewards(r),-earning card, is a Mastercard. It runs on a different network than the Visa cards in the “family” and requires a new credit card number. This means that you will need to update your card information manually for any subscriptions or recurring bills you have set up via autopay.
Limitations for downgrading a Chase Card
These are the restrictions and caveats that Chase has to consider when downgrading credit cards:
-
A bonus is not available to you if you apply for the card as a new customer. Chase sign-up bonuses can include cash, gift cards, and bonus points that you can redeem through Chase’s Ultimate Reward Program.
-
The annual fee may not be refunded. If you are able to downgrade from a card that has an annual fee to one with no annual fee, you might be eligible for a partial refund of the annual fee. However, your timing must be perfect. Chase will not issue a refund on your annual fee if the card is downgraded within the month prior to the due date. Let’s say your current card’s annual fees are charged to your credit cards on July 1 and you have downgraded to a different card in June. The annual fee you paid nearly a year ago will not be refunded.
Even though there are some limitations, it can be smart to downgrade your Chase card if you find a card that suits your lifestyle better.