If your current card is out of scope and you’re looking for a card that’s better for your spending and offers rewards, you can apply for a new card or ask your card issuer to upgrade.
Upgrading your card with your current card issuer can simplify the approval process, and you can avoid rigorous checks on your credit report. However, you may lose your sign-up bonus.
If you prefer to stick with your current issuer, we can guide you through the process while giving you tips on how to choose the upgrade that best suits your needs.
What you need to know about upgrading your credit card
You may be wondering if an updated card will be considered a brand new account. Answer: Probably not. If your card issuer renews or changes your card for you because your card is about to expire, the card will be considered the same account. If you request an upgrade, some card issuers may treat it as a new account and withdraw your balance, called a hard request, and may lower your score. However, even if you receive a new account number, the issuer will generally consider the upgrade to be the same account.
The ability to bypass credit checks is a huge plus, but it also has a significant downside: If you upgrade, you may not get an introductory bonus because you’re not a new customer. So if you’re eyeing the 100,000-mile bonus offer, you’re going to have to do it the old-fashioned way.
How to renew a credit card
1. Call your card issuer
Since the upgrade process varies from issuer to issuer, it’s best to call your credit card company to find out how they handle upgrades and which cards are suitable. If an option sounds like a good upgrade for you, move on to the next step.
2. Negotiation
Ask a representative over the phone if an introductory bonus or higher conversion credit is available. Sometimes an agent will give you an offer. Besides, it’s okay to ask, right?
3. Determine if an upgrade is better than a new card
Whether you upgrade your card or choose a brand new card is up to you. If you’re really looking for a great introductory bonus, you might have to decide to buy a new card. If you’re concerned about lowering your credit score, consider upgrading.
4. Approve the upgrade
If you decide to upgrade, give them a call and let them know. Financial institutions cannot perform soft credit checks or updates without your consent. Call to confirm that you have made your decision and are ready to move on.
5. Mail your card
Monitor the mail as your new card should arrive within 7-10 days. Ask the representative how long to wait. Soon, you’ll be rewarded with better rewards that make sense in your life.
Choose the best card for upgrades
Before upgrading to another card, there are some key features you need to know about. First, you have to like the company. If you don’t like one feature of the entire company, you should reconsider buying another card. Maybe the issuer is completely online and you’d rather speak to a representative in person. Or their phone app never works. Whatever it is, make sure you want to stay with the company first.
What is the annual fee? If it’s higher than your current card, you’ll need to weigh whether the benefits are worth the extra cost.
Does the APR stay the same? Card companies usually keep the same APR on many of their cards, but you should make sure your card hasn’t changed, or if they’re offering a lower APR.
Does it offer incentives, and if so, what? You may also be rewarded for everyday expenses. Credit cards may offer travel points or cash back rewards. Before upgrading, please review the types of reward cards offered by your card issuer.
Does the award category make sense to you? If you never travel, a travel rewards card might not be the best option for you. Make sure you can maximize your upgraded card rewards without changing your lifestyle. Also, check if you need to keep track of rotating reward categories, or if it’s a simple program.
What are the additional benefits? In addition to bonuses, most cards offer hidden perks. Find out about travel assistance, foreign transaction fee waivers, low interest rates, and bank statements for specific purchases to see if they’re best for you.
Remember, if you have good credit and your card is in good standing, there should be no reason why your card issuer shouldn’t upgrade for you. Remember, you can choose between multiple exhibitors and tickets, so don’t limit yourself to sticking with the same publisher. You can forgo benefits and sign-up bonuses that give you bigger rewards and possibly more money in your pocket during the 0% introductory period.
Final result
It’s easy to upgrade to a new credit card from the same issuer you already have. As long as you do your research, you may be able to find a card that is more suitable for your daily expenses. Most card issuers offer several types of credit cards, so it’s up to you to review each card for yourself and choose the one that’s best for you. Whichever way you take, you can easily find the best credit card for you.
