Credit card product change: What is it, and is it worth it?

A credit card product change involves swapping one credit card for a different card from the same issuer. 

A product change is one way to get a card that better suits your needs—whether you’re looking to earn more rewards or get access to additional benefits. But before you decide to swap your card, it can help to understand how product changes work.

What you’ll learn:

• 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.

• With a product change, an existing credit line is transferred to a new card. The card number and account number typically remain the same.

• A product change doesn’t involve a hard inquiry, opening a new account or closing a current one.

• Unlike new applications, product changes may not be eligible for bonuses or introductory annual percentage rate (APR) offers.

Credit card product change refers to switching from one credit card to another from the same issuer. A product change doesn’t require you to close your current account or open a new one. The existing credit line is simply transferred to the new card. And because it doesn’t involve 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. Say you swap your current card for one with fewer rewards. That 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 might be an upgrade for you.

With a product change, you’ll typically keep the same card number and account number. But your account might be subject to new terms and conditions. And it’s not guaranteed that your old card’s benefits or rewards will transfer to your new card.

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 sign-up bonuses or introductory APR offers.

Each credit card issuer has its own requirements when making product changes. In some cases, if you’re eligible for an upgrade, your card issuer may reach out to you. In other cases, you may need to contact your credit card issuer.

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, like having your current account open for at least a year.

A product change generally doesn’t affect your credit scores. 

The length of your credit history, or your credit age, is one factor that impacts credit scores. But since 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, which can temporarily hurt your credit scores.

Here are a few reasons why you might consider a product change: 

• You want to avoid triggering a hard inquiry with a new credit card application.

• You want to upgrade from a secured credit card to a traditional credit card.

• You aren’t using your card enough to justify the annual fee.

• You want a card with benefits that are more suited to your lifestyle.

• You want to earn more rewards in a specific spending category, like dining or travel.

With Capital One credit card product changes, rewards typically transfer and convert to meet the new card’s rewards currency. Here are two examples of credit card product changes with Capital One cards:

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. If approved, you could earn additional miles and benefits including:

• 10X miles on hotels and rental cars 

• 5X miles on flights, vacation rentals and activities booked through Capital One Travel

• Access to participating lounges in Capital One’s global network, including Capital One Lounges and Priority Pass™ lounges¹

• $300 annual travel credit to use on bookings through Capital One Travel¹

• 10,000 bonus miles every year, starting on your first anniversary²

Maybe you decide you want a travel rewards card with no annual fee. In that case, you may decide to switch from Venture to VentureOne. With VentureOne, you’ll earn 5X miles on hotels, rental cars, vacation rentals and activities booked through Capital One Travel and 1.25X miles on all other purchases—without paying an annual fee. View important rates and disclosures.

There are a few factors to keep in mind when you’re thinking about a product change:

• Issuers might not consider you a new cardholder if you’re changing products. If you’re interested in earning a new cardholder bonus, you might have to apply for a separate card instead.

• Issuers may offer you an upgraded card with a higher annual fee. So it could be worthwhile to consider whether the overall offer is an improvement on your current card.

• Issuers could handle remaining rewards differently. For example, if you’re unable to transfer your miles to cash back, you might consider redeeming your rewards first.

Credit card product changes enable you to 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 benefits 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 instead of 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 and get pre-approved today—with no harm to your credit score.