For American Express cardholders looking to switch their credit cards via an upgrade or downgrade, there’s a bit of strategy involved and a variety of factors that you’ll need to consider beforehand. Whatever the reason may be for the change, you should weigh your options carefully and ensure that you meet all requirements beforehand.
Key takeaways:
- To request a downgrade or an upgrade, either call the number on the back of your card to reach the appropriate contact to look into your request or access your online portal.
- Ensure your account is in good standing and meets the necessary requirements within the American Express card family.
- Be sure to consider potential fees and factor in the rewards associated with your card before making an official request.
How to downgrade your American Express card
If you’re looking to downgrade your Amex card, there are a few considerations you’ll need to keep in mind.
Step 1: Get in touch with customer service.
The first step in downgrading your card is to contact the card issuer and speak directly with a representative to discuss a downgrade. You can do so by calling the number on the back of your card or visiting the American Express website.
Step 2: Discuss your need for a downgrade.
When speaking with a representative, discuss why your existing card doesn’t fit your current financial situation. Have them advise you on whether or not a downgrade is applicable and which cards you’d be eligible for instead.
Step 3: Review potential offers.
In some cases, you may be issued a retention offer in which Amex will provide an incentive to keep your current card. While it’s not a guarantee, it may be something to consider before making the switch.
Step 4: Choose a new card.
If you proceed with a downgrade and are approved, you’ll need to choose a new card based on your financing needs. You should factor in how often you plan to use the card, along with the potential for new rewards and benefits, annual fee requirements, and APR.
If you downgrade or cancel your Amex card before you’ve held it for 12 months, you may be subject to your account closing or losing points or other rewards.
How to upgrade your American Express card
If you’re looking to upgrade your Amex card, there are a few steps that you’ll need to take into account before taking the leap.
Step 1: Verify that you’re in good standing.
Card members with a history of on-time payments and strong credit scores are best suited for card upgrades. For cardholders who may have missed payments or have other penalties associated with their current card, it may be beneficial to wait until you have a stable payment record for a few months before requesting an upgrade.
Step 2: Consider your card upgrade options.
Do some research before applying for an upgrade. You’ll want to review the various types of cards offered, and it may be worthwhile to reach out to a representative to help you evaluate card options and determine which card is best suited for your current financial situation.
How to choose an upgraded Amex card
Step 3: Reach out to the card issuer.
To apply for an upgrade, you’ll need to get in contact with the card issuer. The best way to do this is by calling the number on the back of your current card and speaking with a representative. From there, the issuer can consider you for an upgrade and approve or deny your request based on your history as a cardholder.
Step 4: Negotiate the details.
Before agreeing to an upgrade, be sure to consider potential fees or benefits associated with the card. Discuss the annual fee requirement with the issuer, including whether it can be waived, and explore potential benefits, such as a welcome offer or a higher credit limit, if applicable.
Step 5: Receive and use your new card.
Once you’ve ironed out the details and have been issued your new card, you can use it as you see fit. If necessary, update your payment information to reflect any recurring payments or services that were linked to your old card.
What to do if your downgrade or upgrade request is denied
If you get denied for your request for an upgrade or downgrade, speak with a representative to determine the reasoning for the denial and potentially discuss further financing options. It may have something to do with factors like credit score, payment history, and current credit utilization.
From there, you can review what changes you need to make and work toward strengthening your creditworthiness as a customer. Furthermore, you might be able to explore other options, such as a retention offer, other types of rewards, or alternative financing options.
Are you eligible to switch Amex cards?
You may get an invitation to upgrade your card directly from American Express if it considers you eligible. However, if you’re searching for an upgrade outside of an invitation, there are some considerations and rules you’ll have to follow to be successful with an upgrade or downgrade.
General eligibility requirements
When upgrading or downgrading an Amex card, you can only do so with cards that offer the same type of rewards. This is due to factors such as cash back or points earned through rewards programs and how they transition into a different card. It can be a complicated process to switch cards, due to the variation of cards within the American Express card families.
That said, your account also needs to be in good standing before making any kind of change. You’ll have to demonstrate responsible credit usage and have a good credit score alongside a history of timely payments. Even so, American Express will review upgrade or downgrade requests on a case-by-case basis and can approve or deny you for many reasons.
American Express card families
Amex card families are an important part of managing a card upgrade or downgrade. Amex categorizes its card types within their own “families,” as they have similar uses and rewards. This plays an important role in determining which cards you may be eligible for.
The card families include the Green, Gold, and Platinum cards, along with the Blue Cash cards. Both card families can be used for personal or business purposes. There are also other types of Amex cards that are associated with airlines and hotels.
You can further review various Amex card levels by visiting American Express.
What happens to your rewards and perks?
Rewards and perks can make or break your decision to switch your current card. Depending on your preference for an upgrade or downgrade, keep the following considerations in mind:
Frequently asked questions (FAQs)
Whether you’re upgrading or downgrading your credit card, there’s usually no hard credit inquiry required, and it generally won’t impact your credit score. Without a hard credit pull, there’s no update to your credit report, although you may impact your credit utilization ratio if you get approved for a higher credit limit with your new card, which may benefit your credit score overall.
If approved, then yes. You’ll need to submit an application to either upgrade or downgrade from your current card and consider potential rules or restrictions posed by Amex. Generally, your account must be in good standing, you’ll have to have the card for at least a year, and you’ll have to transfer within the same card family.
It depends. Downgrading your Amex card without a fee is possible if you do it within a certain timeframe. Based on the annual fee schedule, if you downgrade within 30 days of the charge, Amex may refund the annual fee or prorate a refund after 30 days based on how long you had the higher-fee card.
Bottom line
Before making the switch to a different Amex card, be sure to cover all your bases and determine whether or not this is the right move for you. You should strongly consider your reasons for upgrading or downgrading, whether it be to take advantage of benefits or rewards or to save money on lower fees.
