Your costs patterns and monetary standing will naturally alter over time, so it makes sense for the credit cards in your wallet to alter, too. Fortunately, if you’re a Capital One client, you can easily update (or downgrade) your charge card with the exact same company. You can also open a brand-new account.
If your credit score has actually enhanced and you desire to start racking up rewards for your purchases, an upgrade could be the right move for you. However, a downgrade can be a clever choice if you want to get away from a card with a high yearly fee.
While an upgrade or downgrade will generally satisfy your requirements, opening a brand-new account might be your best bet if you want a card’s introductory reward. Such bonuses are just offered to brand-new cardholders, and getting an upgrade or downgrade to a given card generally doesn’t certify. If you’re a previous or existing cardholder, please note that Capital One reserves the right to withhold initial benefits.
Update or downgrade eligibility for Capital One
Capital One doesn’t spell out eligibility requirements for updating or reducing your account. But, as a general rule, your existing account should be in excellent standing at the time of the modification, and you need to have a favorable payment history.
Plus, the Credit Card Responsibility Obligation and Disclosure (CARD) Act prohibits card companies from increasing your yearly cost within a year of opening your account. If your card of option has a higher yearly fee, that indicates you’ll probably have to wait up until the year is up to update.
Your upgrade and downgrade alternatives will differ based upon several elements, consisting of the card you presently have. For example, when a Bankrate writer and Capital One Quicksilver Cash Benefits Credit Card account holder called the bank’s customer support department, they were informed that their account could not be devalued.
Does devaluing or updating affect your credit score?
Upgrading or downgrading your card will not impact your credit score because you’re moving your existing credit limit to a various card, not opening a brand-new account. That suggests Capital One won’t have to run a difficult credit check to approve the switch.
Devaluing your card instead of closing your account can likewise help you protect your credit report. That’s because when you close an old account, your average age of credit declines, so your rating could take a minor hit – specifically if you held the represent a long period of time.
Plus, canceling your card increases your credit utilization ratio since your available credit goes down while the quantity of financial obligation you carry stays the very same. Given that credit usage represent nearly a third of your credit rating (approximately 30 percent), the increase might have an obvious effect.
How does the Capital One credit card upgrade process work?
The Capital One credit card upgrade procedure is a method to change from one Capital One charge card to another. The process normally begins with a deal from Capital One, however you can also attempt calling the number you see on the back of your card to inquire about eligibility. To check for upgrade deals online, visit the Capital One upgrade deal page (log in at the prompt). From there, the upgrade procedure can be done completely online.
Capital One occasionally checks cardholder accounts for upgrade eligibility, so if you keep your bank account in good shape by making monthly payments on time, you’ll have much better chances of getting an upgrade deal. It likewise assists to have had your present Capital One credit card for at least 6 months.
Here’s what happens when you update your Capital One credit card:
Your existing APR and credit limit will remain the exact same unless it’s specified otherwise in your upgrade offer when you update to a different Capital One card. Your card number will stay unchanged as well, however your CVV and expiration date will alter, so you will need to update any automated payments. You must get the new card within 7 to 10 organization days.
Here’s when a Capital One credit card is an excellent idea:
A Capital One credit card upgrade is a great idea for individuals who have actually outgrown their present card, changed their costs patterns just recently, or don’t want another hard credit query on their credit report. Capital One does not pull your credit report when processing a credit card upgrade demand, so there’s no requirement to stress over a tough credit pull. Capital One also allows upgrades between products, such as updating from a money back card to a travel card, which can give a cardholder new rewards-earning opportunities.
However it’s worth considering that upgrading to a various credit card will most likely make you disqualified for any introductory APR periods or benefit uses that would otherwise include the brand-new card. The upgrade offer will specify this before you accept.
What Takes place When You Update or Swap Your Charge Card?
You generally keep your existing credit card number and account number when you update or switch your credit card. But your card and account will be subject to the terms and conditions of the brand-new card. If your new card makes benefits, for example, then you’ll have the ability to make those rewards as soon as you change to the brand-new card.
Bear in mind that charge card business set their own policies for product modifications and eligibility. But to upgrade, you normally require to have an excellent payment history and remain in excellent standing. You likewise might need to have a certain credit report in order to receive an upgrade.
And if the card you wish to upgrade to has an annual cost, you might need to have your account open for a complete year before you can update. That’s because the Credit Card Responsibility and Disclosure Act prohibits credit card companies from increasing your annual cost within a year of opening your account. Swaps, on the other hand, might be enabled before the one-year mark. However it depends upon the credit card company’s policies.
It’s likewise worth bearing in mind that you may have to surrender the benefits of your existing card when you update or swap. And when you change to the brand-new card, you may not have the ability to take advantage of some of that card’s perks – like an introductory APR deal or early invest perk.
You can consult your charge card business to discover for sure.
When You May Think About a Charge Card Upgrade
If you’re presently missing out on out on benefits or advantages, upgrading your credit card might be an excellent concept. For instance:
- You don’t earn benefits with your existing credit card and have an interest in updating to a benefits card.
- You do earn rewards, however you aren’t making anything for the purchases you generally make – like if you have a travel rewards card but aren’t traveling much.
- Other cards offer advantages that are much better matched to your way of life.
By upgrading to a card that’s a much better match for your spending routines and lifestyle, you could start to earn benefits for more of your purchases. And you could make the most of the benefits a different card may offer.
How to ask for an upgrade
Capital One may do the work for you by connecting to you first. Capital One in some cases contacts existing consumers by mail, e-mail, or other online deals to cardholders who prequalify for an upgrade.
Some cardholders have actually even reported getting upgrade deals as quickly as a month after opening their initial card. You can also utilize this link to see if you get approved for other card offers by the issuer.
As you consider other cards to upgrade to, make sure you’re aware of any fees connected with that card.
For instance, if you get an offer to update from the Capital One VentureOne Rewards Charge Card to the Capital One Endeavor Benefits Charge Card, you ought to understand it charges a yearly charge of $95.
If you do not have a deal readily available online and haven’t received one in the mail, or if you prefer to make your demand over the phone, you can call Capital One at 877-383-4802.
If you got a deal in the mail or online, be ready to reference that when you call. Otherwise, be prepared to explain which card you have and tell the representative the card you’re interested in downgrading or upgrading to.
Read more: Credit Score Needed for Bank of America Travel Rewards Card
The bottom line
If you have actually had your Capital One card for a minimum of 6 months, have utilized it routinely, and have an excellent history of on-time payments, you can request an upgrade, but you’re not guaranteed approval. When requesting an upgrade, consider what kind of benefits you’re looking for and whether you spend enough on your card to make any yearly charge worthwhile.
An item change with Capital One is ruled out a new account, and your card number will stay the same. However, your security code and expiration date will change. This means if you have autopay set up with your card, you might require to update this details with the merchant.
Another great feature of updating – considering that it isn’t considered a brand-new account, your credit report will stay intact, and you can get more out of your card without stressing over your score.
