What is a product change and when should I do one?

Question

I keep hearing about 'product changing' cards. What does this mean?

CardCompare Expert · Accepted Answer

A product change (PC) is switching your existing card to a different card from the same bank — without closing the account. Example: Chase Sapphire Preferred → Chase Freedom Unlimited. Benefits: (1) no hard inquiry, (2) keeps account age, (3) keeps credit limit, (4) stops annual fee if downgrading to a no-fee card. When to do it: when a card's annual fee isn't worth it anymore, or when you want a different card in the same family. Simply call your bank and ask about 'product change options.' Not all banks allow it, but Chase, Citi, and Amex do.