Question 1

Should I cancel or downgrade my credit card?

Accepted Answer

Downgrading is usually better than canceling because it preserves your credit history length and total credit limit, both important factors in your credit score. Only cancel if no no-fee downgrade option exists.

Question 2

Will downgrading my credit card affect my credit score?

Accepted Answer

No. Downgrading (product changing) keeps the account open with the same account age and credit limit, so your credit score is unaffected. Canceling, however, can reduce your total credit limit and average account age.

Question 3

Can I get a sign-up bonus after downgrading and reapplying?

Accepted Answer

It depends on the issuer. Chase requires 48 months between bonuses on the same product. Amex has a once-per-lifetime rule. Downgrading and reapplying later is a common strategy for Chase cards.

Should You Keep, Downgrade, or Cancel?

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