When to Upgrade, Downgrade, or Cancel a Credit Card

[@DailyDrop]

Check out the Chase Sapphire Preferred Limited Time Offer HERE: www.dailydrop.com/credit-cards/chase-sapphire-preferred-card

[@Milkinporsche]

I downgraded the platinum card to green. A few days later, I got a platinum upgrade offer. 50k points after spending 2k in 6 months.

[@Th33Vultur3]

I got the same offer. About two months ago, I went from gold back to green and maybe my Card member anniversary on March 14, I might go back to gold. Last August 2023, I upgraded from green to gold and after a year on August 15 of 2024 I went back to green. By then, I’ll be at the $325 annual fee on gold. I can get use of all the credits except Resy and hotel Credits. I would get $324 worth of value. My effective annual fee would be a dollar. I would use the credit on GrubHub, Uber eats and Dunkin. The restaurant come out of grocery and dining spend.

[@enriquesanchez2001]

That's SO weird, like a crazy loophole in the system!

[@JessicaHolmes]

Nice!

[@DailyDrop]

Nice! Did you take it?

[@Milkinporsche]

@DailyDrop yah, I took the offer, it's better than just paying the annual fee with nothing in return.

[@christopherharris6005]

Awesome video as always Daily Drop Crew.

[@DailyDrop]

Appreciate it!

[@Lonnwriting]

Does Fare Drop have any helpful info on taking buses and trains in North America?

[@doc2w534]

Darn it! I just got my 60K UR on a CSR they gave me a pre-approval for in August.

[@kaaylaskorner]

I did exactly the same. Signed up for the CSP just last month. So bummed.

[@DC_Consulting_DC]

In July, Amex offered me 100K to swap Gold for Platinum. Yes, Centurion buffets are boring and repetitive, but when flying Delta I like Delta lounges, especially MSP Terminal C, and the Aspire lounges that are not with Priority Pass (PHX).

[@DailyDrop]

Sounds like a great offer! Did you take it?

[@DailyDrop]

Also, we love a good Centurion Lounge still!

[@chriscaraballo7079]

Hilton Surpass. Have had it for years and been patiently waiting for a SUB offer to upgrade to Aspire vs. outright apply. Any tips to get targeted for a SUB upgrade to aspire ?

[@PDXBeach]

Curious, will you be adding Wells Fargo to your transfer partner cheat sheet?

[@doc2w534]

My Plat and BCP come up for renewal within a few weeks of eachother. I plan to try and move the Plat to Gold and the BCP to BCE. I’m worried they will let me downgrade one but not the other because of their account abuse policies. Figure I will do the Plat second since I am sure I can squeeze value out of it for another year.

[@TheJordanRulesforCredit]

This is very helpful. Thank you!!

[@DailyDrop]

You're so welcome!

[@seank.461]

Hi, great video! Quick question: I’m considering getting the Chase Sapphire Preferred card. If I get the Sapphire Preferred first, then apply for the Freedom Flex, would I still qualify for the welcome bonus on the Freedom Flex? Or would it be better to get the Freedom Flex first and then upgrade to the Sapphire Preferred? Additionally, if I later upgrade from the Sapphire Preferred to the Sapphire Reserve, would I still be eligible for any upgrade offer? Your advice would be greatly appreciated!

[@colinyuhl9339]

Yes you would still be eligible for a bonus on freedom flex. And yes you would be eligible for an upgrade offer. Chase has a 48 month rule on sapphire bonuses, meaning if you cancel or downgrade a sapphire, you can’t get a new welcome offer for 48 months from when you last got one when you re-apply.

[@JessicaHolmes]

Preferred and Flex are different families, so you’re good! Get the proffered and upgrade to reserved later (if you want). The flex & unlimited, etc are in a diff category and do not affect your SUB with the sapphire family. 😊

[@laurienotloricruz4631]

Thinking of canceling a card that has my daughter as an authorized user for the last few years. This was her first credit history before she opened her own checking acct and her first credit card last year. Will her credit score take a hit if I do this? The main reason for canceling is that the points expire and only use the card infrequently.

[@JessicaHolmes]

Could you just downgrade that card to a $0 annual fee card? That could be the solution to avoid messing with her credit history 😊

[@basilhamed3039]

Could you ask for Amex for a retention offer on a specific card yearly or every other year ? I was just curious Thanks

[@tonyaolin4280]

What is the best strategy for reapplying for a cc welcome bonus (other than AMEX of course)? Then how long should you wait to reapply after using that strategy?

[@doc2w534]

Look at the terms of the account you are interested in. Sapphire has a 48 month waiting period but other Chase cards are less. Each lender and card family may have different rules.

[@relaxingricky]

I think you forgot to mention that you cannot upgrade from a gold card to a Charles Schwab platinum. Different family? I thought that you could. Anyway good video.🍷😉

[@JessicaHolmes]

Right - you have to have a Charles Schwab account to get the CS Platinum 😊

[@HensonFamilyChannel]

I'm considering downgrading our oldest card. Does that in any way impact the 'open date'? As mentioned in the video, I don't want to negatively impact the age of my credit. Thx!

[@doc2w534]

Usually, no. If you are “product changing” your account number may change but your account history stays with you including open date, limit history, and payment history.

[@HensonFamilyChannel]

@@doc2w534 This would be a downgrade from Chase Southwest Premier to Chase Southwest Plus. Is that still considered the same 'product' since they're both SWA cards? TY!

[@travis-travels]

9:56 what happened? And with which bank?

[@IAmChaddyDaddy]

Great info but how can I trust someone with 11,000+ unread emails? 😂

[@DailyDrop]

😅😂

[@dronzer115]

I don't understand the point of this video .. . its almost like trying to be informative but I've gone through 8 min and there's a lot of "fluff"? And there's all these idiot redditors saying how youtube is really teaching them this stuff. To play devil's advocate, I feel like people could get into a lot of debt for "points". I would gladly watch a 30 min exceptionally informative video on this with some real life scenarios. You make it look very easy but there are a lot of caveats that I think that should be explained especially to those that are trying to be financially responsible: 1) The effects of downgrading a credit card or cancelling a credit card on credit score . . .a good one is needed for most major purchases. It takes a while to build up good credit scores. 2) The ratio of how much money to spend to get a certain number of points . . .so if needed 100K, which is necessary for most international trips, then how much money should you be shelling out for that year? 3) A comparison chart with these cards and the annual fees and the interest that they charge 4) An infographic and a current 2024 video on "flight award programs" and which cards can be used for those. Pushing all the "perks" aside . . .and just trying to book a ticket. I don't understand what factors would make one go from Chase to Amex? Does Amex pair with more flights? different flights? Does one really need all 3 cards? That's like 95 X3=255

[@danlouiedemi]

How to get chase credit card and capital one venture x for canadians😢

[@annatomasso5226]

This is useful information for someone who is waiting a bit to get a credit card. I had one at 17 years old that got me into debt as I didn't care about paying the interest back. I have a 1 1/2 years before half of my student loans fall off and then I am probably going to rethink about getting a credit card. Currently, I don't have a terrible credit score but I am cautious because of past history.

[@DailyDrop]

Glad this was helpful! We always encourage people to not go into debt when using these credit card strategies as that is the best way to maximize the value of the points you are earning & using. Great to be self-aware, though 🤗

[@airwick4u]

The 11,000 unread emails kills me

[@DailyDrop]

😳😅😂

[@MilesAndMayhem]

Great discussion. I do want to make sure anyone who sees this though knows to NOT follow your Hilton example. Specifically, if you haven't already had an Amex card (and hopefully got the sign up bonus), then apply for it to get the sign up bonus BEFORE you take an upgrade to that card. Otherwise, the upgrade will lock you out of getting the sign up bonus for that card.

[@walterpietsch7289]

Incomplete info, esp. for inexperienced card user: upgrade offers are typically significantly less than welcome offers!