U.S. Bank offers valuable options when it comes to upgrading or downgrading your credit card, and you may find a product that suits you better than your current card.
For example, if your credit score improves to a higher tier, you may be interested in a premium rewards card. Or, if your card’s rewards don’t justify its annual fee, it might be time to consider a no-annual fee credit card.
This, however, doesn’t always mean you’ll have to close your current credit card and open another one, hurting your credit score in the process. Often you can find a good option from your current issuer and simply ask for a product change.
Thinking of upgrading or downgrading your U.S. Bank card? Read on to learn more about the product change process with the issuer and requirements to be aware of.
Product change with U.S. Bank
You can request a product change by calling the customer service number on the back of your U.S. Bank credit card. Make sure to keep any identifying information about your current account handy in case a representative asks to provide it.
Typically, a product change doesn’t trigger a hard inquiry, so your credit score shouldn’t be affected by your request.
See related: Hard inquiries vs. soft inquiries
According to the issuer, eligibility is driven by many factors that are proprietary to U.S. Bank. While the bank doesn’t have publicly available guidelines for product change eligibility, there are general considerations that can help you determine whether your request has a good chance of being approved.
The type of card you want
When it comes to U.S. Bank credit cards, in most cases you can request a switch to any publicly available card, and the product change doesn’t have to be within the same card family. This is convenient since you get more flexibility to choose a product that fits your needs.
For example, you can request to downgrade your U.S. Bank Altitude™ Reserve Visa Infinite® Card* to the U.S. Bank Altitude® Go Visa Signature® Card – or choose U.S. Bank Cash+™ Visa Signature® Card* instead if you’re more interested in cash back.
How long you’ve had your current card
Like many issuers, U.S. Bank doesn’t have a public rule on how long you need to have your account open before a product change, but you’ll likely need to have owned your card for at least a year before you can upgrade. This is because the CARD act prohibits credit card issuers from increasing your annual fee for the first year of account opening.
This means you could downgrade your card before you’ve had the account open for a year. But it’s not guaranteed, and it depends on factors the issuer doesn’t disclose. One way or another, if you’re downgrading an annual fee card, you’ll receive a prorated refund, if one is owed, when moving to a product with no annual fee.
To improve your chances of being approved for a product change, make sure your account with U.S. Bank is in good standing and you’ve demonstrated responsible credit card use by paying on time and staying under the credit limit.
Changes to your credit card
When you do a product change, you’re keeping your account with its history, but getting a new card with new terms, conditions and benefits. However, some features will remain the same, such as:
- Your credit limit will stay the same on the new card.
- Your card number might stay the same, depending on what product you’re moving in and out of.
Some of the changes on your new card will include:
- A new physical card with a new design will be mailed to you.
- Your card number may change.
- Your rewards will be cashed out in the form of a statement credit when moving to the new product.
- Your rewards rate will change according to your new card’s terms and conditions.
- Your new annual fee may be higher or lower depending on the updated card’s terms.
Benefits of upgrading or downgrading your card with U.S. Bank
If your current U.S. Bank credit card doesn’t match your spending habits anymore, a product change can help you avoid cancellation and having to apply for a different card.
The latter is good news for your credit score since every new credit card application triggers a hard inquiry. If you upgrade or downgrade your card instead, you don’t have to worry about a hard pull and its effect on your credit.
For instance, if you have an Altitude Reserve card but don’t travel that much, shelling out $400 a year might not seem like the best deal. Instead of canceling your account, you can switch to the Altitude Go card, which has no annual fee and rewards you for everyday spending like dining, groceries and gas. With the new card, you’ll still be able to redeem your points for travel or choose cash back without losing any value.
Tips for making the most of your upgrade or downgrade
- If you’re interested in a new card but want to avoid a hard pull, check if there’s another U.S. Bank Card that suits your needs.
- Carefully read the terms and conditions of the new card to determine if a product change makes sense for you.
- When upgrading a card, you won’t get a sign-up bonus. Consider its value before making a switch – you might find it’s worth a hard inquiry on your credit report.
See related: U.S. Bank launches new Altitude Go card
Popular U.S. Bank credit cards
|Cards||Rewards rate||Annual fee|
|U.S. Bank Altitude™ Reserve Visa Infinite® Card||$400|
|U.S. Bank Altitude® Go Visa Signatue® Card|
|U.S. Bank Cash+™ Visa Signature® Card||$0|
If you’re not happy with your U.S. Bank credit card, it may be a smart move to switch to a different card from the same issuer without having to close the account. While the issuer doesn’t disclose eligibility requirements, it doesn’t hurt to call in and see what your options are. Carefully review the new product’s terms and conditions before accepting the offer to make sure you get a card that fits your needs.
*All information about the U.S. Bank Altitude Reserve Visa Infinite Card, and U.S. Bank Cash+ Visa Signature Card has been collected independently by CreditCards.com and has not been reviewed by the issuer.