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Downgrade or Catechumen to these Credit Cards

This post is a combination of my recommendations and the recommendations from readers.  Give thanks you for contributing to this post .  The large question is, why should you lot downgrade or convert a credit carte du jour instead of closing it outright?

Pros of downgrading or converting a credit card:

• Downgrading/converting your credit card lengthens the average historic period of your credit card accounts and improves your credit score (acquire more most your credit score hither ).
• Downgrading/converting your credit carte du jour keeps your credit utilization ratio lower, which is good for your credit score (see link above).
• Downgrading/converting your credit card keeps your miles/points from expiring or beingness forfeited back to the credit card visitor.
• Downgrading/converting your credit carte du jour results in no hard pull of your credit study.
• Downgrading/converting your credit card is sometimes easier than outright applying.
• Downgrading/converting your credit carte du jour makes it possible to get the aforementioned credit card multiple times (like ii Chase Freedom or Banking company of America Ameliorate Rest Reward cards).
• Downgrading/converting your credit carte du jour may issue in a sign up bonus on the new card (sometimes not, run into cons below).

Cons of downgrading or converting a credit card:

• Downgrading/converting your credit bill of fare may result in not become a sign up bonus for the new credit card.
• Downgrading/converting your credit card may take a long time for the conversion process (Citi takes 60+ days).
• Downgrading/converting your credit carte may cause you to have "too much bachelor credit" and may brand it harder to be approved for future credit cards (mostly Barclays, just you tin practise recon calls to reverse their decision).
• Downgrading/converting your credit carte may interfere with the "churnability" of the credit menu.

Without farther ado, here are the all-time no almanac fee credit cards for downgrades or conversions.  If you have a better recommendation, please allow me know in the comments.

Hunt Sapphire Preferred (or whatever Hunt credit menu that has an annual fee).

• Carte Name: Chase Freedom ( link )
• Annual Fee: $0
• Card Features: Earn 5% cash back up to $75 per quarter from rotating cash back categories ($300 annual cap).
• Bonus Feature: Click hither to view the electric current 5% greenbacks back categories.

Citi American Airlines (or whatsoever Citi credit menu that has an annual fee).

• Card Proper name: Citi Dividend Platinum Select ( link )
• Almanac Fee: $0
• Menu Features: Earn 5% greenbacks back up to $300 per twelvemonth (no quarterly cap) from rotating cash back categories.
• Bonus Characteristic: Click here  to view the current five% greenbacks back categories.

Banking company of American Alaska Airlines (or whatsoever other Bank of America credit card that has an annual fee).

• Card Name: Bank of America Improve Remainder Rewards ( link )
• Annual Fee: $0
• Menu Features: Earn $25 per quarter when y'all pay your bills on time ($100 annual cap).
• Bonus Feature: Earn an additional $5 per quarter if you have a Bank of America checking or savings account ($twenty annual cap).

Banking concern of American Alaska Airlines (or whatever other Bank of America credit card that has an annual fee).

• Bill of fare Name: BankAmericard Travel Rewards ( link )
• Annual Fee: $0
• Card Features: Earn 1.5% cash back on all purchases (no quarterly/annual caps).
• Bonus Characteristic: Earn a 10% bonus on your cash back if you lot have a Bank of America checking or savings account.
• Preferred Rewards: Earn up to 75% bonus on your cash back if you lot qualify for Preferred Rewards.  Read Frequent Miler's mail for more info.

American Express Blueish Cash Preferred (or any other American Limited credit card that has an annual fee).

• Carte Name: American Express Blueish Cash Everyday ( link )
• Annual Fee: $0
• Card Features: Earn 3% greenbacks support to $180 per year from grocery purchases, plus earn 2% cash back from gas stations and department stores (no quarterly/almanac cap), and earn 1% greenbacks back on everything else (no quarterly/annual caps).

American Express Premier Rewards Gold  (or any other American Limited credit card that has an annual fee).

• Card Proper name: AMEX EveryDay ( link )
• Annual Fee: $0
• Card Features: Earn 2 Membership Reward Points per dollar on grocery purchases (12,000 Membership Reward Points annual cap) and earn 1 Membership Advantage Point per dollar on everything else.
• Bonus Characteristic: Utilise your credit card 20+ times per month and go xx% more points on qualifying purchases.

U.s.a. Bank FlexPerks Travel Rewards (or any US Bank credit menu that has an annual fee).

• Card Proper name: U.s.a. Banking concern Cash Plus ( link )
• Annual Fee: $0
• Carte du jour Features: Earn v% cash dorsum upwards to $100 per quarter from cash back categories ($400 annual cap), plus earn 2% greenbacks dorsum on your choice of 1 everyday category, and earn 1% greenbacks dorsum on everything else (no quarterly/almanac caps).

Barclays Arrival Plus (or any Barclays credit card that has an annual fee).

• Carte Proper noun: Barclays Sallie Mae Rewards ( link )
• Annual Fee: $0
• Card Features: Earn v% cash back up to $12.l per month from gas ($150 almanac cap) and grocery purchases ($150 annual cap), plus earn 5% cash back up to $37.50 per calendar month from bookstore purchases ($450 almanac cap), and earn one% cash back on everything else (no quarterly/annual caps).
• Bonus Characteristic: Earn a $25 cash dorsum statement credit for using your credit carte inside 90 days of business relationship opening.

Discover (no Discover credit cards have annual fees, but yous can always catechumen to the Discover It credit card).

• Card Name: Find It ( link )
• Annual Fee: $0
• Card Features: Earn 5% cash back upward to $75 per quarter from rotating cash back categories ($300 annual cap).
• Bonus Feature: Click here  to view the current v% cash back categories.

If yous take any questions or better recommendations, please let me know in the comments below.

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Source: https://travelwithgrant.boardingarea.com/2014/08/24/downgrade-or-convert-to-these-credit-cards/

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