How to Upgrade Your Credit Card

It is almost impossible to get through life today without credit cards, but it is important to make sure that you have the right card for your personal lifestyle. With this in mind, though, what do you do if your credit card is not living up to your expectations? You could try applying for new credit cards, but that may very well have a negative impact on your credit score. It is probably better to get your current card upgraded so that it meets your financial needs.

People get their cards upgraded for a variety of reasons, ranging from earning more rewards, getting other special perks or lowering their interest rate fees. Getting a credit card upgraded may sound intimidating, but there are some simple steps you can follow to increase your odds of succeeding.

Knowing Your Credit Card Upgrade Options

There are different categories of credit card upgrades: You can increase a credit line, lower APR fees or get better rewards/benefits. The different upgrades you will be eligible for will either be added to your existing card or done via the creditor issuing a new card. You should make every effort to work with your credit card issuer and communicate clearly what your expectations are. By doing so, you can keep your current account open, which will help your credit score out a bit.

Know When to get a Credit Card Upgrade

Let’s say that you are planning on going on vacation and that you will be making more purchases with your card than usual. This may be the right scenario to ask for an upgrade to your card. See if your credit card issuer provides travel rewards or hotel/airline points. You may also ask to get your credit limit raised to deal with the upcoming expenses. The best time to get in on those credit card company rewards programs is when you have a lot of expenses coming up that you plan on putting on your card.

The Right Way to Request a Credit Card Upgrade

You can request your upgrade in one of two ways. Some credit card issuers have forms on their website that allow you to request an upgrade online. This option is usually best for people who are requesting an upgrade because of an income increase or some other type of financial change. If you have more personal reasons to ask for an upgrade, it may be best to call into the creditor to speak to a customer service professional. Be ready to defend your upgrade request and have an idea of the exact type of upgrade you need prior to calling.

Requesting a credit card upgrade is not always the right move. If you are about to purchase a new home or vehicle, your credit score may change, and that may affect your chances of getting an upgrade. It is important to know that the creditor may very well do a hard inquiry on your credit, which could have a negative impact on your credit score. Recent activity on your credit report may be all the evidence a credit card issuer needs to deny your upgrade request. It is not all that difficult to request a credit card upgrade, as long as you are prepared and take the necessary action it takes to take care of this simple task. Be sure to plan ahead before you contact your credit card issuer. By taking the time to have all your information in order, you are more likely to be successful when the time comes to get your existing credit card upgraded for your credit needs in the immediate future.

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