How to Upgrade a Chase Credit Card

There are a ton of great credit cards out there. This can make choosing the right card a challenge. If you picked one Chase credit card and later realized you made the wrong choice, you may want to upgrade your card. You can get a Chase credit card upgrade for most Chase cards. But is upgrading even a good idea? Our guide covers the upgrade process, as well as when you should -- and shouldn't -- upgrade your Chase credit card.

What to know about upgrading a Chase card

A credit card upgrade is a type of product change. You'll change from one Chase credit card product to another Chase credit card product. In most cases, product changes don't require a new application or a hard credit inquiry. However, you typically need to have had your account for at least a year before you can upgrade.

How to upgrade a Chase Sapphire Preferred® Card to a Chase Sapphire Reserve®

You can only have one Chase Sapphire card at a given time. For many folks, the Chase Sapphire Preferred® Card was an easy pick because it typically has a higher sign-up bonus. But what if you realized later you want the higher travel rewards and improved benefits of the Chase Sapphire Reserve®?

Related: Chase Credit Card Benefits

Once you've had your Chase Sapphire Preferred® Card for at least a year, you can upgrade to the Chase Sapphire Reserve®. To do so, just call the number on the back of your card to contact customer service. You can request the upgrade and get a near-instant decision.

One thing to note is that the Chase Sapphire Reserve® is typically harder to qualify for than the Chase Sapphire Preferred® Card. Your upgrade isn't guaranteed to be approved. Either way, you should know by the end of your phone call if your upgrade is approved.

How to upgrade a Chase Freedom to a Chase Sapphire Preferred® Card

There are three cards in the Chase Freedom family, but only two of them are open to new cardholders (the regular Chase Freedom card is no longer available):

• Chase Freedom Unlimited®
• Chase Freedom Flex℠

You can product change between the two cards. So, you could change a Chase Freedom Unlimited® into a Chase Freedom Flex℠, or vice versa. However, you can also upgrade a Freedom card to a Sapphire card. While this isn't an ideal situation -- the Sapphire cards tend to have big sign-up bonuses you'd miss out on -- it's still possible.

To upgrade a Freedom card to a Sapphire card, simply call Chase and request the upgrade. Keep in mind the Sapphire cards have much higher credit and income requirements than the Freedom cards. If you don't meet the requirements for a Sapphire card, your upgrade could be rejected.

Credit card upgrades aren't always the best path to getting the best credit card for you. That said, there are times when it may make sense to upgrade your Chase card.

To get a new Sapphire card

You can't be the primary cardholder on more than one Sapphire credit card. If you have a Chase Sapphire Preferred® Card but want a Chase Sapphire Reserve® instead, your options are limited. You can upgrade your Chase Sapphire Preferred® Card, or you can cancel it and apply for a Chase Sapphire Reserve® as a new cardholder.

Canceling and applying is the better option if you're after a welcome bonus. But you're only eligible for a bonus on a new Sapphire card if it's been at least 48 months since your last bonus from a Sapphire card. If you're under that time limit, you won't be eligible for a bonus anyway, so upgrading your existing card may be the better option

To avoid 5/24 restrictions

Chase restricts who can get approved for a new card based on recent application activity. Specifically, Chase has the 5/24 rule, which means you won't be approved for a new Chase card if you've opened five or more new credit card accounts in the last 24 months.

The 5/24 rule applies to all Chase credit cards, as well as many of its co-branded cards. If you're over the 5/24 limit, you won't be approved for an additional Chase card, so upgrading an existing card may be your best bet for getting a different Chase card.

To avoid credit limit caps

Even if you're below the 5/24 limit, Chase may not approve your application if you already have too many Chase credit cards -- or, more specifically, too much credit with Chase. Banks often cap how much total credit they're willing to give you. If you're already at your max credit with Chase, you can either reallocate some of your credit lines from other cards, or upgrade an existing card.

You've chosen a new card and are ready for a change. But while upgrading can be useful, there's a lot to consider before making the decision.

You'll likely miss out on the sign-up bonus

The main downside to upgrading a Chase card instead of applying as a new cardholder is that you'll miss out on the welcome bonus. Rarely, you may get a targeted upgrade offer from Chase that includes an upgrade bonus. Most of the time, however, upgrades won't earn any kind of bonus points. Sapphire cards can have huge welcome bonuses, so this could be an expensive loss.

Related: Best Sign-Up Bonus Credit Cards

You'll pay a higher annual fee

Whether you're upgrading from a Freedom card to a Sapphire card, or from one Sapphire card to another, your fee is going up. The Freedom family cards have no annual fee. The Chase Sapphire Preferred® Card has a $95 annual fee. And the Chase Sapphire Reserve® has a massive $550 annual fee. You'll likely need to pay that new fee shortly after upgrading, so be prepared.

If you find you're tired of paying a high annual fee on your Sapphire card, you can downgrade it to a no annual fee option. However, as with upgrades, you'll likely miss out on the sign-up bonus or intro APR offer that may come with the card if you apply as a new cardholder.

Before downgrading your card, consider the potential impacts to your overall card collection. For instance, if you currently have a Chase trifecta -- a Sapphire card paired with a Chase Freedom Unlimited® and Chase Freedom Flex℠ -- downgrading your Sapphire card to a Freedom card will end your ability to transfer your points.

The process of downgrading a Chase card is the same as upgrading. You can call the number on the back of your card and request a downgrade from customer service.

You'll lose your previous benefits as soon as the downgrade is complete. If you downgrade from a Chase Sapphire Reserve® to a Preferred, you'll lose access to your Priority Pass membership and points bonus. And, as mentioned, you'll lose the option to transfer points if you downgrade from a Sapphire card to a Freedom card. Be sure to use up any statement credits and transfer any rewards before requesting a downgrade.