What Is a Credit Card Product Change, and How Does It Work?
A product change allows you to swap an existing card that’s already in your wallet for another card from the same issuer.
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New credit cards, with better perks or rewards programs, come along frequently. The good news is that it’s possible to get a new card without opening another account and without taking the credit score hit that can occur when you submit an application.
Here’s how to request a credit card "product change" and what to know about the process.
What is a product change?
A credit card product change involves swapping an existing card that’s already in your wallet for another card from the same issuer. After the product change is complete, you won’t be able to use the old card. However, all of the credit history from that card typically remains on your credit report, which is important if you’ve had that card for a while and have used it responsibly by paying off balances on time and in full.
The major credit bureaus consider length of credit history and on-time payments when calculating credit scores. If you were to close the card account rather than get a product change, all of that credit history would be wiped from your credit report, which could cause your scores to dip.
How to get a product change
To initiate a product change, call the customer service number on the back of your credit card. Tell the representative you are interested in a product change and want to know what cards are available to you.
Most issuers won’t give you unlimited options for which cards to switch to. For example, product changes among Chase cards must occur within the same card “family.” So you could swap one Chase Sapphire card with another, but not move from an IHG hotel card to a Southwest airline card, for instance.
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Benefits of getting a product change
There are several good reasons to request a product change. As noted earlier, a product change lets you get your hands on a new credit card without submitting to a hard credit pull, which can temporarily lower credit scores. It also allows you to preserve any positive credit history you’ve built up with the old card.
A product change is also a solution for reducing or eliminating annual fees. For example, swapping out The New United Club℠ Card for the lower-tier The New United℠ Explorer Card will instantly save you hundreds of dollars in annual fees.
Other times, an old card no longer fits your lifestyle and spending habits. Maybe in your 20s, dining out was a big expense, but 10 years later, your spending skews more toward groceries and home furnishings. Another card in the same issuer’s portfolio may earn better rewards in those spending categories. In such cases, a credit card product change can put your wallet back into alignment.
Drawbacks of getting a product change
Ultimately, switching your credit card may be the right move, but you may take a loss or experience some inconvenience in the process.
First, if you’re considering a product change, try to use your points or miles before you make the request. Issuers might approve an apples-to-apples credit card change but might not let you convert points to miles or cash back, or vice versa. Ask the customer service rep about the rules.
Even though product changes result in you getting a new credit card, you probably won’t qualify to earn that new card’s welcome offer. Depending on the card, that might mean missing out on a bonus worth hundreds of dollars.
And remember, most issuers only allow you to switch between “proprietary” cards, meaning those issued under the bank’s name. You usually cannot swap a proprietary card for a co-branded card — those issued by the bank on behalf of, say, an airline or retailer — or between two co-branded cards. This means that your credit card options might be more limited with a product change compared to applying for a card in a more traditional way.
Similarly, it's typically not possible to jump among the payment networks — Visa, Mastercard, American Express and Discover. If your current card runs on the Visa network, you probably can’t "move" to an AmEx product, even if your bank issues cards that run on both Visa and AmEx.
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