When to Upgrade, Downgrade, or Cancel a Credit Card

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You have a lot of options in terms of upgrading, downgrading, and canceling your credit cards and using some pretty basic strategies, you could net yourself a ton of miles and points. So today, let's break down each scenario and show you when it makes sense to upgrade, downgrade, or cancel certain credit cards and earn as many miles and points as possible!

Advertiser Disclosure: Some of the card links and other products that appear on this website are from companies which Daily Drop will earn an affiliate commission or referral bonus. Daily Drop is part of an affiliate sales network and receives compensation for sending traffic to partner sites. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all credit card companies, or all available credit card offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.

0:00-Chase Sapphire Preferred LTO
0:32-Intro
1:01-Upgrading
4:00-Downgrading
7:45-Canceling
9:52-Avoid THIS Mistake!

[Milkinporsche]

I downgraded the platinum card to green. A few days later, I got a platinum upgrade offer. 50k points after spending 2k in 6 months.

[christopherharris]

Awesome video as always Daily Drop Crew.

[JennyGeska]

Does a downgrade from an old card count as a cancel via the credit score?

[DC_Consulting_DC]

In July, Amex offered me 100K to swap Gold for Platinum. Yes, Centurion buffets are boring and repetitive, but when flying Delta I like Delta lounges, especially MSP Terminal C, and the Aspire lounges that are not with Priority Pass (PHX).

[docw]

Darn it! I just got my 60K UR on a CSR they gave me a pre-approval for in August.

[travis-travels]

9:56 what happened? And with which bank?

[JayGoodwin]

Is it bad that I never got an upgrade offer

[Lonnwriting]

Does Fare Drop have any helpful info on taking buses and trains in North America?

[docw]

My Plat and BCP come up for renewal within a few weeks of eachother. I plan to try and move the Plat to Gold and the BCP to BCE. I’m worried they will let me downgrade one but not the other because of their account abuse policies. Figure I will do the Plat second since I am sure I can squeeze value out of it for another year.

[chriscaraballo]

Hilton Surpass. Have had it for years and been patiently waiting for a SUB offer to upgrade to Aspire vs. outright apply. Any tips to get targeted for a SUB upgrade to aspire ?

[laurienotloricruz]

Thinking of canceling a card that has my daughter as an authorized user for the last few years. This was her first credit history before she opened her own checking acct and her first credit card last year. Will her credit score take a hit if I do this? The main reason for canceling is that the points expire and only use the card infrequently.

[PDXBeach]

Curious, will you be adding Wells Fargo to your transfer partner cheat sheet?

[relaxingricky]

I think you forgot to mention that you cannot upgrade from a gold card to a Charles Schwab platinum. Different family? I thought that you could. Anyway good video.🍷😉

[danlouiedemi]

How to get chase credit card and capital one venture x for canadians😢

[basilhamed]

Could you ask for Amex for a retention offer on a specific card yearly or every other year ? I was just curious
Thanks

[IAmChaddyDaddy]

Great info but how can I trust someone with 11, 000+ unread emails? 😂

[tonyaolin]

What is the best strategy for reapplying for a cc welcome bonus (other than AMEX of course)? Then how long should you wait to reapply after using that strategy?

[HensonFamilyChannel]

I'm considering downgrading our oldest card. Does that in any way impact the 'open date'? As mentioned in the video, I don't want to negatively impact the age of my credit. Thx!

[seank.]

Hi, great video! Quick question: I’m considering getting the Chase Sapphire Preferred card. If I get the Sapphire Preferred first, then apply for the Freedom Flex, would I still qualify for the welcome bonus on the Freedom Flex? Or would it be better to get the Freedom Flex first and then upgrade to the Sapphire Preferred? Additionally, if I later upgrade from the Sapphire Preferred to the Sapphire Reserve, would I still be eligible for any upgrade offer? Your advice would be greatly appreciated!

[annatomasso]

This is useful information for someone who is waiting a bit to get a credit card. I had one at 17 years old that got me into debt as I didn't care about paying the interest back. I have a 1 1/2 years before half of my student loans fall off and then I am probably going to rethink about getting a credit card. Currently, I don't have a terrible credit score but I am cautious because of past history.