Downgrade Your Credit Card Without Losing Benefits

Are you tired of paying annual fees on your credit card? Before canceling, consider downgrading or product-changing to a card that better fits your needs. This strategy typically keeps your account history intact and can be a smart way to maintain a relationship with the bank.

The flexibility of product changes varies by issuer, but most allow some form of change. You can usually request a product change by calling the number on the back of your credit card.

Downgrading or product-changing typically doesn't come with an introductory bonus, and you'll often need to have your account open for at least 12 months before making a change.

American Express offers several downgrade options, including downgrading from the Platinum Card to the Amex Gold Card. You can also downgrade the Business Platinum Card to the Amex Business Gold or Green Card.