8 Times to Rethink Request a Credit Card Product Change | Personal finance

While it is possible to perform a debt balance transfer to a new card with an introductory 0% APR option, this is not possible if you are making a product change. This is because credit card issuers do not allow debt transfer among their products. So if you want a card that offers a 0% APR period on a balance transfer, it will have to come from another credit card issuer.

5. You will lose your rewards

In some cases, you can replace your credit card with another and keep your rewards balance intact. But other times, you might face the loss of all of your accumulated rewards if you no longer hold that credit card. Be sure to ask the issuer to clarify all rules and restrictions when inquiring about a product change.

6. You want to enter (or leave) a “family” of cards

Many credit card issuers offer a range of cards that all earn the same “currency” of rewards. Chase, for example, has several cards that earn Ultimate Rewards® points. Citi has several cards that earn ThankYou points; American Express offers a family of cards that allow you to earn Membership Rewards; and Wells Fargo offers Go Far rewards on many of its cards.

In most cases, you will need to switch your credit card product to another card within the same rewards family. For example, you cannot replace a Chase card that earns Ultimate Rewards® with a co-branded Chase card. In another example, you will not be able to change an American Express card that earns Membership Rewards points to a card that earns money.


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