How To Upgrade Or Downgrade Your Capital One Credit Card

FG Trade/GettyImages; Illustration by Hunter Newton/Bankrate

The legacy Capital One Savor Cash Rewards Credit Card is no longer accepting new applicants as of July 2024, although existing cardholders can continue to use the card. Those interested in the legacy Capital One Savor Cash Rewards Credit Card can check out the new Capital One Savor Cash Rewards Credit Card, formerly known as the SavorOne card, instead.

Your spending habits and financial situation will naturally evolve over time, so it makes sense for the credit cards in your wallet to evolve as well. If you’re not interested in opening a new account, consider upgrading or downgrading a card you already have instead. As a Capital One customer, you can easily upgrade or downgrade your credit card with the same issuer.

An upgrade could be the right move for you if your credit score has improved and you want to start racking up more rewards for your purchases. But, a downgrade can be a smart decision if you want to get away from a card with a high annual fee. Here are Capital One’s eligibility requirements for upgrading or downgrading a card, along with the steps to complete the process.

Upgrade or downgrade eligibility for Capital One

Capital One doesn’t clearly outline eligibility requirements for upgrading or downgrading your account. However, as a general rule, your current account must be in good standing when you request the product change, and you should have a positive payment history.

Plus, the Credit Card Accountability Responsibility and Disclosure (CARD) Act prevents card issuers from raising your annual fee within a year of opening your account. This means you’ll likely need to wait until you’ve had your current card for at least a year to upgrade if your preferred card carries a higher annual fee.

Your upgrade and downgrade options will vary based on several factors, including the card you currently have — and not all cards can be upgraded or downgraded. For example, when a Bankrate writer and Capital One Quicksilver Cash Rewards Credit Card account holder called the bank’s customer service department, they were informed that their account could not be downgraded.

How to upgrade a Capital One credit card

Upgrading a Capital One credit card is a fairly straightforward process. Here are the general steps:

1. Check your credit score and income level: Capital One will use your profile to determine whether you’re a good fit for an upgrade, so it’s best to initiate this request when your credit score is at its highest. If you’re making more money now than when you originally applied for your card, it doesn’t hurt to give your issuer updated income information, too.
2. Look at your Capital One offers: Capital One often reviews your profile and may recommend other cards that could be a good fit for you. You can find out if you have eligible upgrade offers by logging into your account, selecting your current credit card, navigating to the “I want to…” menu with a gear icon next to it, and selecting “View Offers and Upgrades.” From there, select “Explore Upgrades” and see whether you’re eligible for a product change.
3. Request a product change: If you find an offer you like while browsing online, you can easily click the button to upgrade to that card. Alternatively, you can call Capital One and complete the process that way. If you’re unsure about which card you want, you can inquire about what you’re eligible for and what they recommend. Be ready to explain why you want to upgrade and to respond to any questions, such as those regarding your income.

Capital One will look over your existing account and determine if you meet the qualifications for the new card. Generally, you’ll receive a decision instantly (whether you request the upgrade online or over the phone). If approved, the bank will mail you the new card.

How to downgrade a Capital One credit card

When it’s time for a Capital One credit card downgrade, you’ll follow a similar process as you would if you wanted to upgrade your account.

1. Contact Capital One and request a downgrade: You typically won’t see downgrade offers on your online account the same way you would upgrades, so it’s best to start by simply calling the number on the back of your card.
2. Ask about your options: If you have a card in mind that you want to downgrade to, that’s great, but you might have more options than you realize.
3. Choose the card that best aligns with your current spending and goals: If you’re trying to escape an annual fee, for example, then it’s best to choose a card with no annual fee.

Once the bank processes your request, you’ll receive your new card in the mail.

Katie Kelton, a credit cards expert and writer at Bankrate, shares her experience downgrading her now-discontinued legacy Capital One Savor Cash Rewards Credit Card* to the new Capital One Savor Cash Rewards Credit Card, formerly called the SavorOne card:

When I first applied for the Capital One Savor Cash Rewards Credit Card, I was able to justify the $95 annual fee with the cash back I was reaping on my lifestyle purchases. Fast forward a couple years later, I was going out less and traveling more…That’s when I knew it was time to downgrade. I called Capital One and had to bypass a phone tree, which didn’t offer me an option to change my card, in order to speak to a representative. But once I got a person on the phone, she helped me upgrade my card — she wouldn’t call it a downgrade — to the SavorOne card. I got a reimbursement for the remainder of my annual fee and received my new card in the mail a couple weeks later.

Katie Kelton, Senior Writer, Credit Cards

Which cards should you upgrade to?

Upgrading your Capital One credit card could be a good idea if the change helps you achieve your goals. But, you should weigh the pros and cons between the old and new cards to make an informed decision.

Which cards should you downgrade to?

Downgrading your Capital One credit card can be a smart idea if doing so aligns with your financial plans. But, you should consider your options carefully before deciding.

How to make the most of your upgrade or downgrade

Choosing a new financial product is an important decision. Here’s what you need to know before switching credit cards so you can make the most of your Capital One credit card upgrade or downgrade:

• Time it right
  

  Timing your downgrade is essential. To avoid paying an annual fee, be sure to make the switch before the fee is assessed.

• Ask about rewards transfer
  

  If you’ve banked rewards by using your old card, you need to determine what will happen to your earnings. Generally, Capital One will convert your old reward type into your new one. For example, if you switch from a cash back card to a travel rewards card, your cash back balance will be converted into airline miles. The card issuer can tell you the exact conversion rate.

• Negotiate for an introductory bonus
  

  Introductory airline miles or cash back bonuses typically are reserved for new cardholders. But you may be able to negotiate with Capital One when you upgrade or downgrade. It’s worth asking because the company wants to keep you as a customer.

The bottom line

Upgrading or downgrading your Capital One credit card is a simple process that can be done over the phone. If you’re upgrading your card through an offer in your account, you also have the option to start the process online.

Before upgrading or downgrading your card, be sure to compare it closely with other cards offered by Capital One. You don’t want to be caught off guard by annual fees or a lack of benefits once the process is complete. Lastly, feel free to ask questions during the process. By calling the number on the back of your card, you can speak with a customer service representative about your options.

And if you don’t find a Capital One card that seems like a better fit? Look to other issuers. Depending on your goals, applying for a new card may be a better option than upgrading or downgrading your existing one.

For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.

*Information about the legacy Capital One Savor Cash Rewards Credit Card has been collected independently by Bankrate. Card details have not been reviewed or approved by the issuer.

FAQs

• Can I upgrade my Capital One card at any time?
  

  Yes, you can typically upgrade your Capital One card at any time, but it is subject to your eligibility and the specific upgrade options available from Capital One. To explore the possibility of upgrading your Capital One card, you can contact Capital One’s customer service or check your account online to see if there are any upgrade offers available to you.

• Does upgrading or downgrading affect your credit score?
  

  Upgrading or downgrading your Capital One card typically does not directly impact your credit score, as you are simply shifting your existing credit line to a different card rather than opening a new account. However, there are exceptions, as Capital One may conduct a hard credit check if it needs to reassess your credit limit, particularly when upgrading a card. It is recommended to inquire with customer service about the possibility of a hard credit check before making the switch to understand the potential impact on your credit score.

  Opting to downgrade your card instead of closing the account can help maintain your credit score. Closing an account can lower your average age of credit, which may impact your score, especially if the account has been open for a long time. Additionally, canceling a card can increase your credit utilization ratio by reducing your available credit while maintaining the same amount of debt. Since credit utilization contributes to 30 percent of your FICO credit score, canceling a card instead of upgrading or downgrading it could have a significant impact.

• Can I earn a welcome bonus if I upgrade or downgrade my card instead of opening a new account?
  

  Usually, no. Such bonuses are only available to new cardholders, and getting upgraded or downgraded to a given card usually doesn’t qualify — but it doesn’t hurt to ask a representative. They might make an exception depending on your status with the issuer. Still, opening a new account might be your best bet if you want to earn a card’s introductory bonus. Please note that Capital One reserves the right to withhold introductory bonuses if you’re a current or previous cardholder.