How to Change Your Credit One Credit Card

If you think your credit card isn’t working for you anymore, you may consider switching within your card provider’s portfolio. This process is known as a product change.

With Credit One Bank, there’s no information on its website about how to request a product change. You will need to call its customer service hotline at 1-877-825-3242 to check if it’s possible.

Product changes may be a good option if you prefer having card benefits that better reflect your spending habits. Plus, you typically won’t have to open a new account, so your credit score is unlikely to take a hit.

Credit card issuers tend to impose some rules for cardholders who want a product change. These dictate whether or not they can switch to a different card.

Although Credit One doesn’t say if it allows product changes, following these rules may increase the likelihood of your request getting approved.

• Ideally, you should wait at least a year after opening your account before you request a product change. That is because the Credit Card Accountability Responsibility and Disclosure (CARD) Act prohibits card providers from charging cardholders a higher annual fee on the same account in the first year of account opening.
• If you plan to upgrade your card, you'll want to ensure your credit score meets the credit requirements of the new card. In general, having a good or excellent credit score can help tip the odds of approval in your favor.

As always, call the number on the back of your credit card if you have any questions or concerns.

There are currently no published guidelines to refer to for Credit One's policies around product changes. The card issuer may approve your request to change credit cards but may not allow you to keep the rewards you earned. Ask a customer service representative to be sure.

There are many reasons for requesting a product change. For example, the Credit One Bank Platinum Visa® for Rebuilding Credit is a good option for those with poor credit. But once you've improved your score, you may be interested in upgrading your card to the Credit One Bank Platinum X5 Visa® to take advantage of a higher cash back rate on bonus categories.

Alternatively, perhaps you have a Credit One cash back card but find yourself traveling more or have plans to travel in the future. In that case, looking at a card with travel rewards, such as the Credit One Bank Wander® Card, may benefit you.

Note that with Credit One, you will need to reach out to a customer service representative to inquire about a possible product change.

There are a few different reasons you may want to change your credit card, including a desire to earn more in cash back or expand your reward categories. In the latter case, the Credit One Bank American Express® Card may seem ideal as you can earn a flat cash back rate on all purchases instead of on certain categories. This card may work well for some. But before settling on this card, it may be worthwhile to take a look to see what else is available — including pursuing reviews of other Credit One credit cards. You might be able to apply for a card with a higher rewards rate or one that comes with additional perks.

Credit One Bank Platinum Visa to Credit One Bank Platinum X5 Visa
Upgrading from the Platinum Visa to Platinum X5 Visa means you will pay a higher annual fee ($39 vs. $95 per year). But the switch would enable you to supercharge your rewards-earning. While the Platinum Visa offers a flat 1% cash back on purchases in categories such as groceries and gas, as well as phone, internet, cable and satellite TV services, the Platinum X5 Visa offers 5% cash back on the first $5,000 of these same eligible purchases.

Once you meet that $5,000 cap, purchases in those categories will earn a flat 1% cash back rate. And unlike the Platinum Visa card, all other purchases made with the Platinum X5 Visa earn 1%.

Credit One Bank Platinum Visa to Credit One Bank American Express
Although both cards charge a $39 annual fee and earn 1% cash back, they differ in reward categories. Whereas Platinum Visa earns cash back on eligible gas and grocery purchases as well as mobile phone, internet, cable and satellite TV services, the Credit One Amex earns cash back on all purchases. Plus, you can access American Express Offers to earn more rewards from participating retailers.

Credit One Bank Platinum X5 Visa to Credit One Bank American Express
Switching from the Platinum X5 Visa to the Credit One Amex can help you save money on the annual fee: you'd go from a $95 annual fee to a $39 annual fee. But keep in mind that doing so will also reduce your rewards-earning potential. Instead of receiving 5% cash back on the first $5,000 of eligible purchases in certain bonus categories and a flat 1% on all other purchases, you will receive 1% cash back on all purchases.

If you’re no longer getting value from your Credit One Bank credit card or you’re not using it anymore, you may be tempted to cancel your credit card. But doing so may affect the following:

• Your credit utilization ratio. If you close your account, you will lose your available credit. That can increase your credit utilization ratio and bring down your credit score.
• Your credit age. Your average credit age will take a hit if you cancel your card, and a shorter credit history may affect your credit score.

It’s ultimately up to you whether to cancel your credit card. While there are instances where it makes sense, such as if you’re having trouble using your card responsibly or you’re separating from a partner who shares a joint account with you, this move should be your last resort.

Before calling your card issuer to close your account, consider the following alternatives:

• Downgrade to a $0 annual fee card. Get in touch with your card provider and see if you can downgrade to a card with no annual fee. That way, you can keep your credit card without any financial commitment.
• Negotiate a lower interest rate. If you tend to carry a balance, you may negotiate with your card issuer for a lower interest rate so you can keep your account open.
• Use your credit card sparingly. Try only using your credit card for minor purchases every now and then. That will keep your account active, preventing your card issuer from canceling it due to inactivity.

The decision to downgrade or upgrade your credit card depends on several factors unique to you, such as your spending habits and what you hope to gain from switching to a different card. Before contacting Credit One directly, interested cardholders may benefit from learning the answers to some of the most frequently asked questions about credit card product changes.

Requesting a credit card product change may be ideal if you’re looking for benefits that are better aligned with your spending habits, but this may not be possible with Credit One. Explore this issuer’s other credit cards and determine which one is best for you.