How to Upgrade, Downgrade or Change Your Discover Credit Card

Whether you want to upgrade or downgrade your Discover credit card, it’s usually possible to get a product change. MoneyGeek outlines how to switch between cards and breaks down the benefits and drawbacks of doing so.

Discover allows cardholders to switch between credit cards. In some cases, the company may even send you a targeted offer for a card upgrade.

The easiest way to upgrade or downgrade your Discover credit card is by calling the number on the back of your card or Discover’s customer service hotline at 1-800-347-2683. You can also ask for a product change online by logging in to your account.

Depending on your lifestyle and spending habits, switching credit cards might make sense if you’re looking for a card with more benefits or a lower annual fee.

Upgrading or downgrading your Discover credit card can be done over the phone or online. But there are some rules to keep in mind before making the switch to a new card. You can also visit the Discover site to request a product change.

• You need to wait at least one year after opening a card before you can request a product change.
• Product changes can’t be completed if you’re currently enrolled in a Discover promotion such as Cashback Match, a program exclusively for new cardmembers where Discover matches all the cash back rewards earned on a Discover credit card at the end of the first year.

If you have any concerns, you may get in touch with a customer representative and inquire about Discover’s product change rules.

Whether you are upgrading or downgrading your Discover credit card, the rewards already earned on your existing card will stay the same. So will your account number and your payment due date. The only change will be your reward-earning rate.

Upgrading your Discover credit card can help you enjoy a new set of perks that better suit your spending needs. For example, say you’ve improved your credit score and want to increase your credit line and earn more rewards on purchases. In that case, you may want to upgrade your Discover it® Secured Card (earns 1%–2% cash back) to Discover it® Cash Back Credit Card (earns 1%–5% cash back).

Your spending habits will dictate the right credit card for you. Consider these Discover upgrade options when you want to earn more on your credit card.

Discover it® Cash Back Credit Card to Discover it® Miles

If you find yourself frequently traveling, upgrade your Discover it® Cash Back Credit Card to Discover it® Miles. This card allows you to earn unlimited 1.5X miles on every purchase, including groceries or gas. You can redeem your earned miles for cash or as a statement credit for travel purchases.

Discover it® Secured to Discover it® Cash Back Credit Card

Once you’ve built up enough credit, you may consider upgrading your Discover it® Secured to Discover it® Cash Back Credit Card. You can earn 5% cash back on eligible purchases up to the quarterly maximum ($1,500) in rotating bonus categories you must activate each quarter. All other purchases will earn 1% cash back. You may even get a lower APR for purchases based on your creditworthiness.

If your circumstances or spending habits have changed, consider downgrading your card instead of closing your account. For instance, if your credit card has a hefty price tag, you might want to consider switching to a card with no annual fee.

In Discover’s case, most of its credit cards have a similar APR range and $0 annual fee, so downgrading may not make much difference if you’re trying to cut down on credit card expenses. Still, it may be a good idea if there is another Discover card that offers rewards that better match your spending habits. For example, you may prefer a consistent reward-earning rate on the categories you use the most over rotating categories each quarter.

Before making the switch, evaluate these Discover downgrade options and determine whether a product change is worth it.

Discover it® Cash Back Credit Card to Discover it® Chrome Gas & Restaurants

If you only use your card for gas and restaurant purchases, you may downgrade your Discover it® Cash Back Credit Card to Discover it® Chrome Gas & Restaurants. It earns 2% cash back on gas and dining up to $1,000 in combined purchases each quarter and 1% on all other purchases. You also don’t need to activate quarterly bonuses.

Discover it® Student Cash Back Credit Card to Discover it® Chrome for Students

Switching your Discover it® Student Cash Back Credit Card to Discover it® Chrome for Students may make sense if you’re a student who mostly spends on gas and restaurants and want to automatically earn 2% cash back on those two categories on up to $1,000 in combined purchases each quarter.

You may cancel your credit card if you feel like it no longer serves its purpose. But there are consequences to closing your account. These include:

• Your credit utilization ratio will be affected: Closing your account can reduce the amount of credit available to you. This can impact your credit utilization ratio and lower your credit score.
• Your credit history will take a hit: If you close your account, it may bring down your credit age and hurt your credit score.

As always, examine the effects of canceling your credit card before making a decision. In most cases, this should only be done as a last resort.

Canceling your credit card may make sense in some instances, such as if you’re having trouble using it responsibly. But if you are looking to make a change because your current card’s benefits aren’t serving you as well or because of a hefty annual fee, there are much better ways to handle an unwanted card. These include:

• Negotiating a lower interest rate: If the reason for canceling your credit card is a high APR, it may be worth it to negotiate with your card issuer for a lower rate to keep your account open.
• Downgrading your credit card: If you want a more affordable credit card, consider downgrading to a card with no annual fees.
• Keeping the card but using it sparingly: You can keep your account open if it doesn’t have an annual fee. But make sure to make a small purchase every now and then so your issuer won’t close it due to inactivity.

Ultimately, it’s up to you whether canceling a credit card is the right option. If you end up closing your account, you can always improve your credit score by opening a new card that better suits your needs. Doing this can boost your available credit and help keep your credit utilization ratio low.

Before making any changes to your credit mix — even if it’s just switching to a different credit card with the same issuer — it’s important to understand all your options. We answered some of the most frequently asked questions about upgrading or downgrading your Discover credit card to help you make an informed decision.

Upgrading or downgrading your Discover credit card may be a good idea if you prefer getting perks that are more aligned with your spending habits. But if you want to take advantage of welcome offers, you may be better off getting another credit card for your wallet.