How to Upgrade Your Credit Card

If you’ve been using a credit card for a while, it may be time for an upgrade. Didn’t know you could upgrade your card? Don’t even know what that means? Here’s what you need to know!

upgrade your credit card

Upgrading a credit card can mean a few different things. Sometimes, you can stay with the same card issuer but tap into a stronger rewards system. For instance, you might move from the American Express Blue Cash Everyday to the American Express Blue Cash Preferred card. The second gives you more cash back rewards on your purchases.

Or you might move from a basic no-frills credit card with one issuer to a great travel rewards card with another.

But rewards aren’t the only reason to upgrade your card. Here are a few other reasons you might consider a move:

  • APR: if you’re currently paying a higher APR, you might consider moving to a card with a lower APR. This is especially true if you’re planning to use the card to finance a large purchase that will take several months to pay off.
  • Higher Credit Limit: Starter credit cards often come with small credit limits. Moving to a new card could get you a higher credit limit.
  • Better Perks: Rewards points and cash back aren’t the only perks credit card issuers offer. Most offer basic items, like additional coverage for rental cars when you use your card to book the car. But some cards have more–and better–additional perks than others.

When Are You Ready to Upgrade?

Maybe you’re ready for a credit card that gives you some of these new benefits. But do the credit card issuers think you’re ready?

It’s not enough to decide you want a different credit card. You need to actually qualify for one. Here’s what credit card issuers are going to look at:

  • Have you had your current card for at least six months? While there’s not a set timeline for when you can upgrade, issuers want to see some history with a card before giving you a new one. If you’ve made on-time payment for six months, at least, you’re more likely to be approved for that new card.
  • Is your credit score better than it was? Maybe you started in a low-rewards card because you didn’t have great credit. If that’s the case, pull your most recent credit score. If you’re better now than you were then, it may be time to apply for a new card. If you’re aiming for one of the best rewards cards, you…
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