{"id":2326,"date":"2025-08-17T00:51:48","date_gmt":"2025-08-17T00:51:48","guid":{"rendered":"http:\/\/ft365.org\/index.php\/2025\/08\/17\/what-to-do-if-a-credit-card-no-longer-suits-you-bankrate\/"},"modified":"2025-08-17T00:51:48","modified_gmt":"2025-08-17T00:51:48","slug":"what-to-do-if-a-credit-card-no-longer-suits-you-bankrate","status":"publish","type":"post","link":"https:\/\/ft365.org\/index.php\/2025\/08\/17\/what-to-do-if-a-credit-card-no-longer-suits-you-bankrate\/","title":{"rendered":"What to do if a credit card no longer suits you | Bankrate"},"content":{"rendered":"<div>\n<p>Sometimes relationships end. But when it comes to your credit cards, it could be better to update your status instead of making a clean break.<\/p>\n<p>Card cancellations can hurt your <u>credit score<\/u>, primarily by immediately removing available credit, and may even leave you unable to find a new credit card relationship when you really need one.<\/p>\n<p>But credit card issuers frequently update the terms and benefits of cards \u2014 there have been some dramatic and high-profile changes to popular products just this year alone. Sometimes, those changes mean the card just isn\u2019t right for you anymore.<\/p>\n<p>In that situation, it\u2019s usually better to initiate a <u>product change<\/u> than it is to <u>cancel a card<\/u> all together.<\/p>\n<p>                         <iframe loading=\"lazy\" title=\"What to do if a credit card no longer suits you\" width=\"560\" height=\"315\" data-src=\"https:\/\/www.youtube.com\/embed\/Xmv1YKr0guk?si=57YpTnNMO556IZyz\" src=\"https:\/\/www.youtube.com\/embed\/Xmv1YKr0guk?si=57YpTnNMO556IZyz\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen>                         <\/iframe>                                              <\/p>\n<p>Have a question about credit cards? E-mail me at ted.rossman@bankrate.com and I\u2019d be happy to help.<\/p>\n<h2 id=\"how-a-product-change-can-help\" data-position=\"1\" data-beam-element-viewed data-id=\"br-h2-1-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"How a product change can help\" data-outcome>How a product change can help<\/h2>\n<p>A product change involves asking the card issuer to switch you to one of their other cards. It guards your credit score because you keep the available credit line, which protects your credit utilization, and maintain your account history \u2014 older accounts are viewed more favorably by credit scoring algorithms. It also means you get to change to a card that better fits your lifestyle without a hard credit inquiry.<\/p>\n<h2 id=\"the-year-of-product-changes\" data-position=\"2\" data-beam-element-viewed data-id=\"br-h2-2-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"2025 is ripe for product changes\" data-outcome>2025 is ripe for product changes<\/h2>\n<p>This topic is especially timely since a lot has changed in the credit card world this year. Just this summer, we\u2019ve seen a host of major developments, including a significant refresh of the popular <u><span data-capi-name=\"221212097\">Chase Sapphire Reserve\u00ae<\/span><\/u> card, the launch of the new <span data-capi-name=\"10977\">Citi Strata Elite\u2120 Card<\/span> and rumors of upcoming changes to <u><span data-capi-name=\"22146013\">The Platinum Card\u00ae from American Express<\/span><\/u>. Also, beginning on Feb. 1, 2026, the <u><span data-capi-name=\"8046\">Capital One Venture X Rewards Credit Card<\/span><\/u> will restrict airport lounge access to primary cardholders only (no more guest access or lounge privileges for authorized users).<\/p>\n<p>When things change, it\u2019s important to reevaluate your credit card strategy. Many Sapphire Reserve cardholders, for instance, are experiencing sticker shock now that the card charges a <span data-capi-fee=\"ongoing_annual\" data-pid=\"221212097\">$795<\/span> annual fee. Some people still get great value \u2014 Chase touts more than $2,700 in annual benefits, ranging from <u>travel<\/u> perks to dining and event ticket credits \u2014 but the list isn\u2019t going to suit everyone.<\/p>\n<p>It might even be an \u201cit\u2019s not you, it\u2019s me\u201d kind of breakup. A card like the Sapphire Reserve is best suited for frequent travelers. If you used to travel more, but now you\u2019re more of a homebody (perhaps due to a change in family, work or health circumstances), there\u2019s probably a better card for you. Maybe you\u2019d want to give a more affordable travel card a shot, like the <u><span data-capi-name=\"221210070\">Chase Sapphire Preferred\u00ae Card<\/span><\/u>, or change gears completely for a <u>cash back<\/u> card such as the <u><span data-capi-name=\"221211280\">Chase Freedom Unlimited\u00ae<\/span><\/u> or the <u><span data-capi-name=\"7573\">Chase Freedom Flex\u00ae<\/span><\/u>*.<\/p>\n<p>Whether you product change or decide to simply apply for a new card, one of the biggest financial mistakes is failing to shop around for alternatives. This manifests itself in many ways, such as using the same credit card year after year or <u>keeping the same bank account for decades<\/u> or only obtaining one quote for a <u>car loan<\/u>, <u>mortgage<\/u> or <u>insurance<\/u> product. Your life circumstances change and the market does, too.<\/p>\n<p>In the credit card world, your spending habits are a key consideration when it comes to picking the best credit card. Whether you spend a lot on groceries, gas, restaurant meals, travel or something else, it\u2019s important to pick a card (or cards) with elevated <u>rewards<\/u> in your top spending category or categories.<\/p>\n<p>It\u2019s also critical to ask yourself whether you\u2019re able to pay in full each month (<u>don\u2019t chase rewards when you\u2019re in debt<\/u> since <u>credit card rates<\/u> far exceed rewards payouts). Determine how much complexity you\u2019re willing to take on and whether annual fees make sense for you.<\/p>\n<h2 id=\"annual-fees-can-be-worth-it\" data-position=\"4\" data-beam-element-viewed data-id=\"br-h2-4-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Annual fees can be worth it \u2013 for some\" data-outcome>Annual fees can be worth it \u2013 for some<\/h2>\n<p>Even a card with a high annual fee can be worth it if you take advantage of the perks. You need to do the math, though. Cards that charge annual fees often include sweeteners such as monthly credits for rideshares, food delivery and\/or entertainment, along with travel benefits that might include free checked bags, airport lounge access, hotel suite upgrades and more. There\u2019s a lot of value to be had, but only if you use it.<\/p>\n<p>My colleague Ana Staples wrote a great piece about how <u>some of these partnerships essentially tell you how to spend<\/u> \u2013 for example, if you love Starbucks and your card only offers monthly credits at Dunkin\u2019 Donuts, that\u2019s not a great fit.<\/p>\n<p>And beware of overlapping benefits \u2014 you probably don\u2019t need to pay for multiple cards with similar lounge benefits, TSA PreCheck\/Global Entry fee waivers and so on.<\/p>\n<h2 id=\"don-t-be-afraid-to-switch\" data-position=\"5\" data-beam-element-viewed data-id=\"br-h2-5-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Don\u2019t be afraid to switch cards\" data-outcome>Don\u2019t be afraid to switch cards<\/h2>\n<p>A product change is a great solution when a credit card no longer works for you. Another idea is to ask the card issuer to waive (or at least lower) an annual fee. In 2020, 43 percent who asked got all of their fees wiped off and 30 percent got them lowered, according to a Bankrate poll. I tend to hear about annual fee waivers mostly on cards with modest fees in the $100 or so range; plus, it seems these waivers are less common now than they were in the past. Regardless, this is likely more of a short-term solution than something you would do year after year.<\/p>\n<p>If it\u2019s a temporary issue \u2014 for example, if you won\u2019t be flying much in a given year but anticipate returning to the skies with regularity beyond that \u2014 then asking for a fee waiver on a travel card might make sense. But if it\u2019s more of a longstanding\u201dthis card no longer fits my lifestyle\u201d sort of thing, I\u2019d go with the product change. The main downside is that product changers typically don\u2019t qualify for <u>sign-up bonuses<\/u> or intro APR offers (you have to submit a fresh application for those new cardholder benefits, which may be an option, although it\u2019s not as easy on your credit score).<\/p>\n<h2 data-position=\"6\" data-beam-element-viewed data-id=\"br-h2-6-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"The bottom line\" data-outcome>The bottom line<\/h2>\n<p>Take the time to reevaluate your credit cards at least once or twice a year, and especially when your lifestyle changes. A product change can be a great way to make lemonade out of lemons, swapping a card that no longer works for you for a more targeted rewards program, a lower annual fee or a lower interest rate.<\/p>\n<p><em>The information about the Chase Freedom Flex\u00ae has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.<\/em><\/p>\n<div data-cta-initial data-helpful-cta data-beam-element-viewed id=\"did-you-find-this-helpful\" data-type=\"cta\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Did you find this page helpful?\">\n<div>\n<p>             Did you find this page helpful?             <\/p>\n<\/p><\/div>\n<p>Help us improve our content<\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Sometimes relationships end. But when it comes to your credit cards, it could be better to update your status instead of making a clean break. Card cancellations can hurt your credit score, primarily by immediately removing available credit, and may even leave you unable to find a new credit card relationship when you really need<\/p>\n","protected":false},"author":2,"featured_media":2327,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-2326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news"],"featured_image_urls":{"full":["https:\/\/ft365.org\/wp-content\/uploads\/2025\/08\/2326-credit-card-down-grades.jpg",1280,720,false],"thumbnail":["https:\/\/ft365.org\/wp-content\/uploads\/2025\/08\/2326-credit-card-down-grades-150x150.jpg",150,150,true],"medium":["https:\/\/ft365.org\/wp-content\/uploads\/2025\/08\/2326-credit-card-down-grades-300x169.jpg",300,169,true],"medium_large":["https:\/\/ft365.org\/wp-content\/uploads\/2025\/08\/2326-credit-card-down-grades-768x432.jpg",640,360,true],"large":["https:\/\/ft365.org\/wp-content\/uploads\/2025\/08\/2326-credit-card-down-grades-1024x576.jpg",640,360,true],"1536x1536":["https:\/\/ft365.org\/wp-content\/uploads\/2025\/08\/2326-credit-card-down-grades.jpg",1280,720,false],"2048x2048":["https:\/\/ft365.org\/wp-content\/uploads\/2025\/08\/2326-credit-card-down-grades.jpg",1280,720,false],"morenews-featured":["https:\/\/ft365.org\/wp-content\/uploads\/2025\/08\/2326-credit-card-down-grades-1024x576.jpg",1024,576,true],"morenews-large":["https:\/\/ft365.org\/wp-content\/uploads\/2025\/08\/2326-credit-card-down-grades-825x575.jpg",825,575,true],"morenews-medium":["https:\/\/ft365.org\/wp-content\/uploads\/2025\/08\/2326-credit-card-down-grades-590x410.jpg",590,410,true],"crawlomatic_preview_image":["https:\/\/ft365.org\/wp-content\/uploads\/2025\/08\/2326-credit-card-down-grades-260x146.jpg",260,146,true]},"author_info":{"display_name":"henry","author_link":"https:\/\/ft365.org\/index.php\/author\/henry\/"},"category_info":"<a href=\"https:\/\/ft365.org\/index.php\/category\/latest-news\/\" rel=\"category tag\">Latest News<\/a>","tag_info":"Latest News","comment_count":"0","_links":{"self":[{"href":"https:\/\/ft365.org\/index.php\/wp-json\/wp\/v2\/posts\/2326","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ft365.org\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ft365.org\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ft365.org\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ft365.org\/index.php\/wp-json\/wp\/v2\/comments?post=2326"}],"version-history":[{"count":0,"href":"https:\/\/ft365.org\/index.php\/wp-json\/wp\/v2\/posts\/2326\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ft365.org\/index.php\/wp-json\/wp\/v2\/media\/2327"}],"wp:attachment":[{"href":"https:\/\/ft365.org\/index.php\/wp-json\/wp\/v2\/media?parent=2326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ft365.org\/index.php\/wp-json\/wp\/v2\/categories?post=2326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ft365.org\/index.php\/wp-json\/wp\/v2\/tags?post=2326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}