How to upgrade or downgrade your Capital One credit card
The legacy Capital One Savor Cash Rewards Credit Card is no longer taking new applicants as of July 2024, although existing cardholders can still 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.
Key takeaways
- Before you decide to upgrade or downgrade your card, you should research Capital One’s suite of cards and check your online account for product offers.
- You should also take your current card’s fees into consideration and compare them to other Capital One cards.
- Upgrading your card can be done online, depending on what upgrade offers are available to you, or over the phone, but downgrading your card needs to be done over the phone.
Your spending patterns and financial standing will naturally change over time, so it makes sense for the credit cards in your wallet to change, too. If you’re not interested in opening a new account, consider upgrading or downgrading a card you currently 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, plus the steps to get it done.
Upgrade or downgrade eligibility for Capital One
Capital One doesn’t spell out eligibility requirements for upgrading or downgrading your account. But, as a general rule, your existing account must be in good standing when you request the product change, and you must have a positive payment history.
Plus, the Credit Card Accountability Responsibility and Disclosure (CARD) Act prohibits card issuers from increasing your annual fee within a year of opening your account. That means you’ll probably have to wait until you’ve held your current card for at least a year to upgrade if your card of choice has 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:
- 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 you’ll want to initiate this request when your credit score is 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.
- Look at your Capital One offers: Capital One frequently reviews your profile and might 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.
- Request a product change: If you find an offer you like while online, you can simply click the button to upgrade to that card. You can also call Capital One and go through the process that way. If you’re not sure what card you want, you can ask what you’re eligible for and what they recommend. Be prepared to say why you want to upgrade and to answer any questions, such as questions about your income.
Capital One will look over your existing account and determine if you meet the qualifications of 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.
Upgrading a card will sometimes trigger a hard inquiry on your credit report. Ask a Capital One representative whether your upgrade will include this step so you know what to expect.
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.
- 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.
- 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.
- 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.
Capital One Venture Rewards Credit Card
Capital One Venture X Rewards Credit Card
Capital One Quicksilver Cash Rewards Credit Card
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.
Capital One VentureOne Rewards Credit Card
Capital One Savor Cash Rewards Credit Card
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. If you want to avoid paying an annual fee, be sure to make the switch before the fee gets 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 get 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 get 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 using an offer in your account, then you also have the option to start the process online.
Before you upgrade or downgrade your card, make sure to compare it carefully to other cards offered by Capital One. You don’t want to be surprised by annual fees or a lack of benefits by the time the process is done. Finally, don’t be afraid to ask questions during the process. By calling the number on the back of your card, you can talk to 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 might be better than upgrading or downgrading your old 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.
Frequently asked questions (FAQs) about upgrading or downgrading Capital One cards
