Downgrading

[Robert0769d]

I applied for an Alliant Signature card and was approved. 3% for first year no annual fee then 2.5% with $99 fee after that. Then I learned about the PayPal Cashback MasterCard 2% back no annual fee. I'd rather use the PayPal since it makes more money unless I put $1,700 a month on the signature. Since I have a card for utility bills, gas and cell phone I know I won't hit $1,700 a month.

Alliant asked for my income which is fine but here's my question:

If I get the signature card for the first year then downgrade to their rewards card with no annual fee does that close the signature card account and open a new account? So basically I'd lose the year of credit history and start new?

Or if I downgrade does the rewards card show up with the year still on?

I have a feeling it would close the year and open the new rewards at 0 years. I want to build credit long term and not short term for an extra 1%

[simplynoir]

With product changes the account history stays intact when either upgrading or downgrading. The only thing that really changes is the reward structure of the card itself with regards to earnings. This is assuming you meet the other criteria for the PC like minimum credit limits if its a Signature/Infinite product and so on.

[Robert0769d]

Ok then since I took the HP I'll send in my income and take the card and downgrade in a year. At least the card will help with more AAoA

Thank you

[Anonymous]

Known outlier with product changes that are not really product changes is Wells Fargo.

[Robert0769d]

Good to know, thank you

[Anonymous]

It’s not just Wells Fargo. You really should contact Alliant to get an answer.

Key Bank for example is another one that “product changes” are not really product changes. They are new accounts. I have seen reports of this from other banks here as well.

[RSX]

Happy I started reading these forums!  I just converted my Citi Premier with a $95 AF to Citi Double Cash card