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Downgrading

Robert0769d
Member

Downgrading

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%
AAoA 2 years, 0 Late/Derogatory/Collections, AVG score 750
Amex Blue Cash (20k), Amex Lowe's Business (20k), Alliant Signature (15k), PayPal Cashbacks (12k), Amazon Store Card (10k), AAdvantage World Elite (4,200), Chase Freedom (2,500)
Message 1 of 7
6 REPLIES 6
simplynoir
Community Leader
Super Contributor

Re: Downgrading

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.

Message 2 of 7
Robert0769d
Member

Re: Downgrading

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
AAoA 2 years, 0 Late/Derogatory/Collections, AVG score 750
Amex Blue Cash (20k), Amex Lowe's Business (20k), Alliant Signature (15k), PayPal Cashbacks (12k), Amazon Store Card (10k), AAdvantage World Elite (4,200), Chase Freedom (2,500)
Message 3 of 7
DanielJacksonSG1
Established Contributor

Re: Downgrading

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

Message 4 of 7
Robert0769d
Member

Re: Downgrading

Good to know, thank you
AAoA 2 years, 0 Late/Derogatory/Collections, AVG score 750
Amex Blue Cash (20k), Amex Lowe's Business (20k), Alliant Signature (15k), PayPal Cashbacks (12k), Amazon Store Card (10k), AAdvantage World Elite (4,200), Chase Freedom (2,500)
Message 5 of 7
Morpho
Valued Contributor

Re: Downgrading

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.

Message 6 of 7
RSX
Established Contributor

Re: Downgrading

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

Dec 16/2019. EX. 721. EQ. 723. TU 746
Dec 29/2020 EX. 729 EQ. 723 TU 746
Feb 3/2021 EX. 739 EQ. 727 TU 750
Inq. EX 5 EQ 4 TU 5 - - CC 6x24, 2x12
Amex BCP $20k - Apple GS $17k - BMW/Elan $5k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase United Club Infinite $20k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $22k - HSBC Gold - $10.5k - Penfed Gold - $12.5k - USBank Cash+ -$20k - Wells Sig Visa $12k
Message 7 of 7
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