what do you know about downgrades

A downgrade (or product change) swaps a card with an annual fee for a lower-fee or no-fee card from the same issuer. The account stays open, so you keep your credit history and credit line without paying the fee.

• Why people do it: It keeps the account's age and your credit limit, which helps utilization, and it can be easier than applying for a new card, especially under issuer application rules like Chase's 5/24.
• Points: Check before you act. Citi points earned on a card you close can expire within 60 days. Chase points should be moved before you close a card. If you downgrade to a no-fee card and have no premium card left, you may lose the ability to transfer points to airline and hotel partners.
• Limits: Options vary by issuer and by card. Some cards can only change to one specific sibling product, and some product changes can cost you eligibility for that card's welcome bonus later.
• Reverse path: Many issuers let you upgrade again later, which can be useful if you want the premium card back for a big trip.

If you tell me which card you're considering downgrading, I can check its specific product change options.