It's easy to justify paying hundreds of dollars in credit card annual fees when you can use card benefits like travel credits, dining credits, shopping credits and airport lounge access. But it's harder to justify paying those fees if you carry multiple credit cards with similar benefits or are simply trying to cut down on expenses.
If you're not getting enough value from a credit card to offset its annual fee, you can downgrade it to a different product with a lower or no annual fee. You could also cancel the credit card, but that can have unintended consequences, like a drop in your credit score later down the road. More often than not, you're better off downgrading or product changing your card rather than canceling it outright.
Though every card issuer handles product changes in its own way, in this guide, we'll show you how to downgrade a Chase credit card.
A great solo travel tip spotted this week on The Points Guy Articles.
