If the annual fee just came due for one of your travel rewards cards, you may find it difficult to justify the expense if you're not getting enough value in return. If you can't maximize the card's benefits, earning rates or redemption opportunities, there may be an option besides paying the annual fee, canceling your card or calling to see if you can snag a retention offer. That option is to downgrade your card.
As a result of provisions of the Credit CARD Act of 2009, you'll generally need to wait until you've had your card for a year before you can downgrade it. However, some issuers have different policies, and there are also some other aspects to consider.
Here's when you can downgrade your credit card account for most major card issuers — and when it might be a good option.
A great solo travel tip spotted this week on The Points Guy Articles.
