If you have outgrown your credit card and are looking for an upgrade, you can upgrade a new credit card from the same bank. Upgrading your card with your current issuer can simplify the approval process and you may avoid an inquiry on your credit report. However, you might lose out on a bonus.
You might wonder that you will have to redo the entire process. If you apply for a new credit card with a new issuer, you might have a hard inquiry. But, on the other hand, applying with the same issuer might help you to gain some advantage.
How to update your credit card?
Calling your Issuer
You might want to call your issuer to let them know that you are looking out for a new credit card. This way they will also help you to know the latest cards and the advantages of switching to a new card.
Decide if you need the Upgrade
Whether you want a new card or upgrade an existing card is something you have to decide after evaluating the pros and cons of both these options. But if you want to consider opting for a new card, then you might see a decrease in your credit score.
Negotiation
When you negotiate with the credit card issuer, you can always ask for the bonus advantages to the issuer.
Also Read: Quick Steps to Get Your New Credit Card