How do I downgrade my credit card?

I have a credit card earning miles which I pay $75 in annual fees for. I want to downgrade this to just a regular credit card but when I called the bank they told me that I will have to call the FTC and ask if I can transfer my credit limit, etc to a new account without really "canceling" my old one. Is there an easier way going about this? I don't want to pay $75 in annual fees anymore and I don't want to "cancel" this account because it might affect my credit score.|||It's called a product change. Not all card issuers do it, and among those that do, very few customer service reps know how to do it. Even if you get it done, the annual fee sometimes sticks. Calling the FTC is crazy talk--you got a badly misinformed CSR. Call back until you get a better one. Talk to their supervisors if you need to. If you can't get a product change, make them waive the fee. Just remember that in the current climate, if you threaten to cancel your card, they will call your bluff. That negotiating tactic doesn't work anymore.|||I've never been able to switch a credit card.


I have always had to close the old one and start a new one.





Note: It will only affect your score if it's your oldest card.


Also, it will reduce your available unused limits


Creditors love to see unused cash in your credit cards - great for ratings.





Open a new card first.


Then close the old one.


Are you carrying balances?


Stop that - that only ruins credit.


Start paying in full each month and watch yourself get amazing top 800 scores someday.


/|||The bank is giving you the run around. The FTC has nothing to do with changing your credit card terms.





It boils down to the bank doesn't want to downgrade the account. You will have to open a new account and close the old one. I suggest you find a different bank to open the new account. You may even make one more try to get the current account downgraded by mentioning that if they won't downgrade the account, you will just open a new account elsewhere.





If you don't carry balances on other credit cards, closing an account won't make that much difference in your score. The biggest impact would be lowering your overall limit which would increase your debt to limit ratio to 30% or more which hurts your score. If you don't carry balances, this makes no difference.





Closed accounts in good standing remain on your credit report for at least 10 years. They just don't count as much in your score. The old advice to keep all credit cards open is no longer good advice. Unused credit cards are opportunities for problems with ID theft and fraud. Some companies are now charging monthly fees for inactive accounts.





If you opt to close the account, do it via letter and ask for written confirmation that the account is closed and 0 balance. Keep that confirmation forever.