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Slash Fees, Keep Perks: Why I Downgraded My Credit Cards

Slash Fees, Keep Perks: Why I Downgraded My Credit Cards

Downgrading credit cards instead of canceling them can be financially savvy, as it allows you to retain the benefits that suit your needs while eliminating costly annual fees. The author saved $645 in annual fees by downgrading two cards that no longer provided enough unique value to justify their costs. Factors like overlapping benefits from multiple cards, lack of sufficient unique perks, and changes to the card's fees and benefits can all signal that it's time to consider a downgrade. Downgrading is usually a simple process that involves contacting the card issuer and selecting a new card within the same rewards program. Sometimes, card issuers may offer retention incentives to discourage downgrading, which the cardholder can either accept or decline.

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