Upgrading/Downgrading the Disney Visa

[MommyBryn]

How difficult is it to DOWNGRADE the Disney Visa from the Premier to the regular card? While I normally consider the Disney card to be of terrible value overall, I have had the original one for quite a few years, and with an upcoming trip in January, I'm considering upgrading to the Premier with the $50 statement credit to cover the annual fee, using it whenever my other cards only give me 1pt/1%, and then downgrading BACK to the regular Visa before the next renewal/annual fee. Is this possible, and if so, difficult? I've never bounced back and forth between "levels" of cards, even though we use credit all.the.time. for rewards.

 

[Maistre Gracey]

Probably easy.... but your credit report will take a hit.

MG

 

[Good Morning Dewdrop]

Probably easy.... but your credit report will take a hit.

MG

why would it take a hit?

 

[Maistre Gracey]

Closing and reopening accounts means a score hit. Also length of account open and credit line.

MG

 

[PatMcDuck]

We are sort of bouncing back and forth with our SW cards, in a similar fashion, to keep getting 50,000 points. Me and my husband each had the regular plus card, 50,000 each, then after a few years, we each got Premiers, another 50,000 each. We just cancelled the original cards. We are hoping to wait a few years and switch back again.

We are not TOO worried about how it will effect our credit rating, as these are not our longest held cards, and we hold many other cards, some with very high credit limits that we have had for decades, and some that are store cards with low limits.

 

[gottalovepluto]

I recall reading something here on the boards about people who were able to have both open. Look into that. IF that's the case: skip the upgrade/downgrade & just open the Premier account with the latest $200 offer. Cancel it when you're done. You're not looking for a new, long term card here so keep your no-fee Disney building that lengthy credit history and do a hit and run of one year on the premium card. If you charge enough for it to be worthwhile you can look at keeping it then.

If you're not after a bonus and really just want a 2% back card look at Citi Double Cash back. No fee. 2% back. (NOT stuck with Disney-only rewards.) Goal achieved!

 

[Eighty8Keys]

I've had the regular no fee Disney Visa for over 10 years. Chase regularly offered to upgrade it for the $50 bonus. Two years ago, I applied for and was approved for a separate premier Visa with a signup bonus of a $200 statement credit after making $500 in purchases within 90 days. This covered the annual fee plus gave me an extra $151. When the next year's annual fee came due I canceled the card because I have other cards with better rewards. Didn't notice any hit to my credit score which is in the low 800's. I will always keep the no fee card for the discounts.

 

[MommyBryn]

We are sort of bouncing back and forth with our SW cards, in a similar fashion, to keep getting 50,000 points. Me and my husband each had the regular plus card, 50,000 each, then after a few years, we each got Premiers, another 50,000 each. We just cancelled the original cards. We are hoping to wait a few years and switch back again.

We are not TOO worried about how it will effect our credit rating, as these are not our longest held cards, and we hold many other cards, some with very high credit limits that we have had for decades, and some that are store cards with low limits.

We planned to do that with Southwest as well, though we went with United this time instead (since the rest of our family flies United and we will be with them). I'm not worried about it affecting my credit either, we've been "milking" the credit card system for all it's worth for years now and get amazing benefits from it (we never carry a balance) and have maintained awesome credit.

I recall reading something here on the boards about people who were able to have both open. Look into that. IF that's the case: skip the upgrade/downgrade & just open the Premier account with the latest $200 offer. Cancel it when you're done. You're not looking for a new, long term card here so keep your no-fee Disney building that lengthy credit history and do a hit and run of one year on the premium card. If you charge enough for it to be worthwhile you can look at keeping it then.

If you're not after a bonus and really just want a 2% back card look at Citi Double Cash back. No fee. 2% back. (NOT stuck with Disney-only rewards.) Goal achieved!

I may do that (opening up a separate premier card)! I will probably wait until a little further into the year but it does make sense to just do it that way, plus get $150 for it that I can just put toward the vacation.

 

[thumper88]

I recall reading something here on the boards about people who were able to have both open. Look into that. IF that's the case: skip the upgrade/downgrade & just open the Premier account with the latest $200 offer. Cancel it when you're done. You're not looking for a new, long term card here so keep your no-fee Disney building that lengthy credit history and do a hit and run of one year on the premium card. If you charge enough for it to be worthwhile you can look at keeping it then.

That's what I did. Yes, I still have my regular Disney Visa although I'm not using it right now. I will probably cancel the Premier after the year is up.

 

[scard192]

I've had the regular no fee Disney Visa for over 10 years. Chase regularly offered to upgrade it for the $50 bonus. Two years ago, I applied for and was approved for a separate premier Visa with a signup bonus of a $200 statement credit after making $500 in purchases within 90 days. This covered the annual fee plus gave me an extra $151. When the next year's annual fee came due I canceled the card because I have other cards with better rewards. Didn't notice any hit to my credit score which is in the low 800's. I will always keep the no fee card for the discounts.

I did the same thing and my FICO score remained in the 800s.