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That credit card upgrade from your mailbox may sound like a new and different card – and it could be one you don’t want. According to The Wall Street Journal, changes in your credit contract terms can be legally be called upgrades, even if they mean higher costs for you. For example, upgrades to rewards cards may carry a higher annual fee.
If you get a card upgrade, read the fine print carefully to determine whether you come out ahead. While you may discover advantages, watch for features you don’t want and for new or changed penalties and fees. If you’d rather keep your old card, contact the card issuer to ask how to refuse the upgrade and keep your old card in service.
All the best,
Timben
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