Let's downgrade a credit card

@mikeycaloca

1.3M followers · usually 53.0K views a post

Views

213.0K

Likes

20.7K

Comments

199

Shares

441

SoundTikTok sound · original sound - mikeycaloca

View velocity

+67.6K views over 35.0d · ~1.9K/day · 4 observations

Promoted product

Chase Sapphire Preferred

Enjoy a premium travel and dining experience with 5x points on travel purchased through Chase, 3x points on dining and 2x on travel. Learn more about Chase Sapphire Preferred.

17 videos16 creators

Why it worked

The video provides a practical, actionable tip for managing credit cards and saving money, which resonates with a broad audience interested in personal finance. The creator's direct approach and clear explanation of the process, including the important caveat about charge cards, make the information easily digestible and valuable.

Summary

The creator demonstrates how to downgrade their Chase Sapphire Preferred credit card to a no-annual-fee version to avoid paying the annual fee while retaining their credit history. They explain that this is possible for credit cards but not for charge cards like American Express Gold, Platinum, or Green.

Structure

1Introduce the goal: downgrade a credit card
2Explain the reason: avoid annual fee on unused card
3

Original caption

I bet you guys didn’t know you could do this 🤭 #creditcard #chase #buildingcommunity #adulting #savingmoney

More from @mikeycaloca

Product placement

Chase Sapphire Preferred: acts - a credit card that the creator is calling to downgrade. Removing it would change the video's purpose. Chase Freedom Flex: appears - a credit card shown as an option. Removing it would not change the video's purpose. Chase Freedom Unlimited: appears - a credit card shown as an option. Removing it would not change the video's purpose. American Express Gold: appears - a credit card shown as an example of a charge card. Removing it would not change the video's purpose. American Express Platinum: appears - a credit card shown as an example of a charge card. Removing it would not change the video's purpose. American Express Green: appears - a credit card shown as an example of a charge card. Removing it would not change the video's purpose.

On-screen text

Let's downgrade a credit card Extremely easy

Transcript

I have a $95 a year fee credit card called the Chase Sapphire Preferred and I never use it, so I don't want to pay the annual fee anymore. So what I'm gonna do is call Chase and I'm gonna downgrade this card to a no annual fee version. That way I don't close it, I keep the credit history. You never wanna close your credit cards. Let's do this. Calling. Thank you for calling Chase. How can I help you with your Sapphire account today? So I just wanted to downgrade my Sapphire, you know, the $95 annual fee. I just really don't use it. So I just wanted to downgrade and downgrade to a no annual fee version. Appreciate you calling and changing your account. Do we have three different cards available that have no annual fee? We have the Sapphire Classic, the Sapphire Rewards, and we have the Freedom Unlimited. I will do the Freedom Unlimited please. Alright. And just to like double make sure whenever I do this, I don't lose the credit history from this product. Correct. This product. Correct. Thank you for choosing Chase. Enjoy your weekend. So oh, she hung up. There is a little caveat to this because if you have a charge card like an Amex Gold, a Platinum or a Green, you do not have the option to downgrade to a zero annual fee credit card. So like these are credit cards. Sapphire card, that's a credit card. On this one, I have the option to downgrade to a zero annual fee. I don't have the option to downgrade to a zero annual fee on this one. So when I see my 19, 21 year olds getting a Platinum or a Gold and then five years down the line, they hate the annual fee. They cannot downgrade that. And you never want to close people. Your week. Hack of the week.