Don’t cancel: How to downgrade a Chase credit card

If you have a premium Chase credit card in your wallet, every so often, it makes sense to think about things like:Is the annual fee worth paying?Are you actually using the card's benefits?Does the card still fit your spending and travel?If you answer no to any of the questions above, you might consider canceling your card or at least asking Chase to extend a retention offer to keep it.In many cases, you can downgrade your Chase credit card to one with a lower annual fee or even no annual fee at all.Doing so typically won't require a credit check, can help preserve your credit history and may allow you to keep your Chase Ultimate Rewards points, depending on which card you downgrade to.Keep in mind, downgrading means you won't earn a welcome bonus on your new card, and if you're moving to a card that doesn't earn transferable Ultimate Rewards points, you'll want to have a plan for your existing rewards.Here's how to downgrade a Chase credit card and why you might want to consider doing so.Related: When can you downgrade your credit card?Steps to downgrade your Chase cardThe process is relatively straightforward.Reward your inbox with the TPG Daily newsletterJoin over 700,000 readers...