Benefit backdating rules
The only Wells Fargo cards with annual fees are the new Propel cards, unfortunately these cards haven’t been out for long enough so there isn’t any data points on what cards it’s possible to downgrade to. As I see it there is basically two options: Alliant does allow product conversions, in fact if you upgrade to their cashback Visa signature card then you will earn 3% cash back with no annual fee in the first year. Because this is considered a product change it doesn’t affect that trade line on your credit report, this means that your credit card will continue to age and thus increase your average age of accounts in the long term.Ideally what you want to do is downgrade to a card that you can also use, whether it be because it has rotating 5% categories or a particular benefit that is useful.However because of the problems and issues associated with VAT registration the majority of people find it easier to use an agent.
Rules: Update 2: Wells Fargo does do product changes.
Unfortunately, what I’ve outlined above is really a best case scenario and it’s not always possible.
Sometimes certain card issuers will do a hard pull when you do a product change, sometimes they’ll report a new opening date instead.
A lot of credit cards come with a high sign up bonus and an annual fee that’s waived for the first year.
That means it’s possible to sign up to get the bonus, then cancel the card before the annual fee actually hits.