Just want to double check...

[BenK]

So I wanted to double check if my credit score would be affected if i switch my CIBC Student Classic Visa, to their CIBC Dividends Visa Card. That was my very first CC from 1st yr university and I'm looking to up my credit a little and get a slightly better card (even though the dividends card isn't great). This wouldn't technically close my account and open a new one right (and in the process, damage my score)?

thanks in advance.

[AllWheelDrift]

You'll get conflicting responses, but it shouldn't hurt your credit score. I've switched cards with Royal Bank (Visa) and CitiBank (MasterCard) and in both cases the account history was transfered. I also switched my MBNA card recently but I haven't seen my credit report since that happened.

I've heard it's not possible to switch cards with AMEX though.

I did just discover that when CitiBank switched my card they didn't seem to report the old card as closed so while it hasn't been updated in a year, it's showing as open with a balance. Speaking of which, yes the "new" card shows up separately on your report, but the "open" date will be that of the card you switched from, not when you switched which is why it shouldn't impact your score.

When you call to switch, the rep should be able to tell you. Also, you might want to order your free credit report a couple months after the switch to make sure everything is correct.

[7jaii]

It shouldn't affect it.

However, the accurate answer should come from your bank. This is what I would do. Phone the institution that issued your current card. Ask them questions until you're satisfied with your options...then ask if they will raise your limit & perks WITHOUT fees.

Your CSR should transfer you and another agent will explain your options. I was stuck with my student CC for several years because I wasn't purchasing much. Now that I'm older, working, paying rent & car, and RFD Dell Days (damn you RFD), I realized a Cash Back card is best for me. Fixed monthly expenses and traveling means Cash Back & Rental Car coverage & No Fees suits me.

Now there are more cards with fees that offer even better premiums but this is a step up from my basic card. Again, your current issuer want to retain your account -- they don't want to lose you to TD Emerald (I wish I had that kind of income).