I applied for an Ink Preferred card on Jan 4 and got the "7-10 business days" status. Eight days ago, I received an email saying that my card had been approved. A few days later, I received another email telling me that my credit limit was $5K. I'm still waiting for my card to arrive. It has taken forever.

This is my first Ink card. I was 0/24 when I applied.

In any case, I would like to do a product change to Unlimited since the bonus categories are not useful to me. Question: Do I need to wait for a year before I can downgrade my card? Or can I do it immediately after getting the bonus points?