Our financial institution offers customers the ability to convert to a new credit card product if they choose. Our current process is if the customer is requesting to convert to a different card product that has a higher rate and there is an existing balance, we are protecting the existing balance at the old rate.

I don't think this is necessary as it isn't a change in terms on the existing account. The customer is choosing to move to a different product and protecting the balance in this case is not necessary.

This is correct?

Are we performing any underwriting to document my ability to repay the card at a higher rate?