It is very rare that grading a sports card decreases its value. Grading not only protects the card from possible damages, it also authenticates the originality of the card. BGS and PSA are most trusted sports card grading service provider, and the grade you receive from them will determine if your card is worth more or less.
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That depends on the grading company that you choose. The top grading companies are PSA, SGC, GAI, BVG and BGS.