How to quickly change the case of a word on iPhone

Turns out that in iOS8 Apple introduced a way to easily change the case of a word on iOS devices.
It's pretty simple, once you know how to do it.

First of all highlight the word (makes sense):



Hit the shift key and you'll see your selected word in the suggested words but with a capital letter at the beginning:



Double-tap the shift key to switch to capslock
Now you'll see a suggestion with the highlighted world in all uppercase:


Also, if you want to switch the word to lowercase just select a word and in the QuickType suggestions you'll see the word in lowercase (when the shift key is off).

Thanks to this Reddit user who discovered this tip.