Mar 20, 2023, 12:59 am
Last edit by: SpaethCo
This needs additional details for business cards, but for personal cards it's important to point out that all Venture cards retain the full availability to transfer miles to partners.
Capital One product change link: https://verified.capitalone.com/auth...ProductUpgrade
Important Note: Capital One refers to every product change as an "upgrade" even if you are technically changing to a lower tier card. Only a handful of other products tend to be available (ie, Savor cards rarely show up as an "upgrade" option), and the cards you are presented by the upgrade link may vary over time. For the Venture and Venture X, the no annual fee VentureOne is often presented as a product change option and can be a valuable option to preserve a points balance.
The no annual fee VentureOne card only earns 1.25x points for purchases, but it retains all of the rest of the Venture card transfer powers.
For example, the no annual fee combo of SavorOne and VentureOne would earn 3x points on Dining/Grocery/Entertainment (SavorOne) and 1.25x points on everything else (VentureOne). With that combination you retain the 1:1 transfer ability with all of Capital One's transfer partners.
Capital One product change link: https://verified.capitalone.com/auth...ProductUpgrade
Important Note: Capital One refers to every product change as an "upgrade" even if you are technically changing to a lower tier card. Only a handful of other products tend to be available (ie, Savor cards rarely show up as an "upgrade" option), and the cards you are presented by the upgrade link may vary over time. For the Venture and Venture X, the no annual fee VentureOne is often presented as a product change option and can be a valuable option to preserve a points balance.
The no annual fee VentureOne card only earns 1.25x points for purchases, but it retains all of the rest of the Venture card transfer powers.
For example, the no annual fee combo of SavorOne and VentureOne would earn 3x points on Dining/Grocery/Entertainment (SavorOne) and 1.25x points on everything else (VentureOne). With that combination you retain the 1:1 transfer ability with all of Capital One's transfer partners.
Keeping Capital One cards? [Cancel, Exchange, Retention Offers, all cards]
Feb 13, 2012, 3:23 pm
#62
Join Date: Jun 1999
Location: NYC/LA
Programs: DL Plat, AA Plat Pro, Marriott Titanium, IHG Diamond Amb
Posts: 7,486
A few months ago I tried cancelling via SM and was of course told to call in. Since this was before I heard of people having success repeating the request over SM, I actually sent a written request to the following address:
Capital One
Attn: General Correspondence
PO Box 30285
Salt Lake City, UT 84130-0289
The account was closed and I received a written confirmation.
Capital One
Attn: General Correspondence
PO Box 30285
Salt Lake City, UT 84130-0289
The account was closed and I received a written confirmation.
Feb 13, 2012, 5:38 pm
#63
Moderator: Manufactured Spending
Join Date: Jul 2011
Posts: 6,580
If you call, you just need to be firm. The rep has no way of knowing whether you are a casual card user who just decided to cancel a card or an experienced churner who knows what he's doing. If the rep starts asking questions, ask "why do you need this information", and if you get the sales pitch, interrupt and say "I just want you to close my card". Once they get the message, they will do it fast.
Feb 13, 2012, 5:45 pm
#64
Join Date: Feb 2008
Location: Kobe, Japan
Programs: Bonvoy Platinum, IHG Diamond, Hyatt Discoverist
Posts: 1,531
Good advice.
I called in to ask about switching to a fee free card, but they dodged the question and said I don't need to cancel for another few months.
I need to make one more travel-related charge, then I can cover it with my remaining 6,000 points and be done.
I called in to ask about switching to a fee free card, but they dodged the question and said I don't need to cancel for another few months.
I need to make one more travel-related charge, then I can cover it with my remaining 6,000 points and be done.
Feb 14, 2012, 8:29 am
#65
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,954
Moderator action
A half dozen threads discussing Capital One Venture card cancellation, retention offers or conversion to fee-free cards have been consolidated.
Feb 22, 2012, 10:18 am
#67
Join Date: Jan 2011
Posts: 749
I spoke again with Cap1 again, and was told that they only will know if they can waive the annual fee once the annual fee is charged to the card. I said that sounds really backwards. He insisted this is SOP. Of course if they aren't able to waive the fee then I will be on the hook to pay it.
I'm done working with them. Very strange company that is ok with giving me $1100 and then acting like they could care less about me. I'm fine with that... maybe I'll get another $1100 instead of just a measly $59 AF Waived.
I'm done working with them. Very strange company that is ok with giving me $1100 and then acting like they could care less about me. I'm fine with that... maybe I'll get another $1100 instead of just a measly $59 AF Waived.
Feb 22, 2012, 10:25 am
#68
Join Date: Sep 2011
Programs: HHonors Gold, National Exec, Marriott Silver
Posts: 267
I spoke again with Cap1 again, and was told that they only will know if they can waive the annual fee once the annual fee is charged to the card. I said that sounds really backwards. He insisted this is SOP. Of course if they aren't able to waive the fee then I will be on the hook to pay it.
I'm done working with them. Very strange company that is ok with giving me $1100 and then acting like they could care less about me. I'm fine with that... maybe I'll get another $1100 instead of just a measly $59 AF Waived.
I'm done working with them. Very strange company that is ok with giving me $1100 and then acting like they could care less about me. I'm fine with that... maybe I'll get another $1100 instead of just a measly $59 AF Waived.
Feb 22, 2012, 12:27 pm
#70
Join Date: Sep 2011
Programs: HHonors Gold, National Exec, Marriott Silver
Posts: 267
The removal of their best redemption options (Hyatt, Raffles, Ritz, etc.) certainly doesn't do it any favors vs other 2% cb cards...
Feb 22, 2012, 1:41 pm
#71
Join Date: Jan 2011
Posts: 749
Never had trouble cashing in at 1c per point, but with the offers out there right now for 1.5-2.2 actual miles per $1 on some of the big boys (AA/CO/UA) it just isn't worth it. For incidentals where I need actual cash the Blue Cash nets me higher average percentage for my ordinary spending than the Venture. I'm focusing all churn on CO/AA to gain those ever valuable real miles.
I feel bad, with Chase UR now converting to real miles Cap1 looks to be left in the dust.
I feel bad, with Chase UR now converting to real miles Cap1 looks to be left in the dust.
Feb 22, 2012, 6:33 pm
#72
Join Date: Feb 2007
Posts: 754
Canceled our cards this weekend. After the rep verified both accounts had zero points, he just cancelled with no hesitation. I was going to downgrade to the 1.25x card and keep it for the zero foreign transaction fees, but I renewed my Chase Hyatt so I have that covered for the time being.
Feb 23, 2012, 12:15 pm
#73
Join Date: Jun 2008
Location: PDX
Programs: OnePass, MilesPlus, AAdvantage, SkyMiles (unfortunately), PC Plat, HH Silver, Marriott Aluminium
Posts: 739
I would also rather downgrade to the free version of the card than just cancel it outright but I definitely won't do that if I'm going to lose the value of my points in the account. I'm aware of losing half the value if you simply cash them out but I haven't heard about the points value if you just downgrade the card to the free version of the card.
Feb 25, 2012, 7:23 am
#74
Join Date: Aug 2011
Posts: 55
To summarize what I've gotten from reading this consolidated thread:
*Nobody has been offered an annual fee waiver or bonus to keep the Cap1 Venture card open
*Some indications from CSRs that might change once the fee has actually been applied (but unclear if there is a 30-day grace period like Chase or Citi)
*Several have converted to a no-fee card, others have just cancelled in the hopes of being eligible for Cap1's rumored upcoming offer
Remaining questions: Any additional details/anything concrete re: this upcoming offer and whether it would only be for first time Cap1 users? Also, what impact does closing it vs. keeping it open (downgraded version or regular) have on your credit score? Wouldn't it make your average credit line age decrease (because it would be frozen at 11 months) or does it not count any longer toward that figure once it's closed? Any other negatives from the credit score perspective?
*Nobody has been offered an annual fee waiver or bonus to keep the Cap1 Venture card open
*Some indications from CSRs that might change once the fee has actually been applied (but unclear if there is a 30-day grace period like Chase or Citi)
*Several have converted to a no-fee card, others have just cancelled in the hopes of being eligible for Cap1's rumored upcoming offer
Remaining questions: Any additional details/anything concrete re: this upcoming offer and whether it would only be for first time Cap1 users? Also, what impact does closing it vs. keeping it open (downgraded version or regular) have on your credit score? Wouldn't it make your average credit line age decrease (because it would be frozen at 11 months) or does it not count any longer toward that figure once it's closed? Any other negatives from the credit score perspective?
Feb 26, 2012, 10:28 am
#75
Join Date: May 2007
Location: San Francisco Area
Programs: Hyatt Diamond, SPG Platinum, Fairmont Platinum, ICG Platinum Royal Ambassador, Avis President's Club
Posts: 317
My annual fee date is one month away. Extremely nice CSR allowed me to shift to the no fee cash card and shifted my remaining balance to a cash credit.
Is it the common judgement that with the new upcoming offer holding the cash card will make me ineligible? Was that the case with the prior offer?
Is it the common judgement that with the new upcoming offer holding the cash card will make me ineligible? Was that the case with the prior offer?