baliktad

I spoke to a very nice, patient CSR when calling to discuss my options on this card. Here's what I got from the conversation:

Any time you start a new rewards "program," that is considered acceptance of an "offer." These are words that Capital One uses to describe their marketing efforts, even though to you it may not seem like an offer or even a change in program. Changing from the Venture 2 points/$ card to the 1.25 points/$ card is acceptance of an offer because you are changing programs. It is an overall Capital One policy that once accepting an offer, you are not eligible for any other offers for the next 6 months.

I was amazed at exactly what kind of insight the CSR had about my card history and spending habits. It was very easy for her to rattle off my specific patterns in spend and payment. She knew that I had used the card sporadically (a few multiples of the minimum spend), how many months it had been since I had put any spend on the card, and that I always paid off my full card balance every month.

I pressed a few times for a way to keep the card without paying the fee, and it seems the CSR's are well-prepared and do not have any room to budge. The options are:

1) Pay the $59 to keep the card and the 2 points/$ reward rate.
2) Move to the no-fee card but only earn 1.25 points/$. Keep your account number and rewards balance.
3) Move to the no-fee cashback card (1%?). I didn't pay very much attention to this offer.
4) Cancel the card outright. Lose any unredeemed award points.

There wasn't even a hint of a way to waive the fee. I went with the 1.25 points/$ option because the card still has no forex fee. I'll keep it as a backup for my Chase Sapphire card.