I've a Capital One Venture card and the annual fee hit.. It seems like I have 45 days from my last statement closing to see if I can get a refund. I also have some transferrable rewards there that I don't want to move to a travel partner yet.

If I downgrade to the no fee VentureOne, I presume the rewards will remain and I can still transfer them ? And I would get a refund of the fee (I still have 2-3 days to the 45 day deadline) ?

Can I apply for the Venture One even if I hold the Venture ? Assuming I get approved, I can transfer the rewards to the VentureOne and then cancel the Venture ?

I don't know if Capital One is like Amex where you see all Membership rewards in one pool or whether it's like Chase where you have to explicitly transfer Ultimate Rewards between cards. If the latter, could there be a timing issue if VentureOne takes some time to approve, but CRM doesn't allow me to downgrade the Venture because the application is pending ?

Thanks for any comments.