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Keeping Capital One cards? [Cancel, Exchange, Retention Offers, all cards]

Old Mar 20, 2023, 12:59 am
FlyerTalk Forums Expert How-Tos and Guides
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.
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Keeping Capital One cards? [Cancel, Exchange, Retention Offers, all cards]

Old Jan 10, 2012, 6:47 pm
  #46  
 
Join Date: May 2004
Location: Northwest NJ
Programs: Starwood Platinum,Marriott Platinum, United Silver
Posts: 2,313
As I posted elsewhere, I got this card for the 110,000 bonus AND the fact that I could redeem that for $1800 in Hyatt Gift certificates. My wife did the same and we had a wonderful time at the Park Hyatt Paris Vendome.

My interest is in aspirational awards, not a percentage back (and please, I don't knock that approach at all). When the Hyatt transfer ended, so did my interest.

I ended up with about 20,000 points in my account. I used the card in Paris at the Hyatt and used most of the remaining points to pay off that bill. The rest I was able to donate to charity and then cancelled the card. It was a great deal but without the Hyatt certificates, it no longer interested me.

It is strange to me that they went from a 110,000 bonus to a 10,000 bonus. I don't care how much you like Alex Baldwin - hard to imagine they are getting many new customers with the other good deals out there, like Chase Sapphire.
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Old Jan 10, 2012, 8:51 pm
  #47  
 
Join Date: Mar 2010
Posts: 1,173
keeping mine

wife and I got both Business and Personal and wound up with 450k worth of points!!! we used 3/4 of those so far on all inclusive resorts.....I wanted to save the rest for a cruise, but will likely cash them out by paying for business hotel and rental car with it and taking statement credit and company reimbursement. We are buying a new car and could use an extra $1200.

There is no card out there with 2% earning and a flexible redemption on anything travel related....amex and UR come close but they have limitations.

We will cancel our business cards to keep the fee down to $60 each for our personal cards...Might even be able to churn business cards if they come out with new promo.
I don't know if I'm keeping it for the flexibility and 2% back, or gratitude for the best promo of last year, or because they let me put my own picture on the card of my toes up in the sand of Lanakai beach in Oahu with the islands in the backround.

A retention bonus would be nice, but I don't cancel all my cards every year because of the annual fee, keeping a few beyond a year looks good to banks that may use your opening and closing paterns to consider your next app with them. In my book this one is worth keeping!!

Last edited by wise2u; Jan 10, 2012 at 8:55 pm Reason: spelling
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Old Jan 11, 2012, 8:16 am
  #48  
mia
A FlyerTalk Posting Legend; Moderator: American Express, Capital One, Citi, Chase, Credit Card Programs, Diners Club, Signatures
 
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,878
Originally Posted by ontheway
...explain how the Capital One card offer worked and what it entailed?
Original thread here:

http://www.flyertalk.com/forum/miles...ture-card.html

Originally Posted by thehawk75
My hunch is we're going to start to hear about C1 retention offers very soon
Discussion in progress:

http://www.flyertalk.com/forum/credi...on-offers.html
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Old Jan 11, 2012, 8:22 am
  #49  
mia
A FlyerTalk Posting Legend; Moderator: American Express, Capital One, Citi, Chase, Credit Card Programs, Diners Club, Signatures
 
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,878
Already cancelled, to test if it could be done by email. It can, but it takes two messages. The first one will tell you that you "must" call. They are bluffing.

Venture is a decent foray into the serious rewards card category, but a straight 2% with no category or threshold bonuses, and only a rare redemption bargain isn't good enough. There is a tradeoff in complexity and redemption flexibility, but Citi Premier's 2.66% reward for general spending seems better for those who don't want airline miles or hotel points.
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Old Jan 11, 2012, 10:37 am
  #50  
 
Join Date: Aug 2011
Location: ELP
Programs: AAdvantage, Amex MR
Posts: 2,308
As a budget traveler who is always looking for the best deals this card is ideal for my travel lifestyle right now. I want to get it but I am waiting on two things, my current credit card to age and for the Venture to get a better signup bonus. Honestly 10,000 bonus miles right now is insulting.

I could probably get the card based on score alone, all 3 of my scores are in the 720 - 750 range but last year when I was denied for a Citi thankyou and Bank Americard for lack of credit references I was approved for a capital one no hassle cash card. I have been perfect on my installment loans I just need some revolving credit history.

Surely Capital one will have to offer a better signup bonus sooner or later with this card.
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Old Jan 11, 2012, 11:30 am
  #51  
 
Join Date: Dec 2009
Location: CHA/TYS
Programs: The Mac Daddy of Heimlich County (and low-ball status)
Posts: 2,868
will be canceling mine, since i have about 10 open right now. also canceling in hopes of not having an active C1 card for another promo coming up soon (hoping, based on the speculation i saw a week or two ago on here). i'll be losing about $5 worth of points, tho. i cashed in 2500 of my last 3000 or so on a WM gift card.
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Old Jan 13, 2012, 5:21 pm
  #52  
 
Join Date: Feb 2008
Location: Kobe, Japan
Programs: Bonvoy Platinum, IHG Diamond, Hyatt Discoverist
Posts: 1,496
I only have 6000 points left on it after scoring my Raffles GCs, so one or two purchases can get it down to 0.

Nice card, but Chase Sappire UR seems like a better bang for the buck.
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Old Jan 13, 2012, 10:42 pm
  #53  
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Join Date: Jul 2003
Location: Florida
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Originally Posted by mia
Already cancelled, to test if it could be done by email. It can, but it takes two messages. The first one will tell you that you "must" call. They are bluffing.

Venture is a decent foray into the serious rewards card category, but a straight 2% with no category or threshold bonuses, and only a rare redemption bargain isn't good enough. There is a tradeoff in complexity and redemption flexibility, but Citi Premier's 2.66% reward for general spending seems better for those who don't want airline miles or hotel points.
While others think the redemption is easy I find it restrictive because only the travel expenses can be redeemed at the full 1 penny value per mile. On top of that if it is not airline booking, you cannot split the redemption amount.

After I finished up the sign up bonuses, the cards have been in sock drawer ever since. I may try to downgrade it at least for the $30K line card simply it may help for overall utilization picture. The other one definitely would be canceled.

For us, it clearly cannot compete with either Chase Sapphire Preferred or Citi's Premium. If this is all C1 can muster for its foray into the up market of the CC business then C1 has a very long way to go.
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Old Jan 14, 2012, 9:57 am
  #54  
 
Join Date: May 2004
Programs: AA lifetime platinum, Jet Blue Mosaic
Posts: 438
I called Cap One hoping for a fee waiver and perhaps an additional retention bonus. Refused so I cancelled the card. Two weeks later I received a mailing from Cap One inviting me to re-apply for the card and receive a 10K bonus. Threw it into the recycling bin.
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Old Jan 15, 2012, 8:42 am
  #55  
 
Join Date: Feb 2008
Posts: 940
I really liked Capital one's card (with no forex), but I just haven't used it much. It can't compete with the Chase's Ultimate Rewards program (which is my go-to card these days). While I like the cash back on the Venture card, I'll be canceling it. I'll probably stick with the Chase Sapphire long term unless there is a program that is just as competitive.
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Old Feb 8, 2012, 8:20 am
  #56  
 
Join Date: Sep 2008
Programs: N/A (kid =! no travel :( )
Posts: 236
Capital One Venture to cashback card?

So my fee is coming up on my cap venture card and from what I hear they really don't give out a bonus to make up for the annual fee. I am considering switching over to the cash card but I would like to make it as profitable as possible. I see on their website they are offering a measly $100 bonus after spending 2500 and I was wondering if anyone else had seen better? And on top of that I am thinking of applying for the cash card, (hopefully getting it), switching my credit limit from the venture to the cash and closing the venture. That way I get the new bonus without having to lose my time or limit with capital one. Any thoughts on this being a valid plan?


thanks
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Old Feb 8, 2012, 4:54 pm
  #57  
 
Join Date: Jan 2011
Posts: 749
Originally Posted by pattermj
So my fee is coming up on my cap venture card and from what I hear they really don't give out a bonus to make up for the annual fee. I am considering switching over to the cash card but I would like to make it as profitable as possible. I see on their website they are offering a measly $100 bonus after spending 2500 and I was wondering if anyone else had seen better? And on top of that I am thinking of applying for the cash card, (hopefully getting it), switching my credit limit from the venture to the cash and closing the venture. That way I get the new bonus without having to lose my time or limit with capital one. Any thoughts on this being a valid plan?


thanks
IMHO you'd be wasting a credit pull for $100 if you do this. I just spoke with a Cap1 rep, who told me that he could convert the Venture to a standard VentureOne Card with no annual fee. Just convert over and keep it in a dresser drawer. You could apply for a card that has 50k bonus on signup with that credit pull instead of wasting it on a new Cap1 application for the cash card.
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Old Feb 9, 2012, 8:50 am
  #58  
 
Join Date: Sep 2008
Programs: N/A (kid =! no travel :( )
Posts: 236
hmm true, but overall I am not too worried about my score, my limiting factor is my income as a graduate student. I just recently got a new chase continental so I was planning to wait another 6 months until I tried for another chase, other then the AMEX sapphire there really aren't too many other cards out there right now for me but will definitely consider how useful the cash is compared to a pull as I had not considered that, thanks.
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Old Feb 13, 2012, 2:25 pm
  #59  
 
Join Date: Mar 2011
Posts: 36
Any easy way to cancel Capital One cards?

Just cancelled my first Venture card. Took 20 minutes on the phone answering questions. I have 6 more to cancel since I got them for family members, and the annual fee is coming soon. Any easier way to do it? Be rude and just cut them off before the whole sales pitch?
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Old Feb 13, 2012, 2:27 pm
  #60  
 
Join Date: May 2003
Location: Slightly to the left of center
Posts: 3,475
Others have tried sending a secure message thru Cap 1 site. Sometimes they say they cannot do that online, but a second message seems to have overcome that.
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