brasov02

Does the no-fee cash card have the same point-value system or did you lose half the value of your original remaining balance when your points were shifted to the cash credit?

lunettes noires

My gf downgraded to the Venture One 1.25 pts/$ card yesterday. No retention offer. I thought it was interesting that the CSR specifically told her she would be ineligible for any other Cap One bonus offers for 6 months. Maybe because she only made the min. spend and then put it in the drawer? (I haven't done mine yet.)

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.

brasov02

I went with the no-fee cash card option. Great thing is the 230,000 reward points I had before in the account instantly turned into a 2,300 total with a dollar sign in front. Didn't lose any value with the downgrade along with the added benefit of not having to worry about charges qualifying as a "travel" item in order to redeem. It's all just cash now that I can use to pay off future charges or I can simply request a check for the entire amount at any time. Nice.

freezone

If you took all this as a one time cash offer, wonder if they will tax you for this (1099)?

jjmiller69

Many discussions on this. If it was earned by spending, including bonuses no. If it was just for opening a account probably like a checking, money market, or savings account.

eknock007

Wow. I may go this route. I have nearly 300K miles (from both the personal and business cards bonuses and other spending). Need to know first if the rumors of another miles promotion happening this year are true. I doubt any of us who participated in this promotion last year will be able to do it again, but I am hoping it happens so that my wife can sign up and then we could combine our miles.

RewardTraveler

To answer my own question, I called and the CSR told me once it is billed, there is no way for them refund the annual fee if you close the card.

traveldealer

you mean i need to close my card before they charge me the annual fee?
you can't just say you dont want the card anymore?

RewardTraveler

I'm not sure I follow your question.

You can downgrade to a different card before the annual fee. Citi (for example) gives you 30 days from billing the annual fee to close your account. If you close your account within that time they will refund you the annual fee. I'm just saying that Capital One does not offer this.

DBCme

Ended up calling to cancel before annual fee.

They switched me into Cap1 No fee card @ 1.25 points
Keep same account number and same rewards program/account.
In effect, no disruption in using the card.

d.s. knight

CSR I spoke to said the opposite - she said that if I cancel my account altogether within 30 days after the annual fee is charged Cap1 will refund the annual fee. I also got the 1.25% card option but I got an interesting twist on the cashback card. CSR said that you get 1% on all purchases but then on your anniversary date you get an additional 50% bonus on what you spent the prior year. So, for example, if you enroll 3/1/12 and earn $200 cashback before 3/1/13 you'd get the $200 + a 50% bonus of $100. So it effectively works like a 1.5% cashback card, not too shabby. Wonder if she was missing some key factor.

Anybody else get that option? I actually feel like that's better than the 1.25% because I don't even have to worry about applying it to travel and I'm getting an extra .25%.

1Newflyer

How can you cancel for other family members? They have to call them selves right?? I try to deal with the rep on my wife's account and could not and it was after my wife gave the authorization over the phone. Some issues she had take the phone and talk.

kjmj

Cancelled the rest by SM. The first email will get a response saying you must call in to cancel. Sending a reply telling them to just do it gets the job done.

jonnydoe1234

I just called to cancel my card, which I applied for on March 10 last year. Well, it turns out that they billed the annual fee on March 7 (pretty bizarre if you ask me, since it's not a full year). But the rep assured me that the fee would be refunded, because it gets refunded as long as you cancel within 60 days of it being charged.