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]
Mar 12, 2012, 8:15 pm
#106
Join Date: Nov 2010
Posts: 496
Great information! Did you call any specific number or talk to any special department?
Mar 13, 2012, 10:12 pm
#108
FlyerTalk Evangelist
Join Date: Mar 2000
Posts: 17,427
The $59 fee for my biz and personal card (and my wife's personal card) have been posted. I have just a couple dollars in rewards left, and really no need for a CapOne card. That said, I'm not hostile to converting one (and maybe all) of these cards to fee-free cards at 1.25% reward -- but I'm not terribly excited by it, either.
Is there any reliable info as to which is better for your credit score: cancelling an unused card, or just letting it linger, probably unused?
Is there any reliable info as to which is better for your credit score: cancelling an unused card, or just letting it linger, probably unused?
Mar 14, 2012, 6:57 am
#109
Join Date: Sep 2011
Programs: HHonors Gold, National Exec, Marriott Silver
Posts: 267
An unused card is generally better as it will not decrease your available credit and the card will ultimately age longer than it would if you close it right now. Not much downside (other than the fee) to leaving them open.
Mar 14, 2012, 9:11 am
#110
FlyerTalk Evangelist
Join Date: Mar 2000
Posts: 17,427
Thanks. They offered me the no fee 1.25 miles card for the Personal, and 1% rebate plus .5% annual bonus no fee for the Business. I took it. Not sure I'll ever use the cards again, but it sounds like this would be the best move.
Mar 15, 2012, 10:57 am
#111
Join Date: Feb 2009
Location: Kansas City - MCI
Programs: AA Exec Plat, WN CP, Hilton GoId, IHG Spire, Hyatt Globalist, Citi, Barclay, Chase, Amex, CapOne
Posts: 257
Looks like CapOne has finally figured out what they need to do to keep customers.
Annual fees posted three days ago. Called last night on both my wife's card and mine. Reps offered to waive the $59 annual fee on both cards this year since we've both been good customers. Data points: I charged 21k on my card last year, and my wife charged 16k last year on her card. Also, last week when I called in ADVANCE of the fee posting, the only option was to change cards to the no annual fee, 1.25 pts/$ option. It seems that the fee must first post, and then there's some wiggle room. Good luck to the rest of you who enjoy this card. I know for my Priceline hotel spends, this card provides great redemption value (and extra bonus points via their Perk Central portal).^
Mar 15, 2012, 7:42 pm
#112
Join Date: Jun 1999
Posts: 217
I have the Venture One with 110,000 point balance.
To clarify, it sounds like there are a couple of options for me now that the annual fee is going to hit:
1. "Upgrade" to the 1.5% cash card and have the 110k turn into $1,100 dollars.
2. Get C1 to waive the $59 annual fee and keep card.
Can I downgrade to the no-fee Venture card 1.25 miles/dollar and keep my 110,000 points and spend them just like before? What do I lose other than the 2pts/dollar spend?
Any recommendations?
jb
To clarify, it sounds like there are a couple of options for me now that the annual fee is going to hit:
1. "Upgrade" to the 1.5% cash card and have the 110k turn into $1,100 dollars.
2. Get C1 to waive the $59 annual fee and keep card.
Can I downgrade to the no-fee Venture card 1.25 miles/dollar and keep my 110,000 points and spend them just like before? What do I lose other than the 2pts/dollar spend?
Any recommendations?
jb
Mar 16, 2012, 6:14 pm
#114
Join Date: Jun 2004
Posts: 90
Warning: Read this one
I suspect that they could see that my spending pattern was geared completely around the spend bonus last year and , so, they had no reason to offer me anything.
BOTTOM LINE: If you are anywhere near your anniversary, Cancel the card before they post the annual fee!
Mar 16, 2012, 6:45 pm
#115
FlyerTalk Evangelist
Join Date: Aug 2002
Location: Intermountain West
Programs: Too many to list
Posts: 12,089
Annual fee just showed up on my Venture card so I called CSR and asked if there was any way to have the fee waived or points given in lieu of. He looked at my spending and said "yes, we can do a one time waiver of the fee." Cool. I'll use it for a trip to Europe this fall since it has no forex fee.
Mar 17, 2012, 1:53 am
#116
Join Date: Mar 2011
Programs: I was loyal to One Pass & Star Alliance before FT ... now I value all miles and programs
Posts: 219
I am pleased to have found this thread. I am considering the no fee Capital One Venture card now. I am within 30 days of cancelling my British Airways Visa which I took for the 100,000 mile bonus. I put another $30,000 of charges on the card but don't want to pay the $95 renewal fee. BTW, that $30,000 in a year is advertised to get you a free companion award ticket in any class. Upon asking about it, I found those charges had to be within a Jan 1-31 Dec period not 12 months from card issue.
So I asked to have the fee waived for the coming year and they refused and I am cancelling.
My credit rating is very very good so I don't anticipate any problem acquiring the Capital One card. I was wondering how the any airline feature of the card rewards worked. Could anyone help with that?
So I asked to have the fee waived for the coming year and they refused and I am cancelling.
My credit rating is very very good so I don't anticipate any problem acquiring the Capital One card. I was wondering how the any airline feature of the card rewards worked. Could anyone help with that?
Also, to stick with the topic at hand, I did NOT get a retention offer for cancelling the cap 1 venture card, and opted for the option to downgrade to the no fee cash back card.
Mar 17, 2012, 7:59 pm
#117
Join Date: Jul 2009
Posts: 847
After reading all these posts, I called C1 about my upcoming annual fee, which has not yet posted. I was told, at this point, my only options to avoid the annual fee were to convert to one of the no fee cards (1.5% cash back or 1.25% Venture), or close the account. Once the fee posts, there may be an option for a fee waiver on the Venture card, but to be safe, I was advised to convert before the fee posts. As mentioned previously, once the fee posts, it is not refundable, unless the computer tells them they can offer that! There is no way to know in advance whether that will be offered. She did, however, give me the date my annual fee is scheduled to post.
I found it strange that my most recent statement advises that the annual fee will post on the next statement and I have 45 days from the end of the current billing cycle to cancel and get a refund. Interestingly, the date I was given for my fee to post is less than 45 days after that billing cycle.
I found it strange that my most recent statement advises that the annual fee will post on the next statement and I have 45 days from the end of the current billing cycle to cancel and get a refund. Interestingly, the date I was given for my fee to post is less than 45 days after that billing cycle.
Last edited by DealDetective; Mar 18, 2012 at 8:51 am Reason: clarification
Mar 17, 2012, 10:49 pm
#118
Join Date: Jun 1999
Posts: 217
To follow up -- if your annual fee hasn't posted yet, convert now.
I called and my fee had already posted a couple of days ago. They would not waive the fee. Since I have an aversion to paying an annual fee but want to keep my points I asked for an option.
I was told to apply for the no-fee Venture card with 1.25 points/$ then transfer the points on my current card to the new card and cancel the one with the annual fee. They will then refund the annual fee.
Points still work the same way with the no-fee card and I avoid the annual fee. I also get 10,000 points with $1k spend -- not much but makes it sort of worth the hassle. Approval was instant.
They would not let me 'upgrade' to the cashback card to avoid the annual fee.
ymmv
jb
I called and my fee had already posted a couple of days ago. They would not waive the fee. Since I have an aversion to paying an annual fee but want to keep my points I asked for an option.
I was told to apply for the no-fee Venture card with 1.25 points/$ then transfer the points on my current card to the new card and cancel the one with the annual fee. They will then refund the annual fee.
Points still work the same way with the no-fee card and I avoid the annual fee. I also get 10,000 points with $1k spend -- not much but makes it sort of worth the hassle. Approval was instant.
They would not let me 'upgrade' to the cashback card to avoid the annual fee.
ymmv
jb
Mar 18, 2012, 7:47 am
#119
Join Date: Jul 2004
Posts: 377
For those who are sure that their card was successfully canceled, is there any notation of the cancellation online? I had the rep who told me that the annual fee would be refunded if I canceled the card within 60 days of it being charged (reported in this thread a couple pages back), and the annual fee was indeed refunded, but the card shows no signs of being closed.
Mar 18, 2012, 6:48 pm
#120
Join Date: Aug 2011
Posts: 55
I'm baffled about this no refund of annual fee within 30 days of it posting. I thought that was standard practice industry-wide (have recently confirmed it with Citi and Chase on different cards). I also confirmed it with the Cap1 CSR when I called about Cap1 Rewards card.
For those who are saying it can't be waived, can you clarify that the CSRs are not simply talking about no waiver if you want to keep the card (as opposed to closing it)? I don't think they can not refund you an annual fee on a card if you cancel it altogether after the annual fee posts...it's a proactive fee so you're paying for having the card for the coming year. If you don't have it, what would you be paying for?
For those who are saying it can't be waived, can you clarify that the CSRs are not simply talking about no waiver if you want to keep the card (as opposed to closing it)? I don't think they can not refund you an annual fee on a card if you cancel it altogether after the annual fee posts...it's a proactive fee so you're paying for having the card for the coming year. If you don't have it, what would you be paying for?