I feel ya. I wanna ditch my Cap1 cards so bad! The AF on EACH of them is 39 bucks but not due until December and January. Now I realize why they don't do CLIs for customers but are more than happy to give you a second card! I will call the EO (again) sometime before December and see what they will do for me but I wanna just kick 'em to the curb.
I'm rebuilding since 2010. First I got a Cap1 rebuilder card. Has a 500$ limit and a 39$ annual fee due in Sept I think. After awhile I was offered a Barclay card, and they doubled the limit on it to 2500 after 6 ontime payments. Lastly, I got a WM card and they gave me a 300$ limit.
Ok, since then, WM increased to 400 and the other day my Barclay card increased to 5500 automatically! Is it finally time to ditch the Cap1 card? I have asked them to convert it to another kind of account and they refuse.
You could try the EO route if you wish. I also had a $500 CL Platinum Card with Cap1 and was able to get it to $1,500 plus a 1% rewards program and waiver of the $39 AF via the EO. Good luck to you.
Capital One has been good to many including me. I would apply for a regular rewards card from capital one. Or wait another 6 months and try to go the executive office route.
A 39 ANNUAL FEE isn't that much if it helps you rebuild credit in the overall scheme of things. IMHO. Soon you can have better credit and get that back in rewards when your credit is better.