What the OP appears to have is an old Platinum product with a fee. We can pretty much regurgitate answers about upgrading Capital One's current no-fee Platinum. And likewise, we know that a QS1 can be upgraded but that it happens much less frequently. It's hard to say for sure where this card fits in.
But taking a guess, I bet that this is the product I had when I upgraded three cards to rewards cards several years ago. Two of them became QS1s, and one became a full QS. I'm going to go out on a limb and postulate that one card became a QS because it was used all the time. The other two cards had lower limits and spent a good share of their lives in the sock drawer.
As I mentioned above, I was recently able to PC the QS1s to QSes after about twelve consecutive months of use and calling in each month to check for offers. I was willing to absorb one more annual fee on each card, but I wasn't willing to let the fees go on forever. But I also really didn't want the cards to drop of my report, whether it was now, 10 years from now, or somewhere in between.
OP, before closing or combining, take a look at your AAoA and AoOA (age of oldest account), with and without this card, both now and ten years from now. Then decide if you're willing to take the hit.
