Can I PC these Cap One cards?

[Anonymous]

I have a Cap One secured opened in 10/14 with $99 deposit that now has a limit of $500.  It apparently will never unsecure and never receive a CLI.  The APR is more than 20%.  I also have a Quicksilver opened in 12/14 with a $2000 limit and the rate is also more than 20%.  I have no more use of these Cap One cards.  Can I PC them to something useful? I have 2 credit union cards both with a higher limit and both with an APR less than 10%.. What do I do with the Cap One cards besides throw them in the sock drawer?

[Anonymous]

Close the secured card; it has served its purpose. Quicksilver and Venture/Venture One are their top cards; so unless you want an annual fee Venture card, there is really nothing to PC your Quicksilver into. 

You state that you have no use for the cards but are willing to sock drawer them? You could do one of two things: (in addition to closing the secured card); 1) apply for a new QS in the off chance you get a higher CL and lower APR than your current one (check the preapproval site to see if they offer you a solid offer with a lower APR) then roll your current QS's credit line into the new one. Caveat: 3 hard pulls; 2) contact the EO regarding your current QS to see about a CLI and a lower APR. Caveat: the EO may not budge and then you may end up mad.

I know everybody is different and we all have different needs/purposes for our cards, but looking at your signature I have to say that your QS seems a heck of a lot better than the Best Buy, Barclays Apple and Shell. Again, you may have a reason for those but I wanted to add my $0.02. 

[Anonymous]

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@Anonymous wrote:

Close the secured card; it has served its purpose. Quicksilver and Venture/Venture One are their top cards; so unless you want an annual fee Venture card, there is really nothing to PC your Quicksilver into. 

You state that you have no use for the cards but are willing to sock drawer them? You could do one of two things: (in addition to closing the secured card); 1) apply for a new QS in the off chance you get a higher CL and lower APR than your current one (check the preapproval site to see if they offer you a solid offer with a lower APR) then roll your current QS's credit line into the new one. Caveat: 3 hard pulls; 2) contact the EO regarding your current QS to see about a CLI and a lower APR. Caveat: the EO may not budge and then you may end up mad.

I know everybody is different and we all have different needs/purposes for our cards, but looking at your signature I have to say that your QS seems a heck of a lot better than the Best Buy, Barclays Apple and Shell. Again, you may have a reason for those but I wanted to add my $0.02. 

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Ok you got me.  The Cap One cards are my oldest accounts.  So that is the reason I'm keeping them.  The best buy charges no interest when the purchase is paid in 12 months and I am a techie kind of guy.  So it stays. The Shell is paid monthly avoiding interest and is used by my teen-age and college age kids.  I use it to control how much I allow them for gas. The Barclay, you are right, I have no use of it either. You have any ideas what I  can do with Barclay's?  It's also more than 20% APR.  

[kdm31091]

There's really nothing to PC them to. If they've served their purpose maybe it's time to just close them and move on.

[Anonymous]

I totally understand about keeping them for age. You could keep both and hope at some point the secured becomes unsecured. My mom had a $99/$1000 Capital One card. It was partially secured like that from 1999 through 2006  But it did eventually get unsecured. I guess, for me, since they were both opened in 2014, closing one would not really hurt since it should report up to 10 additional years.  

You make great points about your other cards and their purposes. Which of your cards are you currently getting the most value out of? Points? Cash? The QS is a great card and was really the first 1.5% cash back card that everybody else is now copying. It is frustrating how Capital One seems non responsive to improved credit profiles and even more frustrating that it often takes the EO to get things done. On the other hand, Capital One does make for a great sock drawer card due to the fact that Capital One rarely closes for inactivity (within a reasonable amount of time) or any other type of adverse action (YMMV).  I would give the EO a try to see about lowering the APR and increasing the CL. At this point it wouldn't hurt. Capital One loves to see usage though, so you will have more clout if the card is used regularly.

As far as Barclay's I cannot offer you much advice there as I do not have any experience with them. I do know that some product changes are available on some cards; however, I am not sure if a PC will result in a lower APR. Their one good low APR card was the Ring card but I think there were some recent changes wherein the APRs have increased. Still lower than 20% though. Hopefully others can chime in on Barclay's for you. 

[Anonymous]

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@Anonymous wrote:

I totally understand about keeping them for age. You could keep both and hope at some point the secured becomes unsecured. My mom had a $99/$1000 Capital One card. It was partially secured like that from 1999 through 2006  But it did eventually get unsecured. I guess, for me, since they were both opened in 2014, closing one would not really hurt since it should report up to 10 additional years.  

You make great points about your other cards and their purposes. Which of your cards are you currently getting the most value out of? Points? Cash? The QS is a great card and was really the first 1.5% cash back card that everybody else is now copying. It is frustrating how Capital One seems non responsive to improved credit profiles and even more frustrating that it often takes the EO to get things done. On the other hand, Capital One does make for a great sock drawer card due to the fact that Capital One rarely closes for inactivity (within a reasonable amount of time) or any other type of adverse action (YMMV).  I would give the EO a try to see about lowering the APR and increasing the CL. At this point it wouldn't hurt. Capital One loves to see usage though, so you will have more clout if the card is used regularly.

As far as Barclay's I cannot offer you much advice there as I do not have any experience with them. I do know that some product changes are available on some cards; however, I am not sure if a PC will result in a lower APR. Their one good low APR card was the Ring card but I think there were some recent changes wherein the APRs have increased. Still lower than 20% though. Hopefully others can chime in on Barclay's for you. 

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I will try that.  Thanks!