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Capital One QuickSilver One Annual Fee Waiver/Upgrade

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UncleB
Credit Mentor

Capital One QuickSilver One Annual Fee Waiver/Upgrade

Hello everybody,

 

I've spent a lot of time searching over the site and there is quite a bit of info regarding Capital One CLIs but I haven't found my exact situation yet.  I apologize in advance if this is a repeat question.

 

I have a Capital One QuickSilver One MasterCard that is a 'legacy' Orchard Bank account.  It started with a $300 credit line in 2007 and I have since worked it up to a $2920 credit line.  The APR is 14.9%, which is the lowest of any of my accounts.  When CapOne took over the account from HSBC the $79 annual fee remained the same, but the rewards were lowered from an unlimited 2% to the current 1.5%.  In 2013 and 2014 (since the CapOne acquisition) I've been able to call in and get a $40 credit against the annual fee, making it $39 (which is what new QS1 accounts are assessed).

 

All but two of my 'baddies' have aged off, and last fall I got a USAA Visa with a $7K SL at 16.9%, and in April I got a QuickSilver Visa Signature with a $5K SL (now $7K) at 17.9%.  I also got back in with AmEx in April with a Green card and a BCP.  The BCP only has a $1K SL and will have a 21.9% APR once the promo runs out, but since I burned AmEx with a BK7 in 2000 I was just happy to get my foot back in the door. (Already tried for the 60day CLI, denied due to "previous delinquency on AmEx account"... they truly don't forget anything).  I only use the BCP for groceries anyway and PIF each month, so the low CL won't be a problem.

 

Back to the QS1... I just got off of chat with a CapOne CSR and I inquired about the upcoming fee.  I asked if it was possible to change my account type, and was told there "were no offers available for the account".  I ask if there was any other alternative to avoid the AF, and the rep told me I could close the account, and offered to do it for me!  In the past they at least 'pretended' they wanted to keep the account open.  I should also add I have never been late, and for the last two years each month I have PIF.

 

Should I 'fight' to keep this account open?  Along with a couple of store cards, it is one of my oldest accounts (8 years), and it has the lowest APR of any card I have.  Since I PIF each month I'm not super sensitive to APRs, but it's nice knowing if I do need to carry a balance I have a card with a semi-reasonable rate.  That being said, even if I call next month (once the fee hits) and they once again offer to pay half of it, it's questionable if I should do so since I have two other accounts with no AF.  Also, I've read quite a bit about contacting the CapOne EO regarding CLIs, but I've not been able to find info on if anybody's had luck getting the EO to waive the fee/do a PC on an account that started out as 'lowly' Orchard Bank.  Also, when I do a search for the correct EO email address I get multiple results.

 

I apologize for the length of this post, but I wanted to make sure all of my pertinent details are known.  Any and all advice is welcome.

 

Thanks in advance.

 

 

 

Edit: Fixed typo, updated CL on QS Visa

Message 1 of 17
16 REPLIES 16
SunriseEarth
Moderator Emeritus

Re: Capital One QuickSilver One Annual Fee Waiver/Upgrade

The frontline CSRs aren't able to see all offers available.   Contact the Cap One EO and see if you are able to get the fee waived or if you are eligible to PC to the regular QS.  

 

My situation was similar to yours.   I had a Household Bank CC with a $400 CL and a $74 AF.   Cap One converted it to a Platinum and I was able to PC to QS1 and get the AF waived.   This year, I was able to PC to the regular QS and now I'll never have an AF on that CC again!   The "Backdoor Numbers" sticky thread has contact info for the Cap One EO.   Good luck!



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 2 of 17
UncleB
Credit Mentor

Re: Capital One QuickSilver One Annual Fee Waiver/Upgrade


@SunriseEarth wrote:

The frontline CSRs aren't able to see all offers available.   Contact the Cap One EO and see if you are able to get the fee waived or if you are eligible to PC to the regular QS.  

 

My situation was similar to yours.   I had a Household Bank CC with a $400 CL and a $74 AF.   Cap One converted it to a Platinum and I was able to PC to QS1 and get the AF waived.   This year, I was able to PC to the regular QS and now I'll never have an AF on that CC again!   The "Backdoor Numbers" sticky thread has contact info for the Cap One EO.   Good luck!


That's awesome, SunriseEarth!  I'll check out that sticky thread and go from there.

 

Thanks again!


 

Edit:  My last statement only 'reminded' me of the upcoming AF; it hasn't actually posted yet.  I'll wait until it posts next month before I try to contact the EO since that has always worked best in the past.  It seems it's easier for them to fix somthing that is already 'there' versus something that will 'be there' next month.  Smiley Wink

Message 3 of 17
Anonymous
Not applicable

Re: Capital One QuickSilver One Annual Fee Waiver/Upgrade

That 8 year old card is great for your credit, I personally wouldn't close it.  

 

Suck it up and pay the fees until you can get a successful conversion.  It's just a matter of time and pestering of EO to git 'er done.

Message 4 of 17
Anonymous
Not applicable

Re: Capital One QuickSilver One Annual Fee Waiver/Upgrade

I had the same card (HSBC) which changed to Capital One Quicksilver (Not sure which of the two). 

 

When I called the rep upon my annual fee due, he said I can call every year and wave the fee waved since that card is not an annual fee card.  I asked, “why can’t you just remove the annual fee off the system so I don’t have to call?” and he said he couldn’t.  I said “ok, I’ll call every year to waive the fee”…  Weird but true, I’ve called twice before when the fee was due and twice was removed, no questions asked.

 

I currently have the Quicksilver and Quicksilver One

 

NOTES: I just received my Quicksilver One with the chip on it, I called last week and ordered it.  Started with  $300 CL on both and now at $5k and $5.5k…CEO email and got a call back…really nice people!!

Message 5 of 17
SunriseEarth
Moderator Emeritus

Re: Capital One QuickSilver One Annual Fee Waiver/Upgrade


@UncleB wrote:

@SunriseEarth wrote:

The frontline CSRs aren't able to see all offers available.   Contact the Cap One EO and see if you are able to get the fee waived or if you are eligible to PC to the regular QS.  

 

My situation was similar to yours.   I had a Household Bank CC with a $400 CL and a $74 AF.   Cap One converted it to a Platinum and I was able to PC to QS1 and get the AF waived.   This year, I was able to PC to the regular QS and now I'll never have an AF on that CC again!   The "Backdoor Numbers" sticky thread has contact info for the Cap One EO.   Good luck!


That's awesome, SunriseEarth!  I'll check out that sticky thread and go from there.

 

Thanks again!


 

Edit:  My last statement only 'reminded' me of the upcoming AF; it hasn't actually posted yet.  I'll wait until it posts next month before I try to contact the EO since that has always worked best in the past.  It seems it's easier for them to fix somthing that is already 'there' versus something that will 'be there' next month.  Smiley Wink


I was able to PC right before my AF was due to hit.   I say do it now and save the hassle!



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 6 of 17
UncleB
Credit Mentor

Re: Capital One QuickSilver One Annual Fee Waiver/Upgrade


@SunriseEarth wrote:

I was able to PC right before my AF was due to hit.   I say do it now and save the hassle!


I just took the plunge and called one of the numbers from the sticky thread... no love.

The woman who initially answered ask how she could help me, and I advised I would like to see about having my annual fee waived or have my account type changed to a no-AF account.  She transferred me to someone else, a very nice lady who explained she worked in the upgrade department.  She seemed to take a very thorough look over my account, telling me twice during our conversation that my account was considered "very strong" by Capital One.  She explained that each account has a separate "legal agreement" and some other stuff about how there were limits as to what could be altered from the original language. I also asked about changing my card to a 'plain-jane' platinum MasterCard, but was told it wouldn't make a difference in my annual fee, it would just strip the rewards off... obviously not a smart choice.

As a possible data-point, I was advised that when someone has multiple Capital One accounts each account is judged own it's own merits, and stands completely on it's own without impacting the others (I didn't ask, but I assume this would not apply if someone defaults on a CapOne account.)  In other words, having a QuickSilver Visa Signature doesn't help "qualify" my other account for an AF waiver. 

The conversation lasted longer than most CSR contacts I've had over the last few years, and it was pleasantly 'off-script'.  The rep advised me to call back after the AF posts on July 7 to see if about having it reduced or waived at that time.  She told me that sometimes (quote) "an offer will pop up on the screen" to waive the fee.  While she was unable to help me with the AF, the rep did offer to give me a temporary APR of 10.9% for 6 months, but I declined since I PIF each month (I didn't want to find out later that I couldn't get help with the AF because I had accepted an unneeded 'promo'.) I offered her genuine thanks for taking time to look over my account, and we hung up.

I'll call back in a couple of weeks and see what they can do.  I seriously doubt I'll have an offer for the fee to be waived, and will most likely be told - just as before - that they can issue a $40 credit to lower the fee to $39, which (annoyingly) will bring it down to what new QS1 accounts are charged.  And I'll have a decision to make.

On a side-note, for 'kicks' I went to the Capital One Pre-Qualification webpage, and they show I'm good for a Venture or (another) Quicksilver Visa, both at 17.9%, or a Platinum MasterCard at 15.9% with no AF.  Since the low APR of my current card (14.9%) is a big redeeming quality, at least I know if I do choose to let it go, I can get back in for only a slightly higher rate and no AF.  

I have two 'baddies' remaining (one will drop off in November, the other next March) so I'll likely end up agreeing to pay a reduced fee one more time due to the age of the account, and next year I'll see what kind of deal I am able to get with both them and other lenders with a "spotless" credit report.

Note:  To anyone considering calling one of the 'backdoor' numbers, give it a go.  I only have this one personal example, but I can attest that the rep I got was very friendly, did'nt speak from a script, and genuinely seemed to want to help.  This is coming from someone (me) who really, really doesn't like to make these kind of calls.

Message 7 of 17
Anonymous
Not applicable

Re: Capital One QuickSilver One Annual Fee Waiver/Upgrade

I'd just close it. Not worth paying the annual fee for a meh 14.9% APR, and it shouldn't affect your credit. The age of the account is the only thing you're worried about, and that will still show the same age of account when it's closed, for the next 10 years.


You already have a quicksilver, and this card seems like a lot of hassle. Not only does it have an annual fee, but you have to call every year to reduce the annual fee to a regular QS one. If it was free it wouldn't be an issue, but I'd still close it since you have no need for it.

 

In 10 years time (when your credit will likely be excellent), would you rather have a slightly higher credit score (if at all higher), or an extra $390?

Message 8 of 17
Anonymous
Not applicable

Re: Capital One QuickSilver One Annual Fee Waiver/Upgrade

My wife just called Cap1 this morning on her way to work and her AF was waived and new card on the way with chip.

Message 9 of 17
morgacj2004
Valued Contributor

Re: Capital One QuickSilver One Annual Fee Waiver/Upgrade

Dont't close it quite yet. I have several CO accts and have had great success in dealing with their CSR. I would call once more and speak with a Supervisor letting them know if the card is not upgraded and AF waived you will close the acct. I doubt they will want to lose your business as you have been with them for a few years. If for some reason that does not work close the acct it is not worth the hassle and you dont want to continue paying the AF.


AX Hilton Aspire 20k, AX Bonvoy Brilliant 15k, AX BCP 2k, AX Blue Bus Cash 15k, AX Delta Air Platinum 49k, (AU) AX Delta Gold 15k, AX Amazon Prime Bus 25k, BC Uber 29k, AKUSA FCU -10k , CITI AAdvantage Exec World Elite MC 16.5k, Discover (2) 16k, Kohls-4k, VS Comenity $3k, BofA AK Air Siggy 9.8k, WF Propel AX 5k, JCP $10k PFCU Plat Rewards Siggy 39.5k, PFCU Power Cash Rewards AX 10.5k, NFCU Flagship 50k, CLOC 15k, CITI Costco 9.5k, GAP VISA Synchrony $9k,Target MC 9k, Ulta MC Comenity 9k, Pay Pal 1k, CO Venture One 23k, US Bank Radisson Rewards Signature 10k, US Bank Fred Meyers World MC, 11k, US Bank Plat VISA 15.7k, VS Comenity 2k, 240k total available credit. Utiliz-2%, Current FICO EQ-724, EX 763,TU 802 ,Chapt 7 BK D/C 11-2012. Starting scores 520-550
Message 10 of 17
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