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Capital One Rewards Card?

Member

Capital One Rewards Card?

I have a plain jane Capital One Platinum card that I was pre approved for about a year ago.  I signed up through the mail-out and was given an initial CL of $500.  I got a $250 bump a few months later from paying on time for the first 5 or 7 mos, I can't remember which.  This card has no rewards associated with it and I was wondering what the process would be to maybe get it swapped over to a Capital One Rewards/Cash Back card?  Is it as simple as a phone call and what credit pulls would be associated with it.  I would love to get a high CL on this card or the new card, since my financial situation now is much better than when I applied initially.  Is either of these 2 cards easier to get a CLI than the other?  I use this card every week and pay in full every month so it gets a decent amount of use and I feel like I'm missing out on free money. 

Message 1 of 8
7 REPLIES
Valued Contributor

Re: Capital One Rewards Card?

Two cautions to take into consideration....
Are you trying to PC away from a non annual fee card? All their "average credit" rewards cards have annual fees, except for a few co branded ones.

Is your current card APR low? Might lose that if you switch.

 

Message 2 of 8
Established Contributor

Re: Capital One Rewards Card?

Good luck.
AMEX SPG $30K | Citi TY Premier $20k | PenFed PlatRewards $25k | Barclay Arrival+ 40k | Chase Freedom $20k | BofA AMEX $15k | Discover IT $20k | | NASA Platinum-Advantage $20k | CapOne Quicksilver $15k | Amazon Card $10k |

My Journey from Sub-600s:
Message 3 of 8
Member

Re: Capital One Rewards Card?

My current card has no annual fee, but the interest rate is 24.90%.  The rate doesn't bother me as much because I rarely ever carry a balance.  I just felt like I was missing out on a good product with a rewards card.  I thought I may potentially be able get a lower rate or a higher limit. 

Message 4 of 8
Frequent Contributor

Re: Capital One Rewards Card?

Sounds like your card was in the Credit Steps program, ie. one CLI after showing good payment history for 5 months. It'll be difficult, if not impossible, to PC to the Cash card (No Hassle Rewards is no longer offered, if I'm not mistaken). You will probably be cited the CARD Act as the reason they can't PC you--but I could be wrong.

 

If your credit situation has increased--meaning your credit scores are higher than before--you may want to consider looking into other cards which offer better rewards programs than the Cash card if CapOne does not offer the product change to the Cash card. Your other option would be to apply directly for the Cash card, but that is 3 hard pulls (one for each bureau).

BofA Cash Rewards Visa Sig $18,700 /Citi Double Cash $18,600 / Barclaycard Rewards $8,900 / CapOne Platinum $7,450 / BofA BankAmericard Visa $6,500 / Discover It $5,300 / Chase Freedom $1,500 / Lowe's $20,000 / JCP MC $6,500
Message 5 of 8
Valued Contributor

Re: Capital One Rewards Card?

I'll throw the bad joke out first....
Yes, you're missing a good product....by being with CapOne firsthand.

They've been with you for a year (about) @ 500+...
They're going to view you as "average Joe" for many years to go.

Calling them up most likely will get you the "Average Green" aka "the Platinum replacement"
Don't see you taking a loss on the interest though. Cross your fingers there.

Message 6 of 8
Valued Contributor

Re: Capital One Rewards Card?

don't bother doing anything to the CapOne card, it would practically take an act of congress to PC the card, just keep it as a backup. The only thing simple to do with CapOne is to close the account.  If you want rewards and don't need to carry a balance, I would think about moving on to another creditor, AMEX Zync would be a possibility if you scores are around 640 or higher. Chase and Citibank may have options as well and should give you an okay limit at least they will grow with you. CapOne won't grow, CLI's are extremely rare for the first decade. If you PC card look forward to annual fee usually $39 a year, so you have to spend $3900 a year just to break even. 

 

You may even have a chance with barclays below is a link to there current special $200 cash back on your first purchase, you may need to recon them if denied. 

http://www.nflextrapoints.com/nfl_2012/?campaignId=1717&cellNumber=500

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 7 of 8
New Member

Re: Capital One Rewards Card?

I also have a cap 1 planium card with the starting limit of 300. 6 months later it  increased to 500. I applied for the cap 1 cash reward  with no annual fee last week  and was approved for 3000. I say give it a try.

Message 8 of 8