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Valued Member
Objectivist
Posts: 52
Registered: ‎09-26-2012

Trade annual fee card for a no annual fee?

[ Edited ]

After miscalibrating my creditworthiness and getting denied 4 or 5 times...I've finally been accepted for a credit card without needing a cosigner! It's the Cap1 Cash Rewards Mastercard. The only problem is that it has an annual fee. I would rather trade it for the Cap1 Platinum which has no fee, but a higher APR. I haven't activated the card yet. Any chance they will just let me trade? Fee card is better than nothing, but I'm afraid in the long run I will one day wish to cancel this card. 


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New Member
nisargshah12
Posts: 18
Registered: ‎09-23-2012

Re: Trade annual fee card for a no annual fee?

IT depends, what is your score? How old are your baddies? But even then, capital one is NOT very friendly when it comes to switching cards. Chances are they won't do it.

Valued Member
Objectivist
Posts: 52
Registered: ‎09-26-2012

Re: Trade annual fee card for a no annual fee?

Score is 650-700. My baddies (credit pulls) are recent. Will it hurt my credit 3 years from now when I might cancel the card?


Starting Score: 657
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Valued Contributor
SnackTrader
Posts: 1,563
Registered: ‎09-15-2012

Re: Trade annual fee card for a no annual fee?

I think you might misunderstand the term "baddies". These would mean late payments reporting to the bureaus (30+ days), collections, judgments, bankruptcy, etc.

But regardless, having a card with an annual fee won't hurt your credit, if that's what you are asking.

In My Wallet: Amex BCP (12/12) $22.200, Chase CSP (4/14) $12,000, Barclaycard Arrival (5/13) $10,500, Citi Forward (12/12) $9,600, Cap1 Cash Rewards (6/12) $9,000, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Valued Member
Objectivist
Posts: 52
Registered: ‎09-26-2012

Re: Trade annual fee card for a no annual fee?

Thank you. I have zero baddies. However, I'm asking if closing this account down the road will hurt my credit. I'm not always going to want this fee. Otherwise, I'd rather tell Cap1 I want a different card instead. What would you do?


Starting Score: 657
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Valued Contributor
jsucool76
Posts: 2,770
Registered: ‎12-11-2011

Re: Trade annual fee card for a no annual fee?

[ Edited ]

A) The plat has an AF (one of them has a 19$ and the other has a 39$ AF, the one with no AF is plat prestige which is a prime card) 

 

B) They will not let you change your card, they rarely do that to anyone. 

 

C) the $39 AF isn't really that much, you get 1% in rewards plus a 50% bonus (so effectively you get 1.5% on everything) and you dont have to spend that much to break even. 

 

 

Edit: Well you already opened it, you might as well keep it open for now. Closing an account down the road won't affect anything but your utilization. The account will continue to report for 10 years so your AAoA won't really be affected. 

Wallet: Capital One Cash Rewards 3500CL, Wells Fargo Cash Back College Visa: 900CL, Paypal Smart Connect: 1286CL, Walmart Discover: 2000CL, UPromise Mastercard: 1000CL, Chase Slate: 500CL, Discover IT: 2000CL, Citi Forward: 1500CL, Bank Of America Student Travel Rewards: 700CL
Valued Member
Objectivist
Posts: 52
Registered: ‎09-26-2012

Re: Trade annual fee card for a no annual fee?

I'm sold. 


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Valued Contributor
jamesdwi
Posts: 1,433
Registered: ‎09-16-2011

Re: Trade annual fee card for a no annual fee?

There is a no AF capitalone card, that is a rebulder/starter card, my son just got it, he had zero cards, only 2x AU'd capone cards on his report for 4 months.   I also have a no fee CapOne card that was part of the steps program its 40 months old back then it was two steps, a 2k limit and no increases in years and CLI are declined. 

 

 

 

 

Cards: Chase Southwest 20k & CSP 10k & Amtrak 4.6k, & Freedom 3.3k & Slate 3.3k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & AMEX Hilton Surpass 7.5k & AMEX Zync NPSL, Sams Club Discover 10k, Paypal Extras MC 6k, CapOne 2.5k, CapOne 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.
Valued Contributor
jsucool76
Posts: 2,770
Registered: ‎12-11-2011

Re: Trade annual fee card for a no annual fee?


jamesdwi wrote:

There is a no AF capitalone card, that is a rebulder/starter card, my son just got it, he had zero cards, only 2x AU'd capone cards on his report for 4 months.   I also have a no fee CapOne card that was part of the steps program its 40 months old back then it was two steps, a 2k limit and no increases in years and CLI are declined. 

 

 

 

 


The only way to get a no AF starter/rebuilder card from cap1 is through a mailed special offer. That is what I did. I got a plat MC with no AF and PCd it to a cash rewards. 

 

Otherwise, the only no AF cards cap1 offers are their prime cards, and their partner cards (I think orbitz and playstation have no AF) 

Wallet: Capital One Cash Rewards 3500CL, Wells Fargo Cash Back College Visa: 900CL, Paypal Smart Connect: 1286CL, Walmart Discover: 2000CL, UPromise Mastercard: 1000CL, Chase Slate: 500CL, Discover IT: 2000CL, Citi Forward: 1500CL, Bank Of America Student Travel Rewards: 700CL

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