topic Venture Exit Strategy? in Credit Cards

Venture Exit Strategy?

Anonymous — Thu, 07 Jan 2016 22:34:08 GMT

So, I'm coming up to my anniversary with the CapOne Venture and see no reason to pay the annual fee when I have so many equal or better af-free choices already in my wallet, including many with no foreign transaction fee. What's the favored strategy to not pay the annual fee? I can think of a few:

1. Call to get the fee waived. Anyone have luck with that? Any tips?

2. Call to convert to the fee-free VentureOne. Existing points transfer over? Anything useful about the VentureOne?

3. Call and cancel the Venture, perhaps moving the C/L over to my useless CapOne Platinum Select.

Thoughts?

Chris.

Re: Venture Exit Strategy?

Aahz — Thu, 07 Jan 2016 22:46:26 GMT

You'll need to redeem your points before PCing or cancelling your Venture.

If you want to fold it into your Platinum Select there's no need to call. You can do it right from your online account under Services -> Request an Account Combination

Re: Venture Exit Strategy?

Anonymous — Thu, 07 Jan 2016 22:51:36 GMT

They'll waive the fee. They do this for most people that ask.

Re: Venture Exit Strategy?

CreditCuriosity — Thu, 07 Jan 2016 22:58:23 GMT

I personally just chatted with them yesterday and had them PC mine to a QS @ 1.5% w/no FTF fee.. You don't lose the rewards although not sure of the exact conversion factor. Or you might be able to get the AF waived as Irish stated. The card didn't suit my spending as I have other better travel cards thus I opt'ed to just PC it.

Re: Venture Exit Strategy?

Anonymous — Thu, 07 Jan 2016 23:09:11 GMT

I'm gonna be in the same boat, come March. I think I'm just going to fold mine into my QS Visa. I used to have 5 Cap One cards, have two now, soon to be one. One card with over a $40k limit seems clean and tidy.

Re: Venture Exit Strategy?

SunriseEarth — Fri, 08 Jan 2016 01:56:12 GMT

@CreditCuriousity wrote:
@I personally just chatted with them yesterday and had them PC mine to a QS @ 1.5% w/no FTF fee.. You don't lose the rewards although not sure of the exact conversion factor. Or you might be able to get the AF waived as Irish stated. The card didn't suit my spending as I have other better travel cards thus I opt'ed to just PC it.

I PCed my new VentureOne to QS before the first statement even hit and they converted the rewards at one cent per mile. I'd recommend OP look into QS as a PC option.

Re: Venture Exit Strategy?

Anonymous — Fri, 08 Jan 2016 03:35:36 GMT

Just be sure you don't sacrifice $100 worth of rewards (through account closure or possibly inefficient conversion) to avoid a $59 AF.

As far as closing, merging, or PCing...with that many rewards cards, I'm guessing utilization isn't a concern, and closing it won't affect your AAoA growth much.

I don't hear about Capital One doing a lot in the way of rewards or APR promos..so it might be a pretty objectively useless card, and one worth closing.

Re: Venture Exit Strategy?

Anonymous — Fri, 08 Jan 2016 04:27:25 GMT

Like others have said, make sure to redeem your points before making changes to the account. Personally, I like the account combination option.

Re: Venture Exit Strategy?

takeshi74 — Fri, 08 Jan 2016 14:10:33 GMT

@Anonymous wrote:
Thoughts?

Do what works for you versus what's popular. What makes the most sense for you? Pursue that. If keeping the card is the best option for you then work on getting the fe waived. If you have no need for the card then look into reallocating the CL and/or PC'ing to a product that better serves you. Don't just follow the herd.

Re: Venture Exit Strategy?

Anonymous — Fri, 08 Jan 2016 23:11:41 GMT

@takeshi74 wrote:
@Anonymous wrote:
Thoughts?
Do what works for you versus what's popular. What makes the most sense for you? Pursue that. If keeping the card is the best option for you then work on getting the fe waived. If you have no need for the card then look into reallocating the CL and/or PC'ing to a product that better serves you. Don't just follow the herd.

Thanks. I appreciate that. I was just kind of fishing for what other people's experience was, since there's such a vast store of knowledge here. I did learn that annual fee waiver is quite possible (though of course not guaranteed), that if I PC, I *might* lose rewards, so best to cash them out, and that I can combine with my Platinum card without even talking to a CSR, all useful information. What I didn't hear was useful too, namely "don't forget that this card offers a unique xxx benefit, which could be useful to you down the road." For example, one might forget (or not be aware) that the Chase Sapphire Preferred card offers primary rental car insurance coverage, which could be a reason to pay the annual fee for a CSP. But I didn't hear of any "gotta have" benefits of the Venture that I might not be considering, that would make it worth an annual fee.

Chris.

Re: Venture Exit Strategy?

CreditCuriosity — Fri, 08 Jan 2016 23:58:28 GMT

Nope nothing like the 95$ AF on the CSP that include primary renter car insurance which alone if used enough can negate the AF easily. Venture is just a high CL card for most that earns 2% (granted has to be for travel expenses or gift cards, but as stated you have better cards than that IMO). So you got your other option that you listed from yourself and others.