topic Re: Is This Really a Cap One Card Upgrade? in Credit Cards

Is World Mastercard a Cap One Card Upgrade?

Anonymous — Sat, 19 May 2018 01:03:14 GMT

I received an email today from Capital One that they have "upgraded" my card to a new World MasterCard. I started with a Platinum card out of bankruptcy about a year again and then called and flipped to a Quicksilver card a few months after. Is this World MasterCard worth accepting from them, wasn't sure what I would gain or loose over my current Quicksilver.

Re: Is This Really a Cap One Card Upgrade?

Anonymous — Sat, 19 May 2018 01:00:45 GMT

@Anonymous wrote:
I received an email today from Capital One that they have "upgraded" my card to a new World MasterCard. I started with a Platinum card out of bankruptcy about a year again and then called and flipped to a Quicksilver card a few months after. Is this World MasterCard worth accepting from them, wasn't sure what I would gain or loose over my current Quicksilver.

World MasterCard is a level of MasterCard. It is an upgrade in that there are a few additional benefits of World over Platinum; however, your card will still be a Quicksilver. Instead of a Platinum MasterCard you will have a World MasterCard. Please see the MasterCard US website for additional details of the benefits you may get with this upgrade; however, you will need to review the guide to benefits that Capital One will send to you for your account's specific benefits.

In the hierarchy of MasterCard you start out at Standard/Classic--->Gold--->Platinum--->World--->World Elite. With Visa it is Classic--->Gold--->Platinum--->Signature--->Infinite

Notice that you do not see many Standard/Classic or Gold Visa/MasterCards anymore? It is partially because banks and credit unions earn a fee from merchants anytime you make a purchase. The higher level the card used to make the purchase = the higher fee the banks/credit unions earn. Therefore, banks and credit unions love to issue reward cards especially in higher levels in order to earn more revenue. This is why most rewards cards are World or World Elite (Visa Signature).

The upgrade has already occurred. There is nothing for you to accept or decline. Your account is still Quicksilver and you still earn 1.5% cash back. All that should change is that your new card will arrive with the word "world" printed on the card somewhere.

Re: Is This Really a Cap One Card Upgrade?

Anonymous — Sat, 19 May 2018 01:06:26 GMT

Thanks for this excellent info! Happy to read I will gain benefits and not miss out on the 1.5% cash back.

Re: Is This Really a Cap One Card Upgrade?

Anonymous — Sat, 19 May 2018 01:09:04 GMT

(EDIT: someone else who is more familiar replied as I was writing this, but I dont feel like erasing it)

Im not familiar with the World Mastercard(tm) benefits, but I suppose you could google them and see if they look worthwhile. I'd guess it is similar to Visa Signature(tm). If nothing else, it can seem a bit more prestigious.

Not to change the subject, but I didnt think they were still issuing Mastercards. Is it possible for them to switch me to a mastercard(it would be a world)? I ask because I have only one(Barclays), which I want to cancel ASAP....once I have another mastercard.

Climbing, you are movin on up, I think it's something to be proud of, but this is my first day of returning after a long ban of the board(from me lol), so I feel like being cautious, and would love if others helped you soon also.

Re: Is This Really a Cap One Card Upgrade?

Anonymous — Sat, 19 May 2018 01:10:53 GMT

@Anonymous wrote:
Im not familiar with the World Mastercard(tm) benefits, but I suppose you could google them and see if they look worthwhile. I'd guess it is similar to Visa Signature(tm). If nothing else, it can seem a bit more prestigious.

Not to change the subject, but I didnt think they were still issuing Mastercards. Is it possible for them to switch me to a mastercard(it would be a world)? I ask because I have only one(Barclays), which I want to cancel ASAP....once I have another mastercard.

Climbing, you are movin on up, I think it's something to be proud of, but this is my first day of returning after a long ban of the board(from me lol), so I feel like being cautious, and would love if others helped you soon also.

Capital One keeps going back and forth between MasterCard and Visa. After a stint with Visa they have returned to issuing MasterCard. Capital One does not switch networks, unfortunately; therefore your Visa will remain until which time they decide to change it (unlikely unless they ink a deal with one network over the other similar to what Chase and Citibank have both done).

Re: Is This Really a Cap One Card Upgrade?

wasCB14 — Sat, 19 May 2018 01:32:14 GMT

@Anonymous wrote:
In the hierarchy of MasterCard you start out at Standard/Classic--->Gold--->Platinum--->World--->World Elite. With Visa it is Classic--->Gold--->Platinum--->Signature--->Signature Preferred?--->Infinite

Isn't Visa Signature Preferred a thing? Or is that just something Chase and maybe other banks use internally?

I think my Hyatt is one.

*And, generally, I think most V/MC benefits are overrated vs. what issuers provide.

Re: Is This Really a Cap One Card Upgrade?

HeavenOhio — Sat, 19 May 2018 03:10:01 GMT

@Anonymous wrote
:
All that should change is that your new card will arrive with the word "world" printed on the card somewhere.

@Anonymous, the other thing you'll see changed is the security code on the back of the card. And you may get a new expiration date.

Re: Is This Really a Cap One Card Upgrade?

Anonymous — Sat, 19 May 2018 03:55:44 GMT

@HeavenOhio wrote:
@Anonymous wrote
:
All that should change is that your new card will arrive with the word "world" printed on the card somewhere.
@Anonymous, the other thing you'll see changed is the security code on the back of the card. And you may get a new expiration date.

The security code is generated from an issuer-specific code, account number and expiration date, so if the expiration date changes the security code will as well. HeavenOhio, do issuers use a different issuer code for the different levels of cards?

Re: Is This Really a Cap One Card Upgrade?

HeavenOhio — Sat, 19 May 2018 04:07:21 GMT

I can't really say I understand the concept of issuer codes, but I can say that I've never had my card number change except in cases of fraud or hacks. Product changes, upgrades, and requested replacements due to damage or wear have always resulted in a new security code. And almost all the time, there's been a new expiration date

Re: Is This Really a Cap One Card Upgrade?

Anonymous — Sat, 19 May 2018 07:41:16 GMT

Ah so this explains why my DC with a low limit is a WEMC, helps offset the 2% rewards for Citi. Someone told me most were classified as world elite in another post so this makes sense.