topic Re: QS1 to Venture One to QS in Credit Cards

Venture one upgrade

rgd51 — Wed, 10 Mar 2021 08:06:32 GMT

My first ever credit card I got right after graduating college. It was the QS1 with capital one and a $300 limit. Over the years it slowly grew to a $3,500 limit. I was lazy and never bothered seeing if I could get an upgrade. A few months ago i asked if I could change to the regular QS and they said no and that my only option was the venture one. I took the upgrade because it got me out of the yearly fee and it is my oldest revolving account so I continue to keep it open since I now have no annual fee I just buy a candy bar every few weeks or so to keep it active. I got myself a regular QS a couple weeks ago by applying for it so now I have both cards. I keep being told every time I call in that I can't upgrade my venture one at this time but to be patient and keep calling in every few weeks to see if a PC is available. Has anyone ever had any success PC the venture one into a different card such as the QS or savor cards?

Re: Venture one upgrade

Ficoproblems247 — Wed, 10 Mar 2021 11:42:39 GMT

You have to wait 181 days in between PCs. They will not allow you to change it to the QS until that point. They do not entertain PCs to Savor cards, unfortunately. My current QS started life as a QS1, also PCd to a V1 along the way, and then 181 days after that I PCd it to a regular QS. You should be fine, you just need to wait it out until it's eligible. Congrats on your growth on that card! I love success stories about $300 Cap1 cards ending up with respectable limits down the road.

Re: Venture one upgrade

Loquat — Wed, 10 Mar 2021 14:13:00 GMT

There’s a chance down the road that you may be able to go to a regular QS or even a regular Venture. Like it’s been mentioned you’re just going to have to wait it out a bit.

Re: Venture one upgrade

rgd51 — Wed, 10 Mar 2021 16:36:44 GMT

But would my also having a regular QS card prevent me from having the option to PC it once the 6 months passes? Or would it not matter that I already have a QS as well? If I am giving that option I would then close my current QS account since it would be pointless to have 2 accounts for the same card.

Re: Venture one upgrade

Ficoproblems247 — Wed, 10 Mar 2021 20:42:27 GMT

@rgd51 wrote:
But would my also having a regular QS card prevent me from having the option to PC it once the 6 months passes? Or would it not matter that I already have a QS as well? If I am giving that option I would then close my current QS account since it would be pointless to have 2 accounts for the same card.

Cap1 allows two QS cards, that is not an issue. I see members all the time with more than 1. A lot of times they end up with multiple cards due to Cap1 being accessible as a rebuilding platform therefore they will end up with multiple products from them, i.e. QS1, platinum. One or more will start out as a different version and be PCd down the road just like in your situation.

Re: Venture one upgrade

rgd51 — Wed, 10 Mar 2021 21:35:01 GMT

Any idea why I was only given the venture one as an option rather than the QS? I see on here people writing all the time about how the got the no rewards platinum card upgraded to a QS.

Re: Venture one upgrade

HeavenOhio — Sat, 03 Apr 2021 01:56:31 GMT

@rgd51, congratulations on being able to upgrade your QS1. Capital One is stingy with upgrades to those cards.

Now that you've lost the fee, chances are good that you'll have upgrade offers once your product change becomes six months old. You won't see anything before that.

There's no issue with having more than one of the same product. It's pretty common that someone has an upgraded starter card while also having a card that was issued as a Quicksilver to begin with.

I had three Quicksilvers for a while. All of them were the result of PCs. I was able to change one to a Savor during the short time that Savor PCs were being offered.

Re: Venture one upgrade

rgd51 — Wed, 10 Mar 2021 21:46:41 GMT

My PC was over 3 months ago so hopefully in 3 months I will have another PC offer but why was the venture one my only option when it isn't nearly as good as the quicksilver?

Re: Venture one upgrade

HeavenOhio — Wed, 10 Mar 2021 21:52:22 GMT

@rgd51 wrote:
My PC was over 3 months ago so hopefully in 3 months I will have another PC offer but why was the venture one my only option when it isn't nearly as good as the quicksilver?

I don't think there's an answer to that as we don't know how Capital One's computers make these decisions.

But you did the right thing by accepting the VentureOne offer. While you're correct that the VentureOne isn't a great card, upgrading to rid yourself of a fee is one of the few reasons for acquiring one.

Re: Venture one upgrade

Anonymous — Wed, 10 Mar 2021 22:04:48 GMT

@rgd51 wrote:
My PC was over 3 months ago so hopefully in 3 months I will have another PC offer but why was the venture one my only option when it isn't nearly as good as the quicksilver?

I think they honestly do this to keep people paying the AF. Since the QS and QS1 are the same rewards scheme, the VentureOne would actually be considered an "upgrade" even if the value of the rewards is lower.

Re: Venture one upgrade

rgd51 — Wed, 10 Mar 2021 22:15:00 GMT

It just makes me so angry at capital one that they wouldn't just PC me to the QS so I wasted a hard inquiry and new account to get one when I shouldn't have had to. Why does the QS1 have a fee? A lot of cap one cards really suck. Like the venture is a $95 annual fee for a flat 2% back card and the savor has $95 fee as well. I would say the only place with worse cards that I know of is credit one. The QS and savor one are decent cards though but I also have the chase freedom unlimited which gives me 1.5% on all purchases except dining which gets 3% back so it is a better card overall.

Re: Venture one upgrade

Anonymous — Wed, 10 Mar 2021 22:45:51 GMT

The QS1 is a subprime card. The low limits and the annual fee reduce their risk exposure which makes them more willing to lend to lower scores. Capital One will approve customers that only subprime banks like Credit One will take while giving better overall terms, better customer service, and better rewards programs. Many of us, myself included, would have been stuck doing business with subprime lenders if it weren't for Capital One taking a chance on them. Capital One gave me an unsecured card when everyone else was offering me secured ones.

Re: Venture one upgrade

rgd51 — Wed, 10 Mar 2021 23:04:38 GMT

I am just so angry at cap one for playing these games on being able to PC my cards. Chase allowed me to PC my flex for an unlimited without an issue. Its like every single capital one card has a competitor to it offering lower fees, higher rewards, lower interest rates etc. Part of me is upset at myself for wasting a hard inquiry and new account on getting a QS but my QS is a world elite mastercard so I can get cell phone insurance from it so I might as well keep it for that reason. My venture one is just a regular mastercard that doesn't offer that benefit

Re: Venture one upgrade

Ficoproblems247 — Wed, 10 Mar 2021 23:52:46 GMT

@rgd51 wrote:
I am just so angry at cap one for playing these games on being able to PC my cards. Chase allowed me to PC my flex for an unlimited without an issue. Its like every single capital one card has a competitor to it offering lower fees, higher rewards, lower interest rates etc. Part of me is upset at myself for wasting a hard inquiry and new account on getting a QS but my QS is a world elite mastercard so I can get cell phone insurance from it so I might as well keep it for that reason. My venture one is just a regular mastercard that doesn't offer that benefit

No one is playing games. Each lender has a set of guidelines that they follow, Capital One happens to get their set from a computer algorithm and pretty much follow it explicitly. It's not a lenders responsibility to give each customer what they want. Capital one will lend to someone who otherwise would only qualify for cards such as Credit One, or First Premier. I don't know about you but I'd rather have a conventional credit card experience to help me rebuild my credit than deal with predatory lenders. Because of this, you need to have tempered expectations with what they are going to offer you: lower limits at first, and rewards that can be outdone by other prime lenders. They are not a premium lender, nor do they offer the best, most lucrative and competitive products out there. Capital One gave myself and a lot of others a great deal of help with a solid rebuild, you've already heard it from others in this very thread. They're under no obligation to give you a single PC on any of their cards, let alone have you pick and chose what you want when you want it. They're one of the largest financial institutions in the country. You are just a number to them, the relationship you have with Capital One is simply how their computer sees your profile.

Re: Venture one upgrade

rgd51 — Thu, 11 Mar 2021 12:42:51 GMT

Part of me is like to hell with cap one and that I should cancel my new quicksilver card and potentially even the venture one as well. The venture one is 6 and a half years old and my 2nd oldest card is the target one which is a little over 5 years.

My chase freedom unlimited gives me 3% back on dining and drugstore purchases and 1.5% on everything else so it is far superior to the QS except it has foreign transaction fees but my Amazon rewards visa with chase has no foreign transaction fees. I would have 3 credit cards (target and the 2 with chase which are both less than 6 months old) if I cancel my capital one cards. My bank accounts and mortgage are with chase as well and chase treats me better than cap one. Every time I call cap one (Mod cut - not here, please @rgd51. Please familiarize yourself with the myFICO Forums TOS and Forum Etiquette) tells me what a computer screen is telling them. When I call chase the people seem to know what they're talk about. My venture one has a $3,500 limit, the QS has $1,000. Freedom unlimited has $7,500 and so does target. Amazon has $6,500. The freedom unlimited is my daily driver since I can use it for all but my Amazon and target purchases and know that whatever I buy will get at least 1.5% back.

It just really passes me off that none of the cap one products are top of class. There is always a competitor that offers a better card. I have listed examples below:

The savor has a $95 fee but gives the same 4% back on dining that the altitude go from US bank gives and that card has no fee.

The QS is the same industry standard 1.5% flat rate but the citi and paypal cards give 2% and the freedom unlimited is 1.5% plus the 3% for dining and drugstore purchases that I mentioned above.

The venture is basically a flat rate 2% cash back card with limited redemption options and has a $95 annual fee while the citi double cash and paypal card give 2% that is actually cash back and don't charge annual fees.

The savor one is basically copying the chase freedom unlimited except it only gives 1% in non bonus categories unlike the 1.5% on the freedom unlimited.

The venture one is basically a flat rate 1.25% cash back card with limited redemption options. The discover miles card is 1.5 miles on all purchases so again there is a better card.

Cap one secured mastercard has no rewards while discover has a secured card that gives rewards.

I could go on and on but it seems it is really only the QS that holds its own against competitors.

I only worry that ditching my 2 capital one cards would shorten my credit history by over a year in 10 years when they fall off my report. If I was to ditch one of them it would likely be the QS since it is my newest account and isn't nearly as good as the freedom unlimited. Since my mortgage and bank accounts are with chase it makes managing the chase cards easier since i do it all in one app. Chase is way more flexible than cap one and treats me better in my opinion. The freedom unlimited really is a perfect one card solution since dining out is my biggest spending category and I can be certain to get at least 1.5% back on everything I buy.

What are all of your thoughts?

Re: Venture one upgrade

Ficoproblems247 — Thu, 11 Mar 2021 12:05:49 GMT

Ok, what I truly do not understand is why you are upset at a bank for the rewards structure that it offers on their products. YOU are the one that signed up for said products yourself. Did Cap1 force you to apply? No. Cap1 is Burger King, Chase is fine dining. Do you expect Burger King to serve you filet mignon and lobster? No. Do you order a Whoppet at Burger King and then get angry at the worker at the counter for serving you the Whopper (remember that's what you ordered from them, knowing and understanding that you were indeed ordering a Whopper), instead of serving you filet mignon and lobster tail? I surely hope not. That is what this situation is. You applied for sub-prime products from a lender that deals with mainly sub-prime customers. You get what you order.

Advice:

1.)Wait until the V1 can be successfully PCd to a QS (181 days since most recent PC.)

2.) Close new QS you do not want or need.

3.) Put a small charge on your old QS every 6 months to keep it open.

4.) Focus on your lenders that are serving you fine dining, stop stressing about Cap1, and move on.

Re: Venture one upgrade

Horseshoez — Thu, 11 Mar 2021 12:20:21 GMT

I have to agree with @Ficoproblems247, this whole anti-CapitalOne diatribe is much ado about nothing.

In my case, I am just over one year since my Chapter 13 Discharge, and CapitalOne was the first company to give me a chance with their secured card. Granted I closed it after only six weeks because the $1,000 limit was insufficient for my monthly needs, but six months later they pre-approved me for a Quicksilver with a $3,000 limit. Is my current CapitalOne card the be-all to end-all of credit cards? Absolutely not. Am I happy with it? Definitely. If/when I get better cards in the future will I be upset with them if they don't bump my limit or promote the card to a better product? Nope, not happening. They took a chance on me and I will happily keep the card open, even if it stays exactly as it is for the next ten or twenty years.

Re: Venture one upgrade

rgd51 — Thu, 11 Mar 2021 17:19:37 GMT

I never thought of cap one as a subprime lender. I know some of their products are subprime and the reason I got the QS1 in the first place was because back then I was 22 and had no credit history. If I had to do it over again I would have gotten the secured card from discover.

There is no certainty that I will even be offered the QS PC on the venture one. My current QS is a world elite mastercard so keeping it would give me the cell phone protection benefit.

Why do you think chase added the bonus categories to the freedom unlimited and flex but cap one hasn't done anything to improve the QS while other lenders are stepping up their rewards game.

I'm not upset that I can't PC my venture one as much as you think. The part I am upset about is they let people with platinum cards that earn no rewards and have subprime credit scores get the regular QS but someone like me with a score of 751 (805 before I got my mortgage and then did an app spree right after) who had the QS1 isn't given that same option when I can't think of any logical reason why they wouldn't allow that?

Re: Venture one upgrade

dragontears — Thu, 11 Mar 2021 17:37:35 GMT

OP, I mean this in the most FSR way. You come off rather entitled in your posts.

Lending is about more than scores (and if your scores plummeted 50 points due to new accounts your overall profile is not as robust as a file could be), upgrade offers can also depend upon account history and account type. Don't be mad that someone with a completely different profile got the upgrade offer that you wanted on a completely different card. it is apples to oranges comparison.

You can't compare one lender to another. If you have such a strong preference for Chase (inferred from your constant referencing how they are better than cap1), close your cap1 cards and just use chase cards.

Re: Venture one upgrade

gingerflower — Thu, 11 Mar 2021 18:18:28 GMT

@Ficoproblems247

+ 1 totally agree!!