topic Re: Cap 1 Venture X on chopping block in Credit Cards

Cap 1 Venture X on chopping block

red259 — Sun, 22 Jan 2023 05:17:49 GMT

In a nutshell here is a the situation

I have a cap 1 venture X. The $395 AF just hit

- With some effort I can use the $300 travel credit

- upon renewal they will give me 10k miles

- it comes with PP membership

I also have the venture card that is due to renew in June

- this card is my oldest open card (was my first credit card when I started back with credit cards)

I have an amex plat card due to renew at $695 in March

- I use the $200 uber credit easily

- currently I am using the $240 digital credit although I need to reassess if it is worth it for 2023

- airline credit - usually buy lounge passes with this but since you have to select a specific airline and because I have some airline credit cards and/or am flying on points in premium there is not a lot of airline charges I have

- $200 hotel credit I have used this but it can be tough because many of the hotels they have where I wish to visit cost well over $200 a night

- Centurion/PP lounge access (also delta but I don't fly delta usually)

Also of note I also have the amex gold card that I renewed like a month or two ago (which I do use quite a bit in the bonus categories)

I'm trying to plan out my moves here. I'm thinking it may not make sense to keep the plat card going forward.

The options I have come up with:

Option A: Keep venture X card, downgrade venture card to no AF version, cancel amex plat

Option B: Cancel venture X card (losing 10,000 points) but avoiding AF for now, cancel Amex plat card, upgrade venture card to venture X when I am ready to travel thereby keeping my oldest card going

Option C: Cancel Venture X card, cancel amex plat card (or downgrade), try to get an upgrade offer on my amex gold card to switch to plat thereby getting a sub without having to add a new account

My goals are to have at least one card with lounge access and to minimize my losses. Unless I am missing something I don't see the amex plat has being very competitive outside of getting a upgrade SUB that would take the sting out of the AF. Am I missing a critical factor in my analysis? Does cap 1 still allow upgrading/downgrading their products?

Re: Cap 1 Venture X on chopping block

Kylo — Sun, 22 Jan 2023 06:17:55 GMT

If you are having trouble using the $300 travel credit on the Venture X, I doubt that the Amex Plat is an organic fit for you at the moment. Whatever you decide to do, cancel the Amex platinum, you can always open up the Charles Schwab version or the card later if you want the sign up bonus again.

Re: Cap 1 Venture X on chopping block

BronzeTrader — Sun, 22 Jan 2023 15:13:14 GMT

This is another YMMV situation. You pretty lay out your own plans. Pick the best one for youself. No need to over-analyze them.

Cap1 Venture X is probably the Best card out there. The 10k miles are worth about $150. So you get $300+$150 = $450 to start with. That is more than the $395 fee you pay. It is no brainer. But if you want to cancel, sure do that.

The AmEx personal Plat is a mixed bag. It is loaded with a lot of "benefits". It is like the those "loadware" that come with your Android phone. You can leave them, or try to use them. So you need to work on them to fit your own "lifestyle". That is the sad part of that card. But you can make it work. AmEx offers help too.

Cap1 customer service was bad. It is improving. But AmEx customer service is still very good.

Do whatever is best for YOU. Report back what you do.

Re: Cap 1 Venture X on chopping block

wasCB14 — Sun, 22 Jan 2023 15:55:13 GMT

You rarely fly Delta, but what airlines do you fly? What's your home airport? Is there an airport you often have a connecting flight through?

Lounge value is YMMV. For me, SkyClub access is very useful...and I don't really care about the Priority Pass restaurants Amex excludes. So think about which lounges you'd actually be likely to use.

You might also consider the Saks credit.

Re: Cap 1 Venture X on chopping block

StephenH — Sun, 22 Jan 2023 16:11:20 GMT

It looks like you don't really cover the coupon book/credits to justify holding on to the Platinum. Don't get me wrong, if you combine the Plat/Gold that's a great combo and you can rack up a good amount of points. But I feel as if though you may not travel enough to maximize the use of Amex points.

Here's what I would do:

Check the Cap1 product upgrade page on your Venture. If there's an offer to switch it to the no AF or another product preferably Savor or Savor One you should take it. This will enable you to keep your oldest card and effectively earn 3% on dining, entertainment, grocery, and streaming services, on top of that a complimentary Uber one membership and 10% back on Uber. On the VX end, you earn 2% on all everyday purchases, 10% on hotels & rental cars, and 5% on flights booked via the travel portal. In addition, you get $300 travel credit that is easier to use, 10k miles annually, PP (Plaza Lounges included **they are expanding in the US and those lounges are considerably better than Amex at least the ones overseas**), and a $100 global entry credit.

Re: Cap 1 Venture X on chopping block

red259 — Sun, 22 Jan 2023 21:37:41 GMT

@wasCB14 wrote:
You rarely fly Delta, but what airlines do you fly? What's your home airport? Is there an airport you often have a connecting flight through?

Lounge value is YMMV. For me, SkyClub access is very useful...and I don't really care about the Priority Pass restaurants Amex excludes. So think about which lounges you'd actually be likely to use.

You might also consider the Saks credit.

I usually use the saks credit for giftcards. I find Saks soo obscenely overpriced though that it is not a place I would shop independent of having the credit. Skyclub is pretty much useless to me. I have three different home airports and some have the centurion lounge. I'm in a major hub so usually I am not making domestic connections and if I do need to connect its somewhere overseas. I typically use the priority pass for when I am out of the country and making short to mid-range flights outside the US on economy tickets.

In terms of airlines I fly they tend to be international airlines that have better product than the US airlines. If I am flying a US airline for some reason it will more than likely be American or United because I have miles in those programs. I have used the restaurant feature with PP before. I am able to do that with cap 1 but not Amex? Some airports won't have a lounge but they will have a restaurant hooked into PP. It is more the exception than the rule in my experience but I have had it come up during my travels.

Re: Cap 1 Venture X on chopping block

red259 — Sun, 22 Jan 2023 21:46:20 GMT

@StephenH wrote:
It looks like you don't really cover the coupon book/credits to justify holding on to the Platinum. Don't get me wrong, if you combine the Plat/Gold that's a great combo and you can rack up a good amount of points. But I feel as if though you may not travel enough to maximize the use of Amex points.

Here's what I would do:

Check the Cap1 product upgrade page on your Venture. If there's an offer to switch it to the no AF or another product preferably Savor or Savor One you should take it. This will enable you to keep your oldest card and effectively earn 3% on dining, entertainment, grocery, and streaming services, on top of that a complimentary Uber one membership and 10% back on Uber. On the VX end, you earn 2% on all everyday purchases, 10% on hotels & rental cars, and 5% on flights booked via the travel portal. In addition, you get $300 travel credit that is easier to use, 10k miles annually, PP (Plaza Lounges included **they are expanding in the US and those lounges are considerably better than Amex at least the ones overseas**), and a $100 global entry credit.

I maximize amex points with my travel. That isn't the issue. The plat card doesn't really do much for me in terms of earning amex points though. I get amex offers thru other amex cards. The issue is the benefits and if they offset the AF. Does the savor card allow you to earn points if you hold the venture X or is it only cash back? I'm not really interested in pure cashback cards because I get substatially more value transferring to travel partners.

Re: Cap 1 Venture X on chopping block

StephenH — Sun, 22 Jan 2023 23:29:19 GMT

Agreed. It makes more sense to choose points over cash back considering the versatility. You can transfer savor one cash back to venture X points at a 1cpp ratio (I think it has to be done from their website, not the app). I would definitely recommend this set up if it makes sense to you.

Also a quick note: VX PP restaurant/non-lounge access has ended as of Jan 2023.

Re: Cap 1 Venture X on chopping block

wasCB14 — Sun, 22 Jan 2023 23:33:24 GMT

@red259 wrote:
@wasCB14 wrote:
You rarely fly Delta, but what airlines do you fly? What's your home airport? Is there an airport you often have a connecting flight through?

Lounge value is YMMV. For me, SkyClub access is very useful...and I don't really care about the Priority Pass restaurants Amex excludes. So think about which lounges you'd actually be likely to use.

You might also consider the Saks credit.
I usually use the saks credit for giftcards. I find Saks soo obscenely overpriced though that it is not a place I would shop independent of having the credit. Skyclub is pretty much useless to me. I have three different home airports and some have the centurion lounge. I'm in a major hub so usually I am not making domestic connections and if I do need to connect its somewhere overseas. I typically use the priority pass for when I am out of the country and making short to mid-range flights outside the US on economy tickets.

In terms of airlines I fly they tend to be international airlines that have better product than the US airlines. If I am flying a US airline for some reason it will more than likely be American or United because I have miles in those programs. Check FT for the latest details, but I've used the Amex Platinum airline extras credit for United Travel Bank reloads. I have used the restaurant feature with PP before. I am able to do that with cap 1 but not Amex? I know Amex PP does not include restaurants or other non-lounge participants. I'm not sure whether/what other banks have taken this approach of limiting PP. *Stephen H just said VX has limited it, too.* Some airports won't have a lounge but they will have a restaurant hooked into PP. It is more the exception than the rule in my experience but I have had it come up during my travels.

I'd add that I don't have airline status, so for me SkyClub (Amex Platinum) and United Club (Chase Explorer passes) access gives a big peace of mind factor as far as the ability to quickly get great customer service.

Re: Cap 1 Venture X on chopping block

red259 — Sun, 22 Jan 2023 23:43:18 GMT

. Check FT for the latest details, but I've used the Amex Platinum airline extras credit for United Travel Bank reloads.

Hmm I don't know much about that option. That seems worth a look.

Re: Cap 1 Venture X on chopping block

Citylights18 — Tue, 24 Jan 2023 15:37:15 GMT

@BronzeTrader wrote:
This is another YMMV situation. You pretty lay out your own plans. Pick the best one for youself. No need to over-analyze them.

Cap1 Venture X is probably the Best card out there. The 10k miles are worth about $150. So you get $300+$150 = $450 to start with. That is more than the $395 fee you pay. It is no brainer. But if you want to cancel, sure do that.

The AmEx personal Plat is a mixed bag. It is loaded with a lot of "benefits". It is like the those "loadware" that come with your Android phone. You can leave them, or try to use them. So you need to work on them to fit your own "lifestyle". That is the sad part of that card. But you can make it work. AmEx offers help too.

Cap1 customer service was bad. It is improving. But AmEx customer service is still very good.

Do whatever is best for YOU. Report back what you do.

Cards with 10x hotel/rental card benefit seem to be the future and Capital One is growing its "travel" portfolio with new lounges and travel partners. Venture X is one I think you might want to give a few years.

AMEX Platinum you need a ton of travel to justify it. I know it has offsetting credits to the AF but it requires you to receive value from those credits. To have to go out of your way and buy something from Saks to justify a high annual fee is the wrong way to do it unless you spend 1,000 a year there for wardrobe anyways.

Re: Cap 1 Venture X on chopping block

StephenH — Tue, 24 Jan 2023 15:50:58 GMT

@Citylights18 wrote:
@BronzeTrader wrote:
This is another YMMV situation. You pretty lay out your own plans. Pick the best one for youself. No need to over-analyze them.

Cap1 Venture X is probably the Best card out there. The 10k miles are worth about $150. So you get $300+$150 = $450 to start with. That is more than the $395 fee you pay. It is no brainer. But if you want to cancel, sure do that.

The AmEx personal Plat is a mixed bag. It is loaded with a lot of "benefits". It is like the those "loadware" that come with your Android phone. You can leave them, or try to use them. So you need to work on them to fit your own "lifestyle". That is the sad part of that card. But you can make it work. AmEx offers help too.

Cap1 customer service was bad. It is improving. But AmEx customer service is still very good.

Do whatever is best for YOU. Report back what you do.

Cards with 10x hotel/rental card benefit seem to be the future and Capital One is growing its "travel" portfolio with new lounges and travel partners. Venture X is one I think you might want to give a few years.

AMEX Platinum you need a ton of travel to justify it. I know it has offsetting credits to the AF but it requires you to receive value from those credits. To have to go out of your way and buy something from Saks to justify a high annual fee is the wrong way to do it unless you spend 1,000 a year there for wardrobe anyways.

Pretty much this.

Even when it was an option for me, I didn't get a platinum for this reason. If I didn't travel enough, I'd have to go out of my way to use the coupon book to justify the annual fee. YMMV.

Re: Cap 1 Venture X on chopping block

Brian_Earl_Spilner — Tue, 24 Jan 2023 16:01:01 GMT

You may have issues if you're planning to upgrade later with a venture. You can't upgrade unless there's an offer available so if you have a trip coming up and intend to upgrade for it, you may not be able to.

Re: Cap 1 Venture X on chopping block

phantasm — Tue, 24 Jan 2023 16:53:24 GMT

My 2c are that unless you see a clear path to get your money back on the AF, I would dump the cards. I recently did this with the Amex Marriott BB, especially now with the higher AF, AA MC, and in the past the United MP CC. I PC'd the BB and now have the Amex Marriott Bonvoy with a $95 AF and with the 35K annual certificate, so far, it seems worthwhile (or at least break even). I've consolidated all travel to the PenFed Pathfinder that includes Priority Pass membership -- but per use is discounted. If lounge use is something that you will use on a regular basis, this is likely not the best card for you as the $100 ancillary credit would get eaten up quickly. As a reference point, the priority pass stays are about $40/hr from my limited use, so you could factor that into getting your money back with any of the AF cards. The Charles Schwab AMX Platinum is discounted if you maintain a certain balance with them which can help with getting your money back on the AF.

Re: Cap 1 Venture X on chopping block

drewricomakeubu — Tue, 24 Jan 2023 23:00:41 GMT

@StephenH wrote:
Agreed. It makes more sense to choose points over cash back considering the versatility. You can transfer savor one cash back to venture X points at a 1cpp ratio (I think it has to be done from their website, not the app). I would definitely recommend this set up if it makes sense to you.

Also a quick note: VX PP restaurant/non-lounge access has ended as of Jan 2023.

Wdym restaurant/non-lounge access has ended?

Re: Cap 1 Venture X on chopping block

StephenH — Tue, 24 Jan 2023 23:36:59 GMT

@drewricomakeubu wrote:
@StephenH wrote:
Agreed. It makes more sense to choose points over cash back considering the versatility. You can transfer savor one cash back to venture X points at a 1cpp ratio (I think it has to be done from their website, not the app). I would definitely recommend this set up if it makes sense to you.

Also a quick note: VX PP restaurant/non-lounge access has ended as of Jan 2023.
Wdym restaurant/non-lounge access has ended?

https://www.businessinsider.com/personal-finance/capital-one-venture-x-priority-pass-lose-restaurants-spas-2022-12?amp

Re: Cap 1 Venture X on chopping block

redpat — Wed, 25 Jan 2023 13:10:33 GMT

Option D -

Dump both COs and Amex gold, keep plat.

Does it really matter to keep your longest card at this point because it will stay on reports another 7 years after closing.

The $200 hotel credit for FHR works out great because the stay includes breakfast for 2 and usually a $100 property credit. I know they can be pricey but you can find some good deals and they are fantastic properties.

I've been down the rabbit hole of plat and gold for bonus cat spend. I had gold and venture, closed both, keep plat.

Re: Cap 1 Venture X on chopping block

drewricomakeubu — Wed, 25 Jan 2023 16:40:15 GMT

Darn

Re: Cap 1 Venture X on chopping block

okurosetta — Wed, 25 Jan 2023 17:24:36 GMT

Personally speaking, I'd go with: "Option A: Keep venture X card, downgrade venture card to no AF version, cancel amex plat"

Both cards will require some sort of travel to recoup the AF, with Capital One requiring the portal for the travel credit while maximizing Plat would require good use of the FHR/THC credit and the airline credit, both of which are restrictive (FHR/THC in that bookings where you want to go at a reasonable price need to be available as options, airline in that what you need might not match your selected airline. Plus if you're bringing someone with you, that soon won't be an option for Centurion lounges without them being AU, spending $75k/year on Plat, or paying a fee.

I think Plat makes sense for people who can list out the credits, assign personal values to them (e.g. I value Uber credits at 79% due to opportunity cost loss of not using P2's Savor), still wind up at $695+, and don't mind (or even possibly enjoy) the work involved with managing the credits. From your post it doesn't sound like you're quite there, but maybe a deeper dive is necessary to truly determine such.

I'll end by saying I think Gold + Venture X work well together. A lot of the transfer partners we personally enjoy (British Airways, Virgin Atlantic, KLM Flying Blue) are 1:1 partners in both ecosystems. Gold is strong for 4X bonus categories (and its 3X booking flights direct sometimes gets forgotten) and a minimum of 2X on a no FTF Visa is a solid floor via Venture X. I will personally be parting ways with Plat, though if they present me with another retention offer, I doubt I would say no.