topic Re: Capital One Allowing CL Reallocations Again? in Credit Cards

Capital One Allowing CL Reallocations Again?

UncleB — Sat, 22 Jul 2023 18:31:06 GMT

I was poking around on Reddit and stumbled across this: https://www.reddit.com/r/CreditCards/comments/156cpft/capital_one_seems_to_be_offering_transfer_of/

Sure enough, when I checked my account I see the option as well:

Has anybody given this a try yet?

According to Reddit it's still glitchy for some, so I might wait a few days (assuming they don't withdraw the feature like before). I have a never-used Quicksilver Visa that would be a fantastic donor to my Savor WEMC that was lowered to $1500 a few years ago.

Re: Capital One Allowing CL Reallocations Again?

UncleB — Sat, 22 Jul 2023 20:24:09 GMT

I've not gone through the steps myself yet (don't want to do anything that will gum-up the process when I'm ready to pull the trigger) but it looks like this is different from the previous "Account Combination" option they offered a few years ago.

Before the entire credit line was moved and the donor card was closed, but this time they're calling it a 'transfer' so it might be more like the Amex process where you can pick the dollar amount and possibly keep the old card open.

This is just speculation, though, until I (or someone else) goes through the process and can come back with a report.

I want to think about it a bit more, but I'm probably going to go through with it (or at least try). A few years ago my QS Visa was lowered from $17k to $5k, and my Savor WEMC was lowered from $5900 to $1.5k, both for lack of use (they weren't wrong). The QS Visa is pretty useless since I have the WF Active Cash 2% Visa (and Citi DC WEMC), but if I could shuffle some or all of that credit line to the Savor that would be nice. 🤔

Re: Capital One Allowing CL Reallocations Again?

ChargedUp — Sat, 22 Jul 2023 18:55:43 GMT

I just signed into my Cap One accounts and I don't have that link on either card.

Re: Capital One Allowing CL Reallocations Again?

UncleB — Sat, 22 Jul 2023 18:57:35 GMT

@ChargedUp wrote:
I just signed into my Cap One accounts and I don't have that link on either card.

Well rats.

Maybe they're rolling it out in batches? <Fingers crossed> you get the option soon.

Re: Capital One Allowing CL Reallocations Again?

Horseshoez — Sat, 22 Jul 2023 19:19:44 GMT

Interesting thread and interesting timing...

Earlier this week I grew weary of a stagnate $2,000 credit limit on my SavorOne card and applied for a Chase Freedom Unlimited card (I took the bait from a pre-approval E-Mail I got from Chase) and was instantly approved with a SL of $23,600. As soon as I got the approval I started winding down all of my CapOne cards, however, had I known about this option, I might have stuck with my combination Quicksilver and SavorOne cards as my daily drivers.

FWIW, I just went to the CapOne web site and I do have the option to transfer credit lines between the two cards; given I'm winding them down I probably won't pull the trigger on the transfer.

Re: Capital One Allowing CL Reallocations Again?

Rogue46 — Sat, 22 Jul 2023 19:22:47 GMT

I just checked my account and it's there also. I have a $15k limit on my Savor card and $8.6K on the Venture. I don't use either card very much so I'm not sure there is a benefit for me to transfer anything but it's nice knowing I have the option if needed.

Re: Capital One Allowing CL Reallocations Again?

Brian_Earl_Spilner — Sat, 22 Jul 2023 19:20:32 GMT

The hope that they would bring this back is why I've kept my qs1 open all this time.

Re: Capital One Allowing CL Reallocations Again?

Rogue46 — Sat, 22 Jul 2023 19:32:31 GMT

I didn't pull the trigger but it looks much like how Amex does it but you have to keep at least $500 on the donor card.

Re: Capital One Allowing CL Reallocations Again?

UncleB — Sat, 22 Jul 2023 19:33:11 GMT

@Brian_Earl_Spilner wrote:
The hope that they would bring this back is why I've kept my qs1 open all this time.

You took the words right out of my mouth. I even said as much when the 'great haircut' took place:

I don't plan to do anything with the card... there's no need to 'rage close' and it's certainly not hurting anything just staying open. On the contrary, at some point in the future their PC policy might change and I might be able to do something 'interesting' with it.

This isn't exactly what I had in mind, but for me it's even better... since closing my Amex Gold I have reason to use the Savor again, and while technically $1500 is probably fine for my needs I'd like to have a little more breathing room.

Since I figured out that the Savor gives 4% for satellite and cable as well as restaurants I'll probably be using it more. (I have cable/satellite set as a category on one of my Cash+ cards, but it's worth losing 1% and freeing up that card for an additional 5% category.)

For what it's worth, both my QS Visa and Savor WEMC are bucketed, so neither will be doing much growth without significant spend which isn't likely. (Ironically, my QS WEMC is not bucketed, and has grown to $15k with very little use.)

Re: Capital One Allowing CL Reallocations Again?

UncleB — Sat, 22 Jul 2023 19:35:25 GMT

@Rogue46 wrote:
I didn't pull the trigger but it looks much like how Amex does it but you have to keep at least $500 on the donor card.

Ah, good to know!

This is actually OK. My QS Visa was opened in 2015, so having an older card hang around (even with a $500 CL) definitely won't hurt anything and will help out the AAoA later on.

Re: Capital One Allowing CL Reallocations Again?

mgood — Sat, 22 Jul 2023 20:12:41 GMT

I don't have that option

Of my two Capital One cards, one is co-branded Cabela's card. That may be the reason. Seems like that was the issue when I asked about it many moons ago.

Re: Capital One Allowing CL Reallocations Again?

UncleB — Sat, 22 Jul 2023 20:15:11 GMT

The plot thickens... (LOL)

I'm unable to transfer from the QS Visa card. I can transfer to it from either of my other two cards, though.

So it looks like I'm stuck with the old QS Visa staying exactly where it is. Now I just have to decide if I want to transfer any $$$ from my QS WEMC (which isn't bucketed) to my Savor WEMC (which is).

Also, here's a link to the FAQ page: https://www.capitalone.com/credit-cards/faq/line-transfer/

Re: Capital One Allowing CL Reallocations Again?

UncleB — Sat, 22 Jul 2023 20:17:22 GMT

@mgood wrote:
I don't have that option
Of my two Capital One cards, one is co-branded Cabela's card. That may be the reason. Seems like that was the issue when I asked about it many moons ago.

Yeah, that's likely the issue. If I remember correctly, "back in the day" when they allowed what they called 'account combinations' they excluded co-branded cards.

Re: Capital One Allowing CL Reallocations Again?

mgood — Sat, 22 Jul 2023 20:23:43 GMT

This is one thing I was worried about.

4.
Will doing a line transfer exclude me from other Capital One credit line increases?
Capital One usually waits 1-6 months after a credit line change to re-evaluate line needs. You may experience a temporary exclusion from credit line increases during this time.

I figured that. Sometimes a reason given for denial of a CLI request is "There has recently been a change to the credit line on this account" and we all know that's six months. (I think someone recently posted about getting one in less than six months, but unless something has changed drastically, that is extremely abnormal behavior from Cap1.)

Re: Capital One Allowing CL Reallocations Again?

mgood — Sat, 22 Jul 2023 20:30:01 GMT

@UncleB wrote:
@mgood wrote:
I don't have that option
Of my two Capital One cards, one is co-branded Cabela's card. That may be the reason. Seems like that was the issue when I asked about it many moons ago.
Yeah, that's likely the issue. If I remember correctly, "back in the day" when they allowed what they called 'account combinations' they excluded co-branded cards.

When they first took over the Cabela's accounts, I asked if I could combine mine because I didn't really need two Capital One cards. That was the reason given for not letting me do that.

My tiny little Cabela's card doesn't get major spend, but I occasionally want to put a large-ish purchase on there. I bought a $2000 scope with it when it was a $700 card by purchasing Cabela's gift cards with my Cabela's credit card until I had enough to buy what I wanted.

This mattered when it gave me 3% on Cabela's purchases. Now that it's been downgraded to 2%, I have a couple of cards that get 2% on everything and I could make Sporting Goods a 5% category on my Cash+ if I know I have a big purchase coming up.

Re: Capital One Allowing CL Reallocations Again?

UncleB — Sat, 22 Jul 2023 20:42:39 GMT

@mgood wrote:
@UncleB wrote:
@mgood wrote:
I don't have that option
Of my two Capital One cards, one is co-branded Cabela's card. That may be the reason. Seems like that was the issue when I asked about it many moons ago.
Yeah, that's likely the issue. If I remember correctly, "back in the day" when they allowed what they called 'account combinations' they excluded co-branded cards.
When they first took over the Cabela's accounts, I asked if I could combine mine because I didn't really need two Capital One cards. That was the reason given for not letting me do that.
My tiny little Cabela's card doesn't get major spend, but I occasionally want to put a large-ish purchase on there. I bought a $2000 scope with it when it was a $700 card by purchasing Cabela's gift cards with my Cabela's credit card until I had enough to buy what I wanted.

This mattered when it gave me 3% on Cabela's purchases. Now that it's been downgraded to 2%, I have a couple of cards that get 2% on everything and I could make Sporting Goods a 5% category on my Cash+ if I know I have a big purchase coming up.

A true myFICO'er... when one door closes (or refuses to open), we find a backdoor, a window, or sometimes we just knock a hole in the wall.

Sometimes I'm embarassed at how many different ways I have to go about maximizing the rewards for my modest spend, but I'm not embarassed when the rewards come in so I guess it's OK. ¯\_(ツ)_/¯

Re: Capital One Allowing CL Reallocations Again?

FireMedic1 — Sat, 22 Jul 2023 23:04:30 GMT

Well @UncleB

I get.............

Re: Capital One Allowing CL Reallocations Again?

Aim_High — Sat, 22 Jul 2023 23:18:15 GMT

Great news, @UncleB.

I managed to grow my original $1K 2009 Platinum card to $30K over the years after converting it to a Quicksilver. Since then, I have much better options for cash back but have hesitated to close this one. I like many things about Capital One and maintaining a relationship with them. This may give me a good reason to later apply for a new card such as Venture X where I can possibly combine limits. That would be sweet.

Re: Capital One Allowing CL Reallocations Again?

CH-7-Mission-Accomplished — Sat, 22 Jul 2023 23:31:54 GMT

@UncleB wrote:
I was poking around on Reddit and stumbled across this: https://www.reddit.com/r/CreditCards/comments/156cpft/capital_one_seems_to_be_offering_transfer_of/

Sure enough, when I checked my account I see the option as well:

Has anybody given this a try yet?

According to Reddit it's still glitchy for some, so I might wait a few days (assuming they don't withdraw the feature like before). I have a never-used Quicksilver Visa that would be a fantastic donor to my Savor WEMC that was lowered to $1500 a few years ago.

It's offering me the ability to transfer to/from both of my accounts, the VentueX and the QS. I can't think of a reason transfer now. The VentureX limit is $44K and the QS is $22K. QS used to be $50K before a big haircut for limited use.

These are the rules they note:

Why aren’t all of my accounts showing?

At this time, only eligible accounts are listed.

What factors determine account eligibility?

Eligibility is determined separately for each account by several factors including (but not limited to) account status and account age.

Can I use my small business, partnership, or secured account for line transfer?

No, at this time only certain products are eligible for credit line transfers.

Will doing a line transfer exclude me from other Capital One credit line increases?

Capital One usually waits 1-6 months after a credit line change to re-evaluate line needs. You may experience a temporary exclusion from credit line increases during this time.

What factors determine the amount I can transfer between cards?

Line transfer amounts are determined by several factors including but not limited to the available credit on your card. Your available credit is equal to the credit limit, less the present balance and less any amounts on hold.

Re: Capital One Allowing CL Reallocations Again?

NoMoreE46 — Sat, 22 Jul 2023 23:43:23 GMT

DuDes!!!

I was able to do the transfer. Moved $30,000 from my Quick Silver to my Savor.

Thanks @UncleB !

(I grabbed screen shots and will post more on the process later.)