topic Re: Capital One "Upgrades" Question in Credit Cards

Capital One "Upgrades" Question

SirMilo — Tue, 24 Oct 2023 02:44:44 GMT

I have a quick question- Do the offers when checking the Cap1 "upgrade link" change randomly from time to time if they aren't accepted? I currently have an upgrade offer to the no AF Venture One from my current Platinum Visa 1.5% rewards with a $19 AF.

I suppose I would just like to know if the general concensus is that if I don't accept the V1 offer, might I instead see a no AF QS offer? If accepting the V1 offer, might my chances improve of seeing a no AF QS offer in 6-12 months if my spend drops? I won't use the V1 nearly as much and don't want to be stuck with it for an extended duration. Honestly, other than losing the $19 AF, there are no redeeming factors to the V1 for me.

I realize that not only are there no guarantees when it comes to lenders but we are also talking about Cap1 here. Thanks for your thoughts.

Re: Capital One "Upgrades" Question

Zoostation1 — Tue, 24 Oct 2023 03:50:58 GMT

I never had the older platinum visa you have with the AF, but had a QuicksilverOne which although is a MC it's the closest to it (flat 1.5% with a $39 AF). I was offered a V1 and took it, 6 months later I was was offered a regular QS that I still have. For the QS1 datapoints suggested that it was rare to go directly to QS and that odds were better going to V1 first. Platinum MC cards will sometimes get a direct QS offer but being a Visa and may potentially impact that and also having an AF currently may be why you're getting the V1 offer since it does have slightly lower rewards for most ppl as it equates to 1.25% if you're able to use the points to pay off travel or in the portal.

Re: Capital One "Upgrades" Question

SirMilo — Tue, 24 Oct 2023 04:17:08 GMT

@Zoostation1 Thanks for the response and your DP's.

If you don't mind me asking, what kind of spend were you running through the V1 before seeing the QS offer?

Re: Capital One "Upgrades" Question

GZG — Tue, 24 Oct 2023 04:47:35 GMT

@SirMilo wrote:
I have a quick question- Do the offers when checking the Cap1 "upgrade link" change randomly from time to time if they aren't accepted? I currently have an upgrade offer to the no AF Venture One from my current Platinum Visa 1.5% rewards with a $19 AF.

I suppose I would just like to know if the general concensus is that if I don't accept the V1 offer, might I instead see a no AF QS offer? If accepting the V1 offer, might my chances improve of seeing a no AF QS offer in 6-12 months if my spend drops? I won't use the V1 nearly as much and don't want to be stuck with it for an extended duration. Honestly, other than losing the $19 AF, there are no redeeming factors to the V1 for me.

I realize that not only are there no guarantees when it comes to lenders but we are also talking about Cap1 here. Thanks for your thoughts.

they can change, but I wouldn't count on it, particularly because your card is a visa and you might be forever locked to only getting visa card product changes. I would check every time your statement prints.

What does your profile look like? What cards do you have, credit scores, what, if any, negative information is still reporting?

I ask because I wonder if it might just be better to accept the PC and apply for a new card, maybe even a QS to get the QS you want to have over the vs1.

it might be better to just close out the card, and depending on your file, I probably wouldn't pay the AF again if they are offering a vs1 product change, but that will depend on your profile.

Re: Capital One "Upgrades" Question

SirMilo — Tue, 24 Oct 2023 07:06:53 GMT

@GZG wrote:
they can change, but I wouldn't count on it, particularly because your card is a visa and you might be forever locked to only getting visa card product changes. I would check every time your statement prints.

What does your profile look like? What cards do you have, credit scores, what, if any, negative information is still reporting?

I ask because I wonder if it might just be better to accept the PC and apply for a new card, maybe even a QS to get the QS you want to have over the vs1.

it might be better to just close out the card, and depending on your file, I probably wouldn't pay the AF again if they are offering a vs1 product change, but that will depend on your profile.

Thanks for your thoughts and taking the time to respond, GZG.

To answer your questions, my profile looks good with no negatives and a single inquiry. My FICO 8 scores are 783 minimum. I neither want nor need an additional card at this time since I feel that I have enough (7). If anything, I need to sit down and rethink my rewards strategy and maybe trim a few to add a few new ones to fill in the rewards blanks. My Cap1 is a 2006 vintage (my oldest) and my next oldest card was from 2016. I've kept it around since it's my oldest card and has one of my lowest interest rates. The irony is the interest rate was terrible for 2006 but is now one of my best, not that I carry balances unless taking advantage of a 0% promo.

I have 2 AmEx revolvers, 2x Navy, 1x Chase, 1x PNC (was a great BBVA card, now it's crap), and the Cap1 with SL's between $3.7K and $13K. I would likely close the Chase or PNC before the Cap1 card, as strange as that sounds. It wasn't always that way but around 5 months ago, Cap1 decided to target me with an email for an unsolicited $3k CLI, which leaves Chase with the lowest SL and double the interest of my next highest rate card, again, not that I carry balances.

Re: Capital One "Upgrades" Question

GZG — Tue, 24 Oct 2023 15:47:19 GMT

@SirMilo wrote:
@GZG wrote:
Thanks for your thoughts and taking the time to respond, GZG.

To answer your questions, my profile looks good with no negatives and a single inquiry. My FICO 8 scores are 783 minimum. I neither want nor need an additional card at this time since I feel that I have enough (7). If anything, I need to sit down and rethink my rewards strategy and maybe trim a few to add a few new ones to fill in the rewards blanks.

you don't need a quicksilver, but I do agree with you that in this case, I would make the effort to keep the card open because it's THAT much older than your other open cards.

personally, I would take the venture one PC now, and just let it sit there and buy a pack of gum every 6 months to keep it open and move on to that second step which is listing out all of your cards and finding out what you have, what you need and what you want to get the most out of CC rewards.

or, you could check every month for a different PC until the AF is about to hit and hope you get different results. But your credit and scores, you can get nice card to do what you want, no use trying to make this square peg fit round hole, kinda thing. No real need to try to make a 2006 bucket card your CB daily driver when you can do (and probably already have something) that is already better.

other option, just close it honestly. Your credit isn't going to end up in a freefall for haivng it closed. I wouldn't and for profile (much less so score) reasons it's great to have an open card that is that old relative to the other cards, but if you would much rather close because it's not the card you want, just close it.

Re: Capital One "Upgrades" Question

NoMoreE46 — Tue, 24 Oct 2023 17:30:51 GMT

@SirMilo,

Do you have another core C1 card?

Re: Capital One "Upgrades" Question

Zoostation1 — Tue, 24 Oct 2023 23:04:21 GMT

@SirMilo wrote:
@Zoostation1 Thanks for the response and your DP's.

If you don't mind me asking, what kind of spend were you running through the V1 before seeing the QS offer?

Just did the math on it and when it was a V1 I averaged $345/mo and had never reported a balance. I previously ran much higher spend throuhg it prior to being a V1 when it was a QS1. Just before the PC to V1 I opened up a S1 so had less usage for it going forward.

Re: Capital One "Upgrades" Question

SirMilo — Wed, 25 Oct 2023 19:06:21 GMT

@NoMoreE46 wrote:
@SirMilo,

Do you have another core C1 card?

No. I have no other Capital One cards.

Re: Capital One "Upgrades" Question

SirMilo — Wed, 25 Oct 2023 19:07:16 GMT

@Zoostation1 wrote:
@SirMilo wrote:
@Zoostation1 Thanks for the response and your DP's.

If you don't mind me asking, what kind of spend were you running through the V1 before seeing the QS offer?
Just did the math on it and when it was a V1 I averaged $345/mo and had never reported a balance. I previously ran much higher spend throuhg it prior to being a V1 when it was a QS1. Just before the PC to V1 I opened up a S1 so had less usage for it going forward.

Thanks again for taking the time to respond to my question. I appreciate it.

Re: Capital One "Upgrades" Question

SirMilo — Wed, 25 Oct 2023 19:44:58 GMT

After crunching numbers and taking into account the realistic spend that I will put on my Cap1 card, I have determined that after losing the AF, rewards are effectively a wash. I have put a bunch of spend on this card recently which seems to have caused the large CLI offer. My spend has slowed significantly since then so it makes sense for me to go ahead and relieve myself of the $19 AF after all.

I appreciate everyones comments and data points. It helped me break things down enough to decide to take the PC to the V1. Thanks again everyone- I appreciate it.

Re: Capital One "Upgrades" Question

NoMoreE46 — Sun, 29 Oct 2023 16:29:13 GMT

@SirMilo,

Thanks for the follow-up. If you ever get another core card, you can look for the credit reallocation option.