topic Re: Upgrading CapitalOne Platinum to Avoid Annual Fee? in Rebuilding Your Credit

Upgrading CapitalOne Platinum to Avoid Annual Fee?

Fletcher2 — Wed, 11 Nov 2015 02:27:43 GMT

I believe I have read a number of threads where people called just prior to their one year anniversary and asked to 'upgrade' the card to one that avoids fees.

So I am wondering what exactly that's called—wondering what the proper nomenclature is, so I sound like I know what I am talking about when I request it.

Also, I believe I read that some (or all?) Cap1 cards no longer carry a fee after they hit a certain CL; would this be true for the entry-level Platinum card? It was the first I received after BK-7 and it has since risen to $4K CL, so perhaps there won't be an annual fee assessed in December at my 1-year point?

I also have a QS and a Venture...and believe I can't get out of the annual fee for the later, correct?

(And one more question I thought of while typing this—if they upgrade the card, it will keep the same tagline/account number and won't look like a new account and lose the year of reporting, right?)

Sorry for all the questions, but just preparing my gameplan for the upcoming year and this is tops on my list, given I have 30 days before I reach the 1-year mark.

Thanks in advance, guys. Your knowledge is invaluable.

Re: Upgrading CapitalOne Platinum to Avoid Annual Fee?

Anonymous — Wed, 11 Nov 2015 03:28:41 GMT

I applied for a Capital One Platinum (It did not have an annual fee) in August and got it changed over to a Quicksilver 1.5 percent cash back no annual fee card 2 months later. It’s called a Product Change. All I did was log into my Capital One account and requested a Product Change through the online chat. I’m assuming that your Quicksilver is a Quicksilver One, which has an annual fee. If you change the card it will not reflect any diferently when reporting to the credit bureaus. Just ask the Capital One rep thorugh the chat if any of your cards are available for a Product Change. Good Luck.

Re: Upgrading CapitalOne Platinum to Avoid Annual Fee?

Fletcher2 — Wed, 11 Nov 2015 03:39:10 GMT

Thanks for the info, Sarge! ..exactly what I was looking for, the "PC" I have seen used frequently on the boards.

No fee on my QS card (not a QS One, says Visa Platinum in my online account), but there is on my Venture card (Visa Signature). I run $3K/month or more a month through the Venture, so it's worth the annual fee, though I will call and ask for a waiver for the first year when it approaches the 1-year mark.

Thanks again for the info, sir.

PS: So if I already have a no-fee QS card, would they still be able to do a product change on the Platinum Mastercard (with fee) to something else with no fee?

Re: Upgrading CapitalOne Platinum to Avoid Annual Fee?

Anonymous — Wed, 11 Nov 2015 05:42:48 GMT

Another thing you can do is combine the platinum card into the QS card.

Re: Upgrading CapitalOne Platinum to Avoid Annual Fee?

Anonymous — Wed, 11 Nov 2015 21:25:40 GMT

You might be able to upgrade the Platinum to another card with no fee. Just ask via the chat. If they are unable to do it then try combining it with your no fee Quicksilver. The Platinum Credit Limit would just be transferred over into your Quicksilver.

Re: Upgrading CapitalOne Platinum to Avoid Annual Fee?

Anonymous — Wed, 11 Nov 2015 21:43:12 GMT

Sarge717

Did you get the lower APR as well ?

Re: Upgrading CapitalOne Platinum to Avoid Annual Fee?

Anonymous — Thu, 12 Nov 2015 02:43:57 GMT

I was not able to lower the APR. I really don't mind though as I will always pay in full. From what I've read from other people on these forums, Capital One almost will never lower your APR.

Re: Upgrading CapitalOne Platinum to Avoid Annual Fee?

Anonymous — Thu, 12 Nov 2015 04:59:29 GMT

Amazing coincidence! My annual fee just posted on my Cap1 Platinum and was due on 11/18.

I logged in to the online account and used the Chat feature and just asked the CSR if there was any way I could avoid paying the AF.

He checked and said yes, it can be waived for this year.

I am in some sort of Credit PathWays program with them to get an auto CLI in six months if I make the payment they prescribe for six straight months. I had a balance of about 700 and they offered a 500 CLI after six months if I made payments of at least 125 a month, or PIF. I have completed 4 months and with my AF just waived, I had a balance due of 93 cents. Just paid 1.02 (max amount allowed by Cap1 is 10% over) and waiting for it to post.

I told the CSR thru Chat that I was 'anxiously waiting for a CLI' and I did not want to jeopardize it. I didnt mention PC, and he didnt either. He said I could ask for a CLI now, but it would be a HP. I am just going to wait for it.

I dont have any other Cap1 accounts yet.

Just going to play it conservatively for now.

Re: Upgrading CapitalOne Platinum to Avoid Annual Fee?

Anonymous — Thu, 12 Nov 2015 15:38:51 GMT

If you request a CLI through your account services menu its a soft pull. Its an HP if you do it with a rep. I got my CLI about 2 weeks after my 2nd statement and expect my credit steps increase February. Give it a try!

Re: Upgrading CapitalOne Platinum to Avoid Annual Fee?

Anonymous — Thu, 12 Nov 2015 15:51:02 GMT

@Anonymous wrote:
Amazing coincidence! My annual fee just posted on my Cap1 Platinum and was due on 11/18.

I logged in to the online account and used the Chat feature and just asked the CSR if there was any way I could avoid paying the AF.

He checked and said yes, it can be waived for this year.

I am in some sort of Credit PathWays program with them to get an auto CLI in six months if I make the payment they prescribe for six straight months. I had a balance of about 700 and they offered a 500 CLI after six months if I made payments of at least 125 a month, or PIF. I have completed 4 months and with my AF just waived, I had a balance due of 93 cents. Just paid 1.02 (max amount allowed by Cap1 is 10% over) and waiting for it to post.

I told the CSR thru Chat that I was 'anxiously waiting for a CLI' and I did not want to jeopardize it. I didnt mention PC, and he didnt either. He said I could ask for a CLI now, but it would be a HP. I am just going to wait for it.

I dont have any other Cap1 accounts yet.

Just going to play it conservatively for now.

You CAN still get the early CLI after doing the account upgrade to QS. As mentioned, do it online through the account management (NOT the chat) and its a soft pull. You can request them that way as often as you like.

Re: Upgrading CapitalOne Platinum to Avoid Annual Fee?

Fletcher2 — Wed, 02 Dec 2015 17:32:39 GMT

Thanks again for the information, everyone.

I used the online CLI request a couple of weeks ago and was denied (said too recent of a CLI, which was weeks from being 6 months old!). I could denying me 2 months after a CLI, but not with 2 weeks to go before I expect an auto CLI to kick in.

Nonetheless, I was just on chat with them and found out no annual fee on the Platinum...thought there was. But while waiting for them to respond, I did see that the Travel One card has a lower APR (not that it matters...PIF most months, or leave less than 10% for the following month). Therefore, I upgraded to the Venture One, which also has no annual fee.

So now I have the Venture, the Venture One, and the QuickSilver...only the Venture has an annual fee, but I pound that with $3K-$4K+ a month, so it pays for itself, per se.

Thanks again for the helpful information, guys.