Should I use the Cap One rewards upgrade?

[Anonymous]

Hey fellow members,

I've had the Cap One Platinum since Aug 2012. I just recv'd in the mail an offer to upgrade to QS or Venture. It doesn't say an additional account with additional card. It states it as my card would "switch over" to whichever card I choose. Fine print says acct number remains the same but now I'll have the card I choose and the rewards that apply. Fine print also states "no impact" to score under faq's regarding an inquiry. my limit is 5k on current card i believe. Not sure as I don't trust any of these companies. Wondering if anyone that's gone through this can give some input.

Is this something to take advantage of?  Legitimate on no inquiry reflecting on reports? Should I ask for limit increase at same time? 

Thanks, I appreciate any responses.

Viewer68

[Anonymous]

I haven't had any mailers like that. But there's no hard pull. I would take the QS if I was you. Better rewards. Also, all Cap1 cli requests are soft pulls.

[Anonymous]

I received a mailer similar to yours. I picked the QS and there was no HP and the acct number was the same so no new tradeline. Not sure about requesting an increase, but I think they are SP anyways.

[RonM21]

I would go for it, choosing whichever one suits you. There shouldn't be any negative effect from you doing this.

[Anonymous]

thanks for the input guys. I appreciate it

[Anonymous]

My fiancee upgrade to QS. No negative action from making the upgrade 

[elim]

If you PC to Venture you pass up the sign-up bonus.  I would PC to QS.   congrats

[Anonymous]

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@elim wrote:

If you PC to Venture you pass up the sign-up bonus.  I would PC to QS.   congrats

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on that account, yes, but OP could always apply for another Venture or more and get the bonus.

IMO good advice to PC to QS as you'd need to spend quite  abit to offset the Venture AF, as well as its more restricted rewards.