Cap1 Upgrade Offer - Platinum MC

[LuckyB338]

I received an email earlier today with an upgrade offer for my Platinum MC opened in April 2021 with a $3000 SL.

Initially, I used the car quite a bit, but in Aug. 2021 I applied for QS1 and was approved at $3000 SL. I figured I would run some minor recurring expenses through Platinum and use QS1 for daily needs.

From that point forward, I put anywhere from $30-$100 usage on the card as needed and eventually received a $300 CLI at 6 month mark to bring it up to $3300 CL. On the other hand, QS1 was getting about $5000-7000 usage in any given month and received a $2500 CLI at 6 month mark to bring it up to $5500 CL.

As of current, QS1 had a $5200 balance reported (already paid off in full) and the Platinum had a $136 (already paid off). 

The upgrade offer clearly stated that it would not impact my credit score and will not provide me with an increased credit line if I so choose to move forward with it.

My initial plan is to wait until Sept. at which point my last HP would be a year old and apply to Penfed and/or another Cap1 card such as Venture or Savor.

The upgrade offer presented two options:

Venture One and Quicksilver (no annual fee).

What should I do here? And what impact will this have on my Cap1 credit lines to grow further?

[FinStar]

My suggestion is to upgrade it from the existing Platinum to Quicksilver before the offer expires. Unless you feel Venture One would be a better fit for your spend, I'd go for QS.

As far as CLIs go, changing the product doesn't likely change the tranche for where it currently resides, but you'd be getting rewards vs none with Platinum. You may need to repeat a similar experiment, like QS1, to see if considerable usage can yield a higher CLI in the future.

[OmarGB9]

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@FinStar wrote:

My suggestion is to upgrade it from the existing Platinum to Quicksilver before the offer expires. Unless you feel Venture One would be a better fit for your spend, I'd go for QS.

As far as CLIs go, changing the product doesn't likely change the tranche for where it currently resides, but you'd be getting rewards vs none with Platinum. You may need to repeat a similar experiment, like QS1, to see if considerable usage can yield a higher CLI in the future.

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+1

[LuckyB338]

Since I already have QS1 and the only difference is that I wouldn't have to pay the annual fee, why go with the QS instead of venture one?

I don't have a travel card and I know 1.25x miles isn't that great and clearly a downgrade compared to QS's 1.5x on everything, but is there any other reason I should rule out venture one?

I also read that capital one is more generous when it comes to venture one as opposed to QS. 

I'm also working under the assumption that I would be offered a product change or upgrade on my QS1 in the next 6 months.

[FinStar]

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@LuckyB338 wrote:

Since I already have QS1 and the only difference is that I wouldn't have to pay the annual fee, why go with the QS instead of venture one?

I don't have a travel card and I know 1.25x miles isn't that great and clearly a downgrade compared to QS's 1.5x on everything, but is there any other reason I should rule out venture one?

I also read that capital one is more generous when it comes to venture one as opposed to QS. 

I'm also working under the assumption that I would be offered a product change or upgrade on my QS1 in the next 6 months.

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Keep in mind, you're only changing the face and rewards structure of the card, kinda like giving your Platinum card a new paint job. If you PC to Venture One, there isn't a guarantee you'd be home free for future CLIs just because it's Venture One. It depends on whether the card is tranched or not. You'll eventually know as you attempt any future CLIs. With that said, it's up to you to decide which one is the best fit for you.

As far as QS1, that's typically the notiorious one to PC, especially if it has an AF.

[LuckyB338]

Is the QS going to be a visa or visa signature?

I think Venture One will be a visa signature, and I definitely need a visa card. The Costco trips alone will make up $1000 in addition monthly spend that I currently put on debit.

[FinStar]

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@LuckyB338 wrote:

Is the QS going to be a visa or visa signature?

I think Venture One will be a visa signature, and I definitely need a visa card. The Costco trips alone will make up $1000 in addition monthly spend that I currently put on debit.

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My understaning is that Capital One would issue a Visa Signature if the CL is $5K (or greater). Unless they've relaxed product/tier policies recently. Others can chime their experiences in the event they've received a Venture or Venture One as Visa Signature with a CL < $5K.

Now, if your Platinum is MC, it is likely to stay as MC.

[LuckyB338]

Platinum is currently a MC with $3300 CL.

Venture One for good credit terms and conditions has the following:

How Do You Determine Whether I Will Receive The Visa Signature Or Visa Platinum Card? Your credit history and application will be reviewed to determine your credit line, which determines whether you receive a Visa Signature or Visa Platinum card. Some features and benefits are only available to accounts approved for the Visa Signature card, subject to terms, conditions, and exclusions in the Visa Signature Guide to Benefits.

I am going to assume that it's the "good credit" they are upgrading me to, it doesn't say otherwise and the same goes for QS.

With that being said, I can't assume that that the same would be true for an upgrade. Like you said, it may remain a MC.

[HeavenOhio]

@LuckyB338, ask for an upgrade on the QS1, and if you're lucky enough to receive an offer for a no-fee card, take it, even if the product isn't an ideal fit for you. As mentioned, QS1s are tough to upgrade, but your chances increase if you're using the card each and every month. I was able to upgrade two QS1s (to Quicksilvers) after 12 or 13 consecutive months of usage.

If you manage to dump the fee, chances are that an offer for a product that's a better fit will pop up after six or more months have passed.

[LuckyB338]

I decided call up Capital one and ask them directly about the process.

Basically, it does nothing but apply some reward structure to my platinum card. It doesn't change anything and I mean anything. Like @FinStar had mentioned it really is just a new coat of paint. If I so choose to move forward, the car will remain a MC.

@HeavenOhio I also asked about my QS1 and was advised that there are no offers atm, so I guess it's back to swiping away until September when I'm ready to apply for Penfed or any one of the other possibilities.

I finally broke the 670 mark on Experian which had been a struggle for a few months now. I'm sitting at 676 but I'm sure once cap1 reports 95% utilization on QS1 it'll drop, it's already paid off and the cycle will just have to continue with my ficos fluctuating up and down until I get a 3rd card.

Big thank you to everyone that responded and helped and as always, shoutout to @FinStar for the consistency and insight.