Capital One 2 Card Rule

[mchang124]

Tried to search and didnt really find a solid answer based on my situation. (Moderator you can move this if this isn't the appropriate place for this topic).

So i currently have a capital one secured platinum card (approved Jan 2019). And I recently got the venture card as well (march 1st 2020). I know that there's a 2 capital one card rule. I want to apply for the savor one later this year because I saw Waller's Wallet video about DP's showing cash back or points earned with the savor can be transferred to the venture card as miles to redeem for travel (https://youtu.be/Q7YBVHvhuwo).

So my question is, would i have to cancel my my platinum card to get the savor one card? I've inquired about a product change and since its a secure product, capital one wont allow me to do that and advised that i apply. And obviously i cant apply until September after its been 6 months since my last approval with them. I really dont want to cancel my platinum card because its my starter/oldest card and dont want to hurt my AAoA which will affect my score.

reason I'm looking at going this route is because I'm still locked out of chase til Q4 of next year, worst case 2022 due to their 5/24 rule and i dont have enough credit history to get approved for an Amex (current AAoA is 8 months and i know Amex, just like chase likes to see at least a year). And i just want to accumulate miles as much as i can while still allowing my current cards to age a bit more. I've already hit the 50k miles SUB for the venture card already. And i can hit the SUB for the savor card but $3k spend for $300 versus the savor one $150 bonus for $500 spend makes way more sense to me unless they change the SUB for the savor card. 

Other DP to help: 

was in a rebuild phase last year in 2019. I was at a 538 with no credit what so ever and was pretty aggressive last year.

EX: 725 (12 INQ) / TU: 690 (6 INQ) / EQ: 678 (3 INQ)

all feedback is welcomed and appreciated. 

[Anonymous]

You can have more than 2 Capital One cards. They limit you to 2 sub prime cards. 

From Cap One's disclosure: I understand that I am not eligible for this offer if: "I have 5 or more open credit card accounts with Capital One."

Closing out your Secure Platinum won't affect your AAoA. Close account stay on your credit report for another 10 years.

Points earned on SavorOne cannot be transferred to the Venture card. SavorOne is cashback and Venture/VentureOne are miles cards.

[HeavenOhio]

@Anonymous, I believe that we've had a couple of reports saying that you can transfer "miles" rewards to cash cards and vice versa. There's no way I'm going to stand by that statement, though.

[Anonymous]

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@HeavenOhio wrote:

@Anonymous, I believe that we've had a couple of reports saying that you can transfer "miles" rewards to cash cards and vice versa. There's no way I'm going to stand by that statement, though.

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@HeavenOhio  I just tried it on my Capital One accounts. You can transfer cash back from the Savor/SavorOne to Venture/VentureOne, but not the other way. Learned something new everyday. 

[mchang124]

Thanks guys!

[Shooting-For-800]

5 regular cards for sure.

I had 5 at one time.

I have 3 right now.

GL!