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Capital One Savor: Product change to avoid annual fee?

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Capital One Savor: Product change to avoid annual fee?

Hi all,

 

I recently applied for the Wells Fargo Visa Signature Card to effectively bump up the dining/travel rewards on the Wells Fargo Propel Amex from 3% to 4.5% (if redeemed for airfare -- no problem since I travel a lot).  I am approaching the one year anniversary for my Capital One Savor card and will soon have to pay the $95 annual fee.  I don't really need the 4% cash back on restaurants/travel now, and I rarely use the entertainment category.  I would like to avoid paying the annual fee if possible.

 

I logged into https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade and found that I am eligible to product change to either the Quicksilver or the Venture One, both with no annual fee.  Since I don't plan to take advantage of the Savor, is there any reason not to convert into one of these two?  Any thoughts on whether one is better than the other?

 

Ideally I'd just convert it to the Savor One, but that wasn't offered.

 

Thanks in advance for any advice!

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Re: Capital One Savor: Product change to avoid annual fee?

I think that it depends on what you're looking for in a card. If you're looking for a card that gives flat-rate cashback, then the Quicksilver is the way to go. If you're PC'ing your Savor since you don't need the cashback, then maybe consider the VentureOne. 

 

Personally, I don't see a reason why you shouldn't convert the Savor if you wouldn't be using it. It sounds like you prefer using rewards for travel, so I would PC to the VentureOne.

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Message 2 of 16
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Re: Capital One Savor: Product change to avoid annual fee?

V1 is a very sad card, I would go with QS.

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Message 3 of 16
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Re: Capital One Savor: Product change to avoid annual fee?

Both are lousy options considering the other cards in your signature. I would try calling CapOne to see if there is an offer to PC to the SavorOne, barring that at least with the QS you'll have a flat 1.5% card with no forex fees

Message 4 of 16
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Re: Capital One Savor: Product change to avoid annual fee?

Thanks for the input! Really appreciate your time to share your thoughts.

Yeah, I don’t really mind the relative “prestige” of a card (it’s just a credit card! hahaha) as much as its utility. The Quicksilver seems to be an exact duplicate of the BofA Travel Rewards Visa (which I use outside the US when merchants don’t accept the Propel Amex), and the Venture One looks to earn fewer rewards than the Uber Visa/Propel Amex, so I can’t think of a time it’d make sense to use either instead of the other cards I already have. At least with the SavorOne it’d still get me a boost for the few times a year I go to a concert, movies, skiing... I don’t know of another card with a 3% entertainment category.

I called Cap1 and the person I spoke to said they wouldn’t PC to a SavorOne. At all. For anyone. (At least not yet.) But she said to check in again in 2020. I have until January before my 1 year anniv. hits so I’ll try again and update this thread with the result. Smiley Happy
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Re: Capital One Savor: Product change to avoid annual fee?

Actually, it’s a minor gripe, but one of the things I find weird about the BofA Travel Rewards Visa is the redemption process. Like you have to find a historical transaction with the right merchant code to decide to apply your rewards balance to in order to get the credit... kind of odd/pointless.

One of the things I like about the Savor is the easy rewards redemption for cash back — no minimums, and you can set it to auto-redeem for cash with no thought involved. Does anyone who has the Quicksilver know if the rewards redemption on that card works the same way? Thanks in advance for your help!
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Re: Capital One Savor: Product change to avoid annual fee?

With your scores I'd just convert to QS and sock drawer it, then take the minor hit in a few months for a new Savor One for occasional use on entertainment (the only reason Savor One's in my wallet)





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Re: Capital One Savor: Product change to avoid annual fee?

So wait... you can't just downgrade it to the SavorOne?  You have to PC it to a QS?

 

That's really annoying.  My plan for mine was to downgrade to SavorOne after a year.  I guess I could app for a SavorOne and hopefully merge limits or something.  Or maybe they'll offer to waive the fee.

 

We'll see I guess.  I just got my Savor so I have another year or so to figure it out.

 

Message 8 of 16
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Re: Capital One Savor: Product change to avoid annual fee?

Totally agreed -- I had the same plan.  Foiled again!!  Smiley Happy

 

It might just be too early -- the representative emphasized that they are not doing a PC from Savor to SavorOne "at this time" and that I should check back in later.  So we'll see what 2020 brings...  at least you still have some more time.

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Message 9 of 16
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Re: Capital One Savor: Product change to avoid annual fee?


@MrDisco99 wrote:

So wait... you can't just downgrade it to the SavorOne?  You have to PC it to a QS?

 

That's really annoying.  My plan for mine was to downgrade to SavorOne after a year.  I guess I could app for a SavorOne and hopefully merge limits or something.  Or maybe they'll offer to waive the fee.

 

We'll see I guess.  I just got my Savor so I have another year or so to figure it out.

 


Correct, the SavorOne downgrade restriction has been in place for sometime.  While agents have been saying "maybe at the end of the year" or "maybe next year", the change or option hasn't materialized. 

 

Also, CLs reallocations are not possible and the account combination feature has been disabled for some time.  Maybe "next year". 

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