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Did I ruin my Capital One Venture chances?

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coldfusion
Community Leader
Mega Contributor

Re: Did I ruin my Capital One Venture chances?


@jcooks wrote:

@coldfusion wrote:

What bearing would the product change from the Quicksilver to the Venture One has on how old the card is considered to be?    I'm not talking in the context of how the card is reported to the CRAs (i.e. the original opening date of the Quicksilver should be retained) but in the context of when the card would legally be considered eligible to be upgraded. 

 

Remember that in the US it's illegal for an issuer to upgrade a card that is less than a year old to another one with a higher AF,  which would apply if going from the no-AF Venture One to either a Venture or Venture X.   

 

 


I don't think the CARD act would have any effect on this as the account is older than 12 months.  The interest rates cannot be increased within 12 months of opening an account.  Since a PC isn't a new account, it wouldn't apply.  Even if they were to increase the interest rates, they just have to notify within 45 days before going into effect as well as giving the option to cancel prior to the increase of rates.  I don't think the card act has anything directly with the annual fee.


My question does not focus on interest rates.   In order to put a stop to shady bait-and-switch tactics the govt imposed a requirement that a card which is less than 12 months old cannot be upgraded to a card that has a higher annual fee.  2 current common examples of such an upgrade would be an AMEX BCE -> BCP or Chase CSP -> CSR upgrade. 

 

The question I posed is tied to whether or not the lateral move from a Quicksilver card to a Venture One card resets that 12 month clock, which is relevant as the Venture One has no annual fee and both the Venture and Venture X cards do have annual fees. 

 

(5/2024)
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Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 11 of 14
bigseegar
Established Contributor

Re: Did I ruin my Capital One Venture chances?

1. Both of those cards you upgraded were starter Cap1 cards.

2. Credit Karma's Pre-Approvals are rarely right lol. That's THEM saying it not Cap1. 

Message 12 of 14
Reviewers
Established Contributor

Re: Did I ruin my Capital One Venture chances?

@bigseegar I know that both cards that I had were starter Cap1 cards and were upgraded. Also, not only did I post the CK pre-approvals (which I know are wrong sometimes) but I posted the pre-approvals from Capital One themselves. Already spoke to them and I was advised to use the card for 6 months before applying for a PC from the Venture One into the Venture which I will do when the right time comes.

Message 13 of 14
jcooks
Established Contributor

Re: Did I ruin my Capital One Venture chances?


@coldfusion wrote:

@jcooks wrote:

@coldfusion wrote:

What bearing would the product change from the Quicksilver to the Venture One has on how old the card is considered to be?    I'm not talking in the context of how the card is reported to the CRAs (i.e. the original opening date of the Quicksilver should be retained) but in the context of when the card would legally be considered eligible to be upgraded. 

 

Remember that in the US it's illegal for an issuer to upgrade a card that is less than a year old to another one with a higher AF,  which would apply if going from the no-AF Venture One to either a Venture or Venture X.   

 

 


I don't think the CARD act would have any effect on this as the account is older than 12 months.  The interest rates cannot be increased within 12 months of opening an account.  Since a PC isn't a new account, it wouldn't apply.  Even if they were to increase the interest rates, they just have to notify within 45 days before going into effect as well as giving the option to cancel prior to the increase of rates.  I don't think the card act has anything directly with the annual fee.


My question does not focus on interest rates.   In order to put a stop to shady bait-and-switch tactics the govt imposed a requirement that a card which is less than 12 months old cannot be upgraded to a card that has a higher annual fee.  2 current common examples of such an upgrade would be an AMEX BCE -> BCP or Chase CSP -> CSR upgrade. 

 

The question I posed is tied to whether or not the lateral move from a Quicksilver card to a Venture One card resets that 12 month clock, which is relevant as the Venture One has no annual fee and both the Venture and Venture X cards do have annual fees. 

 


I wouldn't think it would reset the 12 month clock as it is not a new account.

Message 14 of 14
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