I recently got an NFCU rewards card and it is a Visa signature card. I currently have a low CL Capital One Platinum Master card. I was thinking of asking C1 to upgrade me to a venture card to get the higher limit and also rewards with a possibility of a lower interest rate. Would it be a bad idea to have two VISA cards rather than one of each? I heard you want to try to have diversity in the CC lender brands.
Not trying to be Debbie Downer, but I couldn't help but seem to notice that your post is rather upbeat when you said you were considering having Capital One convert your card to a Venture card. Having Capital One PC a card, especially a regular card to a travel rewards card, is, well, rather rare.
When I mean rare, I mean its like when you're a little kid, and you wish for $1,000,000 for your birthday. You close your eyes, and no matter how hard you wish, $1,000,000 is not just going to randomly materalize next to you.
I have personally witnessed upgrades to venture one on a few occassions, I have heard of upgrades to venture as well but can not confirm that. It does happen, however it is rare like you say. The only reason I asked the question is because I fall under the same circumstances and instance that the people I know who were upgraded. ie got a significant income increase, significant credit limit increase from another lender, etc etc etc but the point of the question wasnt the upgrade per say, but does it matter to have two visas in your wallet as to having one of each visa/mastercard or another brand. I am also not just talkign about which card would be accepted more or not but more with how it is reported for your score, rewards, perks, and benefits. Is one better than the other in that instance and is it beneficial to have diversity in that sense
Ok I just want to make sure that if i ever do get another card or upgrade that I am not hurting myself by going with another Visa card if I do choose that route.
I do use the signature concierge service which is awesome so I would more than likely stick with Visa because I have been happy with Visa's perks including their discounts and promotions. One of my tasks I gave them was to write invitations for a get together, I had little time and was going to be traveling so they came through for me. They also help get me into clubs and restaurants with ease and sometimes with a few added perks depending on the club/restaurant. When I was in vegas I had them email me a list of shows and clubs that fit my budget and available time slots durring those days which saved me a ton of time. I think they need more people calling in with tasks because they like to chat with me a lot. We talked roulette strategies, which is an obvious waste of time lol
Spoke with the backdoor credit analyst supervisor yesterday, and the way he explained it to me is that everyone just needs to realize that Cap1 is a very conservative lender. They take much more into consideration than merely: payment history, card usage, etc. They also look at a wide range of aspects that they consider important as a lender when a customer is requesting a CLI, PC, etc.
I've had 1 card with them for ~16mths, perfect and never late. Its also currently paid off, and a HSBC card that is also perfect, paid off, etc. They recently purchased HSBC, but it is already reporting as a Cap1 card on my CR, but i still have to call HSBC for everything concerning that card. Cap1 denied me a Cash Rewards card due to already having the max amount of Cap1 cards (2). They said that since the HSBC card is reporting as Cap1 now that keeps me from being eligible for another one. Anyway, I asked for any & every thing that could help me: CLI, PC, APR reduction, ANYTHING. They said, "Sorry, there is nothing currently available at this moment." They suggested that I close the HSBC then wait for it to report closed, and after the 45 day between apps to re-apply for the Cash Rewards card.
So, if you can get an upgrade to Venture then that is awesome for you. I've been trying for sometime as well as many others and Cap1 is tough to work with. I feel like they are no longer allowing me to grow with them, and within the next year I will most likely be closing both of the cards I have with them and continue to work on my relationship with AMEX. Then possibly start one with Citi, Chase, & Discover.
I think them saying they are a very conservative lender is a little too far, maybe for some of there products but not all of them