Downgrading Capital One Cards 60-Days Before Card Renewal

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• While the part stating that if an AF posted it will not be refunded with the downgrade is true (confirmed it with CSR several times), I do not think it takes 60 days for CapOne to perform the downgrade. At least not anymore. I was told as long the product change happens before the AF posted the AF will NOT be charged.
  I downgraded Venture to VentureOne and my request was processed instantly, and the downgrade itself happened within a few days after the request was processed.

  So, technically you may be able to request and perform the downgrade after the anniversary but before the AF is posted. The fee always posts at the end of the billing cycle following your anniversary date, and for VentureX in my DPs there was a window of opportunity (may be couple of weeks) to do so.

  I still think downgrading within first 12 months is a wrong move in a long term (although CapOne is not that stingy as Amex), and would rather keep the card for 12 months + a few days than be eventually get black listed and loose a shot at the future bonuses with the bank.

  Interesting fact: CapOne calls every product change an "upgrade". So you may upgrade your VentureX to VentureOne.. :) Call it however you want it, as long as sign up bonuses keep coming.

• Hey doc, i already see the upgrade offers to venture one and quicksilver for my venture x card. My anniversary is due mid august. So according to what the post says, i have to downgrade soon? But will cap one claw back my points for downgrading it before the one year mark? Thanks

• I called and was able to PC to VentureOne. 2nd AF was a few weeks out. Less than 60 days but I'll be surprised if they charge me an AF for a card I don't have anymore.

• "Capital One waits 60 days to assess the annual fee status of a card. If your annual fee posts and then you downgrade to a no-fee card, you’ll end up paying the full annual fee and get a year of a no-fee card."

  DoC, can you please clarify what this means? Many people seem to be saying that if you downgrade but your annual fee was going to post in less than 60 days, then it will still post anyway. But I'm not sure what "waiting 60 days to assess the annual fee status" means. And the second sentence suggests that as long as you downgrade before the annual fee posts, then you are fine.

  • In any case -- we have "upgraded" the card to a Venture One. It seems hard to imagine that Capital One would charge us a second $395 annual fee when we had the Venture X for less than a full year. Might call them to confirm this suspicion.

    • If you performed the product change before the second AF has posted, I do not think they will charge you that fee... but.. it is really bad idea to product change to a no AF card in the first 12 months. The bank may consider it gaming. You should really keep the product for 12 months. Cap One may be too early in the game and does not have that specific language in T&C (although I would double check it very thoroughly before considering that move), but Amex would definitely just take the bonus back from you for doing that.

      In my books that move is not not worth getting on any bank's black list, and loosing on future SUBs.

      Good luck though...

      • Fascinating VL, thanks! It's hard to imagine a second annual fee based on what we did, but losing the bonus does seem more "reasonable".

        It seems funny that the banks would care whether you keep the card for less than 12 months, or more than 12 months but still product change within 30 or 60 days in an attempt to avoid the second annual fee. Either way you are avoiding the fee.

        But I did find this story in connection with your warning: https://thepointsguy.com/credit-cards/american-express/keep-new-amex-account-open-at-least-one-year/. We also had 2 Chase Sapphire cards that we closed within the year and didn't have any issues. Again, maybe this is because Amex is more experienced with high SUBs.

        I guess in a matter of months we will be able to share our own personal experience of whether 1) the annual fee still applies after a product change and 2) whether the SUB gets clawed back.

        • did they end up charging you an AF or were you in the clear/

        • Hi, did they end up clawing back your bonus?

        • @Eli hopefully none of the above will happen to you - no second AF is charged (which I am almost sure it will not be charged), and no issues with the bonus for you either... but I always prefer to play safe. You know there is a saying "Don't spit into the well--you might drink from it later." :)

          Closing a card within year 1 is an indication that a person went for a sign up bonus and only for a sign up bonus. If you close when you see the AF #2, at least this could be explain as a reason to close... I have friends who were black listed by certain banks. Nothing was clawed back, but they just cannot do anything to get a new card from a bank (bonus or no bonus) ... the bank just does not want them as a customer anymore. So, my goal is to avoid the situation like that. The SUBs game is too valuable to risk it :)

          All the best!

• Question(s) for anyone who already hit their anniversary or is very close to do so. My husband got approved for the Venture X in 11/18/2021 and his AF should post soon. Today when logged in the app..under special offers it says ‘explore upgrade offers’ and when I am able to see the ‘upgrade offers’ it shows the QuickSilver and the VentureOne card as available.

  We were going to cancel this card anyway, so is this ‘upgrade’ offer a true ‘downgrade’ ?

  We were going to apply for the Venture card on Monday 11/7/2022, would it be best to accept this offer first or apply for the new card first?

  THANK YOU!

  • Update: approved for Venture on 11/8/2022 and successfully ‘upgraded/downgraded’ Venture X to VentureOne today 11/10/2022.

    • Please let us know if your annual fee will be reversed (or will not post at all)

      • I will keep you posted. It hasn't posted and the account is fully converted to VentureOne. My guess, it won't post AF. But I will report back on a week or so.

        • Update: AF never posted. Also, make sure you use all your credits. Even after downgrading, they will pay out the credit 'earned' while having Venture X. We waited until last minute to use Global Entry and the credit still posted after the account was product changed to VentureOne.

• I have a regular Venture ($95) card. Today I called to downgrade to VentureOne but was told they cannot do so. Incidentally, the rep mentioned that downgrade is only available within 60 days of account _opening_. I will most likely going to ask for annual fee waived when it posts, or else cancel. If I had to cancel, I will need to use my points somehow. Any good recommendations of transfer partners? I am thinking Aeroplan right now since I fly Star Alliance pretty often.

  • Apply for Venture X (the last day for current offer is 03/14), collect a very good sign up bonus (and other perks)... currently they seem to approve almost everyone for Venture X... and this will shield your points. You can always transfer them to Ventue X when (if) you close Venture.
    Not to mention that having 200K+ points opens way more possibilities than 100K.

    Also keep in mind that CapOne permits transferring your points virtually to anybody. So you can transfer them to a friend (or a family member) if you need to.

    Good luck

    • Yeah that was my first option. I applied half a month ago and 2 days ago. Both times were denied. The half a month ago application was denied with reason "Too many revolving accounts". I am not going to apply to the Venture X after the limited-time SUB expires.

• After reading the post and all the comments, I’m still not understanding.

  If a C1 AF cardholder wants to keep that credit line open AND downgrading is an option presented, they must do so 60 days before AF posts or be stuck paying the full premium AF anyway? If a C1 cardholder wishes to close an AF card, they can do so within 30 days/one statement and still get the AF refunded?

  • Yes, I think that's correct

• Have not seen anybody asking this question... and it is not clear from any posts...

  Are there any issues downgrading 10 months after getting the card on year 1, after getting the SUB? With Amex or Chase it is a big "no-no"! We have to keep the card for 12 months + 1 day otherwise it will be considered "gaming the system".
  Is it OK with CapOne, if downgrade occurs within less than 12 months after sign up?

  I can see it is being totally OK when you are in your year 2, but while within year 1 would rather pay extra $95 on Venture rather than face a possibility to be black listed...

  • hi I wanted to see if there was a clarifying answer to this question? because if trying to be 60 days in advance for a downgrade on the Venture Rewards CC, then it would be after that 10-month mark, not the 12-month mark. would appreciate if there's clarification on exactly when it would be safe to downgrade this CC. thanks!

• I wouldn't count on them waiving the AF on this card. They were always waving the AF on my venture card and then they made changes to the product. Suddenly after years of fee waivers they refused to do so. I don't know if heavy use will lead them to waive the AF I just know that at minimum it is much more difficult to get AF waivers. Thanks for the warning about the 60 day time period.

• Why would anyone cancel the Venture X it's the best all around card out there

  • After the first year the value of the card diminishes quite a bit. Competitor products might be a better fit for some people once you take the initial signup bonus out of the equation. Also, you are assuming that cap 1 won't slash benefits at some point. I don't think that is a safe assumption. At one point the Citi Prestige was the best card in my wallet and look at what Citi did to it.

    • CapOne has been known to grandfather people into their benefits though. $59 Venture users (like myself) stayed at that AF even when they upped it to $95. No AF Savor users stayed with no AF as well. I'd actually be very surprised if CapOne makes benefits changes to the Venture X retroactive to ALL users.

  • People who would rather have $300 cash than $300 in CapOne travel portal credit? I don’t have the card, but if I did, I can’t imagine keeping it after the first year. I agree that it’s a good all around card for certain people who want just one card, but I don’t think that describes many people here.

  • If they don't travel.