To downgrade a Capital One Venture Rewards Credit Card, log in to your online account and take a look at any available options. If none are present, or you'd like to explore more options, call the customer service number you see on the back of your card and request a product change.
You may want to downgrade a Capital One Venture card if you no longer want to pay the $95 annual fee. Or, maybe you’re not spending enough to maximize the card’s rewards. A downgrade could help you switch to a more affordable card without having to apply all over again.
Things to Know Before Downgrading Your Capital One Venture Card
Capital One does not state a specific amount of time the card account must be open before it's eligible for a downgrade. But it's a good idea to wait at least 6 months before requesting a downgrade.
Requesting a downgrade will generate a soft inquiry, which won’t affect your credit score.
If you downgrade, all of your account information (such as your credit limit and interest rates) will transfer to the new card. The new card will come with a different number, though.
You will not be eligible for any initial bonuses or introductory 0% APR offers associated with the new card, unless they’re included as part of the downgrade offer.
Depending on the card you downgrade to, your accumulated rewards may transfer as well. However, the exact terms will be stated in your downgrade offer.
Before you go through with downgrading your Capital One Venture card, inform the customer service representative of the main reason(s) you're seeking a downgrade. If it's related to the $95 annual fee, for instance, they might be able to waive or reduce it for a year.
You should also note that Capital One only allows downgrades to cards within the same card family. For example, you cannot downgrade from Capital One Venture to a business card or a co-branded card.
You can request to downgrade your Capital One Venture card by calling customer service at (877) 383-4802. If you’re going to downgrade, the Capital One VentureOne Rewards Credit Card is a logical choice. It is a travel rewards card similar in many ways to the Capital One Venturecard. But it has a $0 annual fee. It also has a lower rewards earning rate. You get 5 miles per $1 spent on hotels and rental cars booked through Capital One Travel, and 1.25 miles per $1 on all other purchases instead of the 5 miles per $1 spent on hotels and rental cars booked through Capital One Travel, and 2 miles per $1 on all other purchases you get with the Capital One Venture card.
To reduce “churning,” that is, the practice of opening and closing accounts to earn multiple sign-up bonuses, you generally won't be eligible for any initial bonuses on the new card when you downgrade.
You can easily redeem Capital One Venture miles through the Capital One website, mobile app or customer service phone line. What’s unique with this card, though, is that you can redeem miles either before or after you pay for your travel expenses. You can also redeem miles for gift cards and other non-travel rewards, but you’ll get half the value if you do that.… read full answer
Here’s how to redeem Capital One Venture miles online:
Choose your redemption method. The options are: “Redeem travel purchases,” “Book a trip,” “Get gift cards,” “Get an account credit,” “Get a check by mail,” and “Transfer Rewards.”
Follow the instructions for the option you’ve chosen.
So, Capital One Venture’s redemption process is one of its major perks. Plus, with 2 miles / $1 spent, along with a 75,000 miles initial bonus, miles build up fast. It’s also useful to note that you can redeem through the Capital One app, too. Just log in with the same user name and password, click “Redeem Rewards” at the bottom, and select one of the options.
Here are the options for redeeming Capital One Venture miles:
Redeem travel purchases: 1 cent per mile
Capital One shows you what travel expenses you’ve made in the past 90 days, and you can use your miles to “erase” some or all of the cost from your credit card statement.
Book a trip: 1 cent per mile
The Capital One travel booking tool is powered by Orbitz, so you should have access to most major airlines, hotels and rental car companies.
Get gift cards: 0.5 cent per mile
90 stores are represented, including Bed Bath & Beyond, Lowe’s, AMC and Best Buy. Gift cards for as little as $10 are available for many stores. But the denominations vary by store.
Get cash back: 0.5 cent per mile
You can get a deposit into your checking or savings account or receive a check by mail. You can also set up automatic cash redemption when you reach a certain number of miles.
Transfer miles: Value depends on the partner
If you have another Capital One Venture or other travel rewards credit card account, you may be able to transfer your rewards to it.
The most convenient part about redeeming Capital One Venture miles is that you don’t have to decide to use them before making a purchase. You can pay for any type of travel expense charged to your card in the last 90 days. Capital One isn’t stingy about what it considers travel, either. It includes everything from hotels, airlines and cruises to Airbnb and Uber. That flexibility, combined with Capital One Venture’s top-notch rewards value, makes it one of the best cards available to frequent travelers.
You can cancel a Capital One credit card either online or by calling the number you see on the back of your card. To cancel a Capital One card online, click “I Want To…” (near the top of the page when you sign in), then select “Close Account” from the account services menu. Over the phone, a Capital One representative will walk you through the process.… read full answer
Here’s how to cancel a Capital One credit card:
Online: Log in to your Capital One account. Click on “More Account Services” and then “Close Account.” Capital One will ask you to confirm that you want to cancel your account.
By phone: Call Capital One at the number you see on the back of your card. Enter your full card number to be connected to a representative. Tell them you want to cancel your Capital One credit card.
If you call to cancel your Capital One credit card, the representative will likely try to get you to stay. They may even try to lure you back in you with a retention offer, like bonus rewards or a lower rate. Capital One also says that once you cancel a credit card account, there are “very few exceptions” where they can reopen it.
Things to know before you cancel a Capital One credit card:
Before you cancel a Capital One credit card, there are a few things you should know. You’ll still be responsible for repaying any balance you owe. You will continue to get statements and owe monthly payments until the entire balance is paid off. You’ll also lose any rewards you haven’t redeemed when you close your account. Canceling your card will likely cause a dip in your credit score, too, though exactly how much depends on the age and credit limit of the account.
Plus, you’re not going to get a partial refund for a card’s annual fee. So, it’s best to enjoy the benefits until shortly before your next annual fee is due to be charged.
You can downgrade a credit card by calling the issuer’s customer service at the number you see on the back of your card. Some issuers may also give you an option to request a downgrade through your online account.
When you request the change, customer service will tell you your available downgrade options, if any. Not all credit cards can be downgraded, and you can’t just downgrade your card to every other card within a bank’s portfolio. However, if you’re able to do it, and your request is approved, you’ll have to wait for the new card to arrive in the mail. You may still be able to use your old card in the meantime, though.… read full answer
When You Should Downgrade Your Credit Card
You should downgrade your credit card if your spending habits have changed and the rewards you earn are not enough to pay for your card’s annual fee. Keep in mind that requesting a downgrade will generate a soft credit inquiry, which won’t affect your credit score.
However, before you switch to a card with no annual fee, you can try to get your current credit card’s annual fee waived. The chance of getting an annual fee waived is a long shot, but it’s possible, and there’s no penalty for asking.
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