How can I downgrade my Capital One Venture card?

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:

1. Log into your account on either Capital One’s website.
2. Click on your rewards balance.
3. 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.”
4. 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.