To downgrade a Capital One Venture card, call customer service at 1 (800) 227-4825 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 (waived for the first year). 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.
Requesting a downgrade will generate a soft credit inquiry, which won’t affect your credit score. If you downgrade, all of your account information such as your credit limit, interest rates, etc. will transfer to the new card. The new card will have a new number, though. Your rewards should transfer as well, but it’s a good idea to confirm that with the representative.
Before you go through with downgrading your Capital One Venture card, ask the customer service representative if they’ll waive the $95 annual fee for another year. It’s worth a shot, at least. Fee waivers are based on creditworthiness and your card usage.
You should also note that you can’t downgrade from a personal card to a business or co-branded card, and vice versa.