I got the Venture X last year because I am going to be doing more traveling, but it turns out I am definitely not a miles person. The lounge access is not worth it (though I do live in a Cap One lounge airport area) and already have the Global Pre. I already have a Savor and a 2% catch all (plus others).
Should I fully close the VX when renewal comes up or downgrade it to a Quicksilver? My VX does have the shares the highest limit of all my cards, so I am not sure if closing it will affect my credit.
Should I close or downgrade my Venture X?
byu/rayquing inCreditCards
Posted by rayquing
6 Comments
Product change it to the Venture One card to keep the credit limit and then add other cards as necessary to get your cash back set up
Why downgrade if you are not a miles person? CapOne lets you combine all your rewards, meaning you can transfer your miles to cash back (Or use to cover purchases) at a 1 cent per point rate, which is the same as a true cashback card like the QS and Savor. Are you still using the $300 travel credit + 10k anniversary miles (Worth $100)? If so, then it makes no sense to downgrade at all. As long as you are using the two credits, everything else is a bonus perk on the card.
It depends on a few factors, but I suspect I’d suggest closing it: https://www.reddit.com/r/CreditCards/wiki/what_happens_if_you_close_a_card
No, the net credit for VX is effectively-$5 and you can use the Travel Erasure feature to use the points, it is very flexible and you can use for Parking as well.
Why are you asking Reddit? It’s a personal decision based on your needs. You know yourself better. And yes, lounge alone, especially with the wait time, is not worth it.
Whether or not you can downgrade it is up to Capital One. Right now it’s Capital One’s only Visa card. Everything else is a MasterCard which will get changed to Discover eventually.
If you’re not a points and miles person then downgrade it if you can and cancel it if you can’t. I know people are saying it pays for itself, but that’s not exactly true. There are drawbacks to booking through a portal vs directly, and even with price matching, it doesn’t always work out in your favor. You may be denied a price match because the terms were not the same, and the other situation is that the hotel or flight you want to book is not available on the Capital One portal so you end up paying extra or settling for something less than what you wanted or flying at a time that isn’t ideal. So I would completely ignore the argument that it’s free.