Hi y’all,
I recently got the Capital One Venture X card, and I currently have the Quicksilver card with a $39 annual fee. I called Capital One to request a product change from the Quicksilver to the Savor card, but they said no. They told me I could only upgrade it to the Venture One card. Funny enough, I asked them, “Why would I want that if I already have the Venture X?” They didn’t have an answer for that. I’m pre-approved for the Savor card. Would it be bad to apply for the Savor card and then cancel my Quicksilver?
For context: I know this might harm my credit in the short term (maybe even long term), but I’m not planning to buy a house or car anytime soon so I know I can recover my credit. I just don’t see a need for the Quicksilver anymore, and it’s costing me $39 a year. (It isn’t a lot but I live in California and that’s a hamburger meal right there!) but what are your thoughts? Is this something I should do?
Preapproval is not 100% but Savor is obviously a much better pairing with the VX for travel. If your credit history is solid, you’ll be fine. I’d do it in an instant.
Understand that the CSR has no authority to give you a Savor. They can only process upgrades allowed by the system, i.e., you need a specific offer. You could have saved yourself the hassle by checking your upgrade offers yourself here: Capital One Sign In: Log in to access your account(s). I think applying for Savor, transferring over as much as your QS credit limit to another card as possible, then cancelling the QS is fine. Closed accounts continue aging for up to 10 years on your credit reports. The bigger harm is the loss of credit limit towards utilization metrics. Transferring credit limit off mitigates that to a degree. Check out this link for more information on credit card closures: https://www.reddit.com/r/CRedit/comments/1cna0wh/credit_myth_10_closing_a_credit_card_hurts_your/ and https://www.reddit.com/r/CreditCards/wiki/what_happens_if_you_close_a_card.
Your Quicksilver has an annual fee? Mine doesn’t; is this something new?
I think you have to cancel the Quicksilver first.
Clare said:
I think you have to cancel the Quicksilver first.
That’s not true. It would be better to apply for the Savor first, then cancel the Quicksilver once you have it. There’s a chance that cancelling the card will spook Capital One’s algorithm into thinking that you’re not serious about keeping their products.
@Fife
I thought Capital One had a two card limit, but I think I am confusing them with Discover.
Clare said:
@Fife
I thought Capital One had a two card limit, but I think I am confusing them with Discover.
The two card limit is typically for their subprime cards.