Disclosure: Basic Travel Couple, LLC has partnered with CardRatings for our coverage of credit card products. Basic Travel Couple, LLC and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
Welcome to my Second Case Study where I will break down the Annual Fee for the Capital One® Venture® Rewards Credit Card. Last month, in Case Study One, I Broke down the Annual Fee for my American Express Marriott Bonvoy Business Card and ultimately decided to pay it after a thorough review. Below, I will apply the same approach to my Capital One Venture Card which conveniently was just hit with an Annual Fee.
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Basic Recap of Annual Fees and Retention Phone Calls
Our Guide to Credit Card Annual Fees is a good starting point and resource to learn about the various benefits. Included in the Guide you’ll find:
- What are Annual Fees
- Examples of What Annual Fees Often Include
- How to tell if the Annual Fee is worth it
- What to do when an Annual Fee Hits
- How to Track Annual Fees
- Steps to take when the Annual Fee doesn’t work for you
Our Guide to Retention Phone Calls and How they can be a HUGE difference maker in keeping a Credit Card open breaks down the phone call and more. Included in the Guide, you’ll find:
- What is a Retention Offer?
- Examples of Retention Offers
- Is there Always a Retention Offer Available?
- 5 Steps to Making a Retention Offer Phone Call
- A Third Option to Consider before Closing a Credit Card
Dave’s Case Study #2
*Disclaimer – The Annual Fee and Benefits Listed are applicable to the time period when this article was written. Benefits may have changed since then. Check with the Credit Card issuer for the most up to date terms and conditions.
Credit Card: Capital One® Venture® Rewards Credit Card
Annual Fee: $59 – Grandfathered into old rate (Currently $95 – 4/30/20)
Ongoing Perks and My Thoughts:
Double Miles on every purchase – It’s nice and easy to earn double miles on every purchase. Not having to worry about different bonus categories makes it a simple card to include in my basic wallet.
Credit towards TSA PRE/Global Entry – This is a great perk that I truly get a ton of use out of. It’s only possible to use it once every 5 years which is as long as both Program‘s Memberships run for.
No Foreign Transaction Fee – Love this perk. I don’t like paying any extra fees domestically or abroad!
Transfer Partners – Capital One has a ton of transfer partners which I like, as opposed to being locked into only one option.
Statement Credit – This is my favorite aspect of the program. I love being able to use the Venture Miles to Erase Travel Purchases on Credit Card Statement. I’ve used this to cover Airbnb’s, Car Rentals, and Excursions over the years!
Credit Score Implications
The Venture is actually a card that is a bit older in my portfolio. I opened it back in March of 2017 which means that there are 3 years of an account in good standing impacting my score. The larger factor is that the Venture credit line makes up over 10% of my overall available credit across all of my accounts. This is a huge chunk and would certainly dinge my credit if I were to close this account due to my current utilization. Ultimately, I’d rather pay an annual fee then compromise my Credit Score which is why this evaluation is so important!
Retention Phone Call
Since the Annual Fee was just charged to my account, this is the perfect time to make a Retention Phone Call. I called the Capital One Customer Service Phone Number and requested to speak with a representative. I explained the points above, what I like and don’t like. Next, I requested a retention offer but unfortunately, there were none on that account for me. However, I was offered to downgrade to the Capital One® VentureOne® Rewards Credit Card which does not carry an annual fee!
This was an easy decision. I was able to downgrade my Venture to the VentureOne which carries many of the same benefits and I get to keep my miles. In addition, downgrading DOES NOT impact my credit score in any way. I get to keep the same account number and on-time payment history. This is a win-win in my basic book!
What do you think of my Basic Breakdown and Analysis? Would you have made a different choice if you were in my shows? I’d love to hear your comments below or in the 4,000+ Member Basic Travel Facebook Group!
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Disclosure: Basic Travel Couple, LLC has partnered with CardRatings for our coverage of credit card products. Basic Travel Couple, LLC and CardRatings may receive a commission from card issuers.Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.