Capital One has one of the most bizarre credit card application rules, including how to product change a card. The process is you must have an offer in your account to downgrade your Capital One Venture X Credit Card. In fact, the rule applies to all Capital One credit cards should you want to downgrade or upgrade a card.
Capital One Venture X Downgrade Rule
Unlike other major card-issuing banks, you cannot easily downgrade your Capital One Venture X Credit Card to any card.
- Your account must have the offer to downgrade or upgrade your Capital One card. In other words, Capital One must have a targeted offer for your account to qualify.
- You cannot choose which card to change to. You can only change the product to the card available in the offer.
It is also important to note that it does not matter whether you contact Capital One. The rep’s review will be the same as yours, and I’ll show you how to check the offer online below.
How to Check Capital One Venture X Downgrade Offer
In order to qualify for a product change to another Capital One credit card, your account must contain the offer. Here’s how to check this:
On the Computer’s Desktop
- Go to the Capital One website and log in.
- Select your Capital One Venture X Credit Card.
- Click on “I Want To…” on top of the Shopping Offers.
- Click on the View Offers and Upgrades on the popup screen.
- Your downgrade Capital One card offer is there, if any. If you do not see such an offer, it means that you cannot downgrade your Capital One Venture X card.
On the Mobile Phone
- Tap to open your Capital One mobile app and log in.
- Select your Capital One Venture X Credit Card.
- Scroll down a little bit until you see the Special Offers.
- Tap on View All.
- Your downgrade Capital One card offer is there, if any. If you do not see such an offer, it means that you cannot downgrade your Capital One Venture X card.
How to Cancel Capital One Venture X Credit Card
If you do not want the Captial One Venture X Credit Card because of the annual fee and your account does not have the downgrade offer, the only option is to close the card or apply for the card that you want and then close the Venture X card. Sometimes, there’s a retention offer, but Capital One is stingy about that as well.
To cancel, you may contact Capital One’s customer service by calling the phone number on the back of your Capital One Venture X Credit Card. However, please note a couple of things:
- You can process the card’s closure with the automated service on the call, but you will not be able to discuss any available retention offers unless you actually talk to an agent. Therefore, choose any request other than closing the card during the automated call service if you want to interact with a live agent.
- Capital One has another insane rule for the annual fee refund policy on product change. See below.
Can You Get Capital One Card Annual Fee Refund After Product Change?
Unfortunately, no.
Therefore, it is critical to product change your Capital One credit card, in this case, the Capital One Venture X Credit Card, BEFORE the annual fee shows up in your account. In other words, after Capital One already bills you the annual fee, you will not receive the annual fee or any pro-rated fee back when you successfully downgrade the card.
It is worth mentioning that Capital One only refunds the card’s annual fee within 30 days of the billed fee if you cancel the card.
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