![]() ![]() Airport lounge access with Priority Pass, Capital One, and Plaza Premium.10,000 anniversary bonus miles (equal to $100 toward travel). ![]() $100 Global Entry or TSA PreCheck credit.Let’s say you want to move from a Capital One Venture Rewards ($95 annual fee) to a Capital One Venture X ($395 annual fee).Ģ miles per dollar on every purchase, every day and 5 miles per dollar on hotels and rental cars booked through Capital One TravelĢ miles per dollar on every purchase, every day 10 miles per dollar on hotels and rental cars booked through Capital One Travel, and 5 miles per dollar on flights booked through Capital One Travel You have to decide whether receiving more benefits is worth the potential cost, which shouldn’t take much time if you know your general lifestyle and spending habits. For example, many of the best travel credit cards have annual fees, but they might also provide airport lounge access, travel credits, or other perks to justify the high annual cost. You can generally find more credit card benefits on cards with higher annual fees. Even better, the Quicksilver Cash Rewards has a $0 annual fee. This card doesn’t offer a rewards program, meaning you don’t earn any points, miles, or cash back on your purchases.īut if you were able to upgrade your Capital One Platinum to a Capital One Quicksilver Cash Rewards Credit Card, you could earn 1.5% cash back on every purchase, every day and 5% cash back on hotels and rental cars booked through Capital One Travel (terms apply). Your existing credit card might not earn any rewards at all, so an upgrade could help you earn more value from everyday purchases.įor example, take the Capital One Platinum Credit Card. Pros of upgrading Increase your earning potentialĬredit cards with annual fees often provide better rewards rates than no-annual-fee cards. Pros and cons of upgrading a Capital One credit card Pros of upgrading This is because the Credit Card Accountability Responsibility and Disclosure (CARD) Act generally limits any interest rate or fee increases for the first year. In the case of the Capital One Venture X, there’s no upgrade path because there’s no higher card tier.Īlso note that you typically can’t complete an upgrade within a year of opening a credit card, so you’d have to wait one year after opening the Venture to upgrade to the Venture X.Ĭredit card issuers are often restricted from upgrading you to a credit card with a higher annual fee within your first year as a cardholder. This doesn’t always mean you can upgrade to a card with a higher annual fee than your existing card, but it’s a good rule of thumb. The Venture X has a $395 annual fee, while the Venture Rewards has a $95 annual fee. You can tell the difference between card tiers by looking at their annual fees. That’s because the Venture X is a higher-tier card than the Venture Rewards. For example, you might be able to upgrade to the Capital One Venture X Rewards Credit Card if you already have the Capital One Venture Rewards Credit Card. You also must consider whether there’s an upgrade path available for your specific credit card. You might be able to receive a credit limit increase by requesting one and getting approved, or Capital One could proactively offer you an increase. Capital One provides credit line increases to eligible cardholders, which means you receive a higher credit limit. When we mention “credit card upgrades,” we aren’t referring to credit line or credit limit increases.
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