CapitalOne Venture would not forgive annual fee

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Topic Author
PhillyBird
Posts: 97
Joined: Sat Apr 04, 2015 4:44 pm

CapitalOne Venture would not forgive annual fee

Post by PhillyBird »

This week was my one year anniversary of opening a CapitalOne Venture card. Annual fee ($95) was waived in the first year per agreement. Now that I'm on to my 2nd year, a $95 charge showed up in my account, as expected. I pay annual fees for other cards and do not mind doing so. I opened Venture anticipating more family travel and taking advantage of the now expired 10xpoints deal on hotels.com (which I did). Then followed COVID-19, and all my travel plans went out the window.

On my call to customer service, I explained that I'm requesting a one time courtesy to "waive" the $95 fee due to limited travel opportunities this year since this is primarily a travel rewards card. After a brief hold, CS rep said that they cannot do it. I ended up closing the account on that same call.

Not sure what to think of it. Normally I would expect them to waive the fee. I guess businesses are hurting now on the bottomline, and they saw me unnecessarily tying up credit lines that could be given to someone who spends more.

Is there a certain way to conduct these calls that I could have done differently? At the end of the day, I didn't really use it but wasn't planning on closing it either just yet.
sailaway
Posts: 2223
Joined: Fri May 12, 2017 1:11 pm

Re: CapitalOne Venture would not forgive annual fee

Post by sailaway »

It took me two hours and talking to several supervisors to get them to admit that they never should have charged me the first annual fee, so this doesn't surprise me.

I only had my card for about six months and I spent more time on the phone with them then I have all my other cards combined. Even closing the card out took a long drawn out phone call. It sucked so much.
User avatar
9-5 Suited
Posts: 602
Joined: Thu Jun 23, 2016 12:14 pm

Re: CapitalOne Venture would not forgive annual fee

Post by 9-5 Suited »

I think it was reasonable for them to charge you, and reasonable for you to cancel. Waiving the annual fee because you aren’t able to use the card how you like would be a nice thing if they saw long term value in your business, but it’s a big investment on their part to do that across a huge cardholder base.
02nz
Posts: 5565
Joined: Wed Feb 21, 2018 3:17 pm

Re: CapitalOne Venture would not forgive annual fee

Post by 02nz »

PhillyBird wrote: Fri May 22, 2020 8:22 pm they saw me unnecessarily tying up credit lines that could be given to someone who spends more
That's not how credit lines work. It's not a finite resource shared between a bank's credit card holders.
JBTX
Posts: 6983
Joined: Wed Jul 26, 2017 12:46 pm

Re: CapitalOne Venture would not forgive annual fee

Post by JBTX »

Some cards will waive the fee and some don't, and sometimes they only do it once. I ask, and if they don't I explore no fee downgrade options, and if none then cancel. Years ago I had venture card and I don't think they would waive fee, so I downgraded to a savor. I got lucky in that they subsequently changed savor to annual fee and increased dining to 4%, but they grandfathered me in as no fee but still get 4% dining and entertainment.
User avatar
peetsperk
Posts: 268
Joined: Wed Feb 04, 2015 4:02 pm

Re: CapitalOne Venture would not forgive annual fee

Post by peetsperk »

I think you're better off without CapitalOne in your life. Based on my experience, this is not a quality company. I'm glad I kicked them to the curb in 2014. :beer
User avatar
Nate79
Posts: 6431
Joined: Thu Aug 11, 2016 6:24 pm
Location: Delaware

Re: CapitalOne Venture would not forgive annual fee

Post by Nate79 »

In my experience if you get the fee waived one year it's tough to get it completely waived the second year on most annual fee cards. Sometimes they may make a retention offer (spend $X and get Y points) but in return you pay the fee.
User avatar
BrandonBogle
Posts: 3294
Joined: Mon Jan 28, 2013 11:19 pm

Re: CapitalOne Venture would not forgive annual fee

Post by BrandonBogle »

I had the exact experience with Barclay's with my American Airlines Aviator Red. $99 annual fee assessed and since I didn't use the benefits at all last year and won't this year, I didn't want to waste another $99. They rep was nice, told me how the Coronavirus will eventually not be a concern (she didn't like when I reminded her I didn't even use the benefits in 2019), and said there would be no waiving or discounting of the fee. Closed that account on the same phone call. Goodbye $30k of unutilized credit on my report.

Meanwhile, I wanted to downgrade my CapitalOne Savor Card to a SavorOne Card and the rep said it wasn't available. She moved me to VentureOne to avoid the annual fee. I'm hoping that someday it will let me switch to the SavorOne Card as I like the reward structure on that. The Savor Card was nice too, but hard to justify the annual fee over the SavorOne.
gd
Posts: 1632
Joined: Sun Nov 15, 2009 8:35 am
Location: MA, USA

Re: CapitalOne Venture would not forgive annual fee

Post by gd »

I buy stuff with their credit card, accumulate points on all purchases at the same rate, and get rebates on any airline ticket purchases when I cash in the points-- which now looks like it'll be next year. I don't get more points for travel-related charges that I am aware of, so the pandemic does nothing except delay my rebate claim. They don't expire. There's no reason for them to waive the annual fee. What do you do differently?
MikeG62
Posts: 3115
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: CapitalOne Venture would not forgive annual fee

Post by MikeG62 »

gd wrote: Sat May 23, 2020 6:09 am I buy stuff with their credit card, accumulate points on all purchases at the same rate, and get rebates on any airline ticket purchases when I cash in the points-- which now looks like it'll be next year. I don't get more points for travel-related charges that I am aware of, so the pandemic does nothing except delay my rebate claim. They don't expire. There's no reason for them to waive the annual fee. What do you do differently?
While this is true, I think the issue(s) for the OP are that he has no travel expenses to credit with his points (correct me if I am wrong, but I think using the points to wipe off travel expenses is more lucrative than using the points for any other purpose) and he no longer is getting the 10X points on hotels.com.

FWIW, I tried unsuccessfully twice to get this card (once in mid 2018 and once again in late 2019). Was declined both times. I've never been turned down for a CC application in my life. FICO score in the 830 range. Have not opened a ton of cards either in the two years prior to each of those dates. Yet they saw it fit to decline my applications. I have no plans to reapply for that card (or any of their other cards) again. What's the old saying, fool me once shame on you, fool me twice shame on me. Not giving them a chance to say no a third time.

I do plan to take advantage of their transfer bonus promotion should it continue to run this summer (when I have excess funds maturing from CD's). Once getting the bonus I will move the funds out and close the account. That's my means of returning the favor for the CC denials.
Real Knowledge Comes Only From Experience
bob60014
Posts: 1695
Joined: Mon Jul 31, 2017 8:59 pm
Location: The Land Beyond ORD

Re: CapitalOne Venture would not forgive annual fee

Post by bob60014 »

MikeG62 wrote: Sat May 23, 2020 6:59 am
FWIW, I tried unsuccessfully twice to get this card (once in mid 2018 and once again in late 2019). Was declined both times. I've never been turned down for a CC application in my life. FICO score in the 830 range. Have not opened a ton of cards either in the two years prior to each of those dates. Yet they saw it fit to decline my applications. I have no plans to reapply for that card (or any of their other cards) again. What's the old saying, fool me once shame on you, fool me twice shame on me. Not giving them a chance to say no a third time.

I do plan to take advantage of their transfer bonus promotion should it continue to run this summer (when I have excess funds maturing from CD's). Once getting the bonus I will move the funds out and close the account. That's my means of returning the favor for the CC denials.
I bet you pay off your cards every month too. With only getting the swipe fee from your account
and no interest payments, you are the type of customer that Cap One doesn't want!
veggivet
Posts: 809
Joined: Sun Jan 25, 2015 1:07 pm
Location: New England

Re: CapitalOne Venture would not forgive annual fee

Post by veggivet »

bob60014 has nailed the correct answer. You were not profitable enough for Cap One to extend any type of courtesy.
If you watch your pennies, your dollars will take care of themselves.
Topic Author
PhillyBird
Posts: 97
Joined: Sat Apr 04, 2015 4:44 pm

Re: CapitalOne Venture would not forgive annual fee

Post by PhillyBird »

Thanks everyone for your replies. In my situation, I opened the Venture card for travel related spend only (especially hotels.com) as I get more lucrative rewards for everyday spend from other cards. I wasn't using it enough this year to justify paying $95 fee. That was my whole issue with this. I'd have no issue paying it if I used it as much as I did last Summer. But with 2 cancelled family trips to Europe this Summer and uncertain times ahead, it probably would be collecting dust in my drawer until next Summer. These were more-or-less my words to the CS rep.

Hey, at the end of the day $95 is not going to change anyone's life it's just a matter of principle for me - pay only for services that you actually use.

Have a great long weekend everyone!
Topic Author
PhillyBird
Posts: 97
Joined: Sat Apr 04, 2015 4:44 pm

Re: CapitalOne Venture would not forgive annual fee

Post by PhillyBird »

veggivet wrote: Sat May 23, 2020 7:19 am bob60014 has nailed the correct answer. You were not profitable enough for Cap One to extend any type of courtesy.
This is my guess as well. The brief hold was probably to check how much interest I paid (which is $0) and what transaction volume I had (none for the past 4 months).
cherijoh
Posts: 6591
Joined: Tue Feb 20, 2007 4:49 pm
Location: Charlotte NC

Re: CapitalOne Venture would not forgive annual fee

Post by cherijoh »

PhillyBird wrote: Fri May 22, 2020 8:22 pm This week was my one year anniversary of opening a CapitalOne Venture card. Annual fee ($95) was waived in the first year per agreement. Now that I'm on to my 2nd year, a $95 charge showed up in my account, as expected. I pay annual fees for other cards and do not mind doing so. I opened Venture anticipating more family travel and taking advantage of the now expired 10xpoints deal on hotels.com (which I did). Then followed COVID-19, and all my travel plans went out the window.

On my call to customer service, I explained that I'm requesting a one time courtesy to "waive" the $95 fee due to limited travel opportunities this year since this is primarily a travel rewards card. After a brief hold, CS rep said that they cannot do it. I ended up closing the account on that same call.

Not sure what to think of it. Normally I would expect them to waive the fee. I guess businesses are hurting now on the bottomline, and they saw me unnecessarily tying up credit lines that could be given to someone who spends more.

Is there a certain way to conduct these calls that I could have done differently? At the end of the day, I didn't really use it but wasn't planning on closing it either just yet.
Here is my perspective (as someone who worked in the financial industry in the past).
    • There are 3 ways credit card companies can collect revenue:
      • Annual fees
      • Interchange fees with they collect from merchants based on $$ spent
      • Interest and late charges from people who don't pay off their credit cards in full each cycle
    • Reward credit cards are more expensive than a regular non-reward card by a large margin from the bank's perspective
    • Credit cards have to account for unused reward points on their bottom line
    • Banks must count each credit card holder's entire credit line as a liability from a regulatory perspective whether or not the credit line is being used (e.g., credit cards, HELOCs)
    It sounds like the only revenue you were giving them was a limited amount of interchange fees and the annual fee which you wanted to be waived. A request to waive the fee is probably predicated on a certain amount of spend or an ongoing relationship with other products (checking, savings, mortgage, etc.).

    I'm not surprised they declined your request - especially in an environment of shrinking income for them. If you had a history of spending more on that card and/or had held it longer, you might of had a better chance. It really wasn't how you presented your case but on the merits of the case itself.
    User avatar
    nisiprius
    Advisory Board
    Posts: 41993
    Joined: Thu Jul 26, 2007 9:33 am
    Location: The terrestrial, globular, planetary hunk of matter, flattened at the poles, is my abode.--O. Henry

    Re: CapitalOne Venture would not forgive annual fee

    Post by nisiprius »

    Do I assume you actually paid the fee?

    This is entirely up to you and in your situation I would have said that it was sufficiently fair for them to charge the fee that I would hang onto the card and make a serious note on the calendar to cancel it about three months before the next fee, in order to get the "value" of the fee... or would have canceled and just chalked the $95 up to... whatever.

    However, based on my personal experience if you are willing to go to the time and effort of writing a letter to the CEO of Capital One, and willing to take the risk of doing that work and still getting rejected, I think there's at least a 50% chance you can get the $95 back.

    My experience supports the hypothesis that most companies are willing to send a hundred dollars' worth of grease to a squeaky wheel. The person who ultimately gets the letter has the job of making cranky customers happy and if it they can do it within their squeaky-wheel-grease budget, what makes them look good is to get it done.

    This should be a toner-on-paper letter, signed in ink, mailed in an envelope with a stamp via USPS. It should be less than a page long. The first sentence should say what you want them to do (refund your $95). Include just enough documentation so that they can see that the $95 was charged and find it in their system. i.e. a copy of the statement with all the dates and numbers and things on it. The tone should be friendly a cordial. Make no legal references of any kind, make no threats of any kind. Just say that you "feel" it was "unfair" to be charged $95 when you won't be able to earn the travel rewards you expected to get. The overall message is "I was a happy customer, now I am an unhappy customer, but if you do me this small favor I will be a happy customer again." Drop broad but vague hints about doing business with them in future.

    To get an appropriate person to write to, I started at Wikipedia's article about Capital One. Then I did some more searching to figure out where Capital One Tower is. Another resource for a publicly traded company is the annual report to stockholders. In this case, I believe a workable address is:
    Richard Fairbank, Chairman, President and CEO
    Capital One Bank
    1680 Capital One Drive
    McLean, VA 22102
    Once you are invested in actually doing this, it will hurt if you are rejected and you will be annoyed at me. And processing paper mail will be slow these days. If you do try it, I hope you'll let us know if it works.
    Last edited by nisiprius on Sat May 23, 2020 8:00 am, edited 2 times in total.
    Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.
    cherijoh
    Posts: 6591
    Joined: Tue Feb 20, 2007 4:49 pm
    Location: Charlotte NC

    Re: CapitalOne Venture would not forgive annual fee

    Post by cherijoh »

    02nz wrote: Fri May 22, 2020 8:54 pm
    PhillyBird wrote: Fri May 22, 2020 8:22 pm they saw me unnecessarily tying up credit lines that could be given to someone who spends more
    That's not how credit lines work. It's not a finite resource shared between a bank's credit card holders.
    See my other response. It isn't exactly a "finite resource" but it isn't free to the bank either based on the regularory environment or from the risk perspective. It effects how much capital they have to keep on hand which could otherwise be used to generate revenue. That's why the banks periodically cancel unused credit cards or reduce unused credit limits.
    tashnewbie
    Posts: 818
    Joined: Thu Apr 23, 2020 12:44 pm

    Re: CapitalOne Venture would not forgive annual fee

    Post by tashnewbie »

    BrandonBogle wrote: Fri May 22, 2020 11:48 pm I had the exact experience with Barclay's with my American Airlines Aviator Red. $99 annual fee assessed and since I didn't use the benefits at all last year and won't this year, I didn't want to waste another $99. They rep was nice, told me how the Coronavirus will eventually not be a concern (she didn't like when I reminded her I didn't even use the benefits in 2019), and said there would be no waiving or discounting of the fee. Closed that account on the same phone call. Goodbye $30k of unutilized credit on my report.
    Did you give up $30k of rewards on the Aviator Red card to avoid a $99 fee?
    cherijoh
    Posts: 6591
    Joined: Tue Feb 20, 2007 4:49 pm
    Location: Charlotte NC

    Re: CapitalOne Venture would not forgive annual fee

    Post by cherijoh »

    nisiprius wrote: Sat May 23, 2020 7:55 am Do I assume you actually paid the fee?

    This is entirely up to you and in your situation I would have said that it was sufficiently fair for them to charge the fee that I would hang onto the card and make a serious note on the calendar to cancel it about three months before the next fee, in order to get the "value" of the fee... or would have canceled and just chalked the $95 up to... whatever.

    However, based on my personal experience if you are willing to go to the time and effort of writing a letter to the CEO of Capital One, and willing to take the risk of doing that work and still getting rejected, I think there's at least a 50% chance you can get the $95 back.

    This should be a paper-and-ink letter, mailed in an envelope with a stamp via USPS. It should be less than a page long. The first sentence should say what you want them to do (refund your $95). Include just enough documentation so that they can see that the $95 was charged and find it in their system. i.e. a copy of the statement with all the dates and numbers and things on it. The tone should be friendly a cordial. Make no legal references of any kind, make no threats of any kind. Just say that you "feel" it was "unfair" to be charged $95 when you won't be able to earn the travel rewards you expected to get. The overall message is "I was a happy customer, now I am an unhappy customer, but if you do me this small favor I will be a happy customer again."

    To get an appropriate person to write to, I started at Wikipedia's article about Capital One. Then I did some more searching to figure out where Capital One Tower is. Another resource for a publicly traded company is the annual report to stockholders. In this case, I believe a workable address is:
    Richard Fairbank, Chairman, President and CEO
    Capital One Bank
    1680 Capital One Drive
    McLean, VA 22102
    Once you are invested in actually doing this, it will hurt if you are rejected and you will be annoyed at me. And processing paper mail will be slow these days. If you do try it, I hope you'll let us know if it works.
    Hm, I assumed that they refunded the fee when she cancelled the card.
    User avatar
    BrandonBogle
    Posts: 3294
    Joined: Mon Jan 28, 2013 11:19 pm

    Re: CapitalOne Venture would not forgive annual fee

    Post by BrandonBogle »

    tashnewbie wrote: Sat May 23, 2020 7:57 am
    BrandonBogle wrote: Fri May 22, 2020 11:48 pm I had the exact experience with Barclay's with my American Airlines Aviator Red. $99 annual fee assessed and since I didn't use the benefits at all last year and won't this year, I didn't want to waste another $99. They rep was nice, told me how the Coronavirus will eventually not be a concern (she didn't like when I reminded her I didn't even use the benefits in 2019), and said there would be no waiving or discounting of the fee. Closed that account on the same phone call. Goodbye $30k of unutilized credit on my report.
    Did you give up $30k of rewards on the Aviator Red card to avoid a $99 fee?
    $30k of rewards? To my knowledge, the only rewards it accrues are AAdvantage miles, which don’t go away with no longer having the card. So I’m not following your comment. Please elaborate.
    User avatar
    nisiprius
    Advisory Board
    Posts: 41993
    Joined: Thu Jul 26, 2007 9:33 am
    Location: The terrestrial, globular, planetary hunk of matter, flattened at the poles, is my abode.--O. Henry

    Re: CapitalOne Venture would not forgive annual fee

    Post by nisiprius »

    cherijoh wrote: Sat May 23, 2020 7:59 amHm, I assumed that they refunded the fee when she cancelled the card.
    Then that's a lot of work she doesn't need to do.
    Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.
    Topic Author
    PhillyBird
    Posts: 97
    Joined: Sat Apr 04, 2015 4:44 pm

    Re: CapitalOne Venture would not forgive annual fee

    Post by PhillyBird »

    nisiprius wrote: Sat May 23, 2020 7:55 am Do I assume you actually paid the fee?

    This is entirely up to you and in your situation I would have said that it was sufficiently fair for them to charge the fee that I would hang onto the card and make a serious note on the calendar to cancel it about three months before the next fee, in order to get the "value" of the fee... or would have canceled and just chalked the $95 up to... whatever.

    However, based on my personal experience if you are willing to go to the time and effort of writing a letter to the CEO of Capital One, and willing to take the risk of doing that work and still getting rejected, I think there's at least a 50% chance you can get the $95 back.

    My experience supports the hypothesis that most companies are willing to send a hundred dollars' worth of grease to a squeaky wheel. The person who ultimately gets the letter has the job of making cranky customers happy and if it they can do it within their squeaky-wheel-grease budget, what makes them look good is to get it done.

    This should be a toner-on-paper letter, signed in ink, mailed in an envelope with a stamp via USPS. It should be less than a page long. The first sentence should say what you want them to do (refund your $95). Include just enough documentation so that they can see that the $95 was charged and find it in their system. i.e. a copy of the statement with all the dates and numbers and things on it. The tone should be friendly a cordial. Make no legal references of any kind, make no threats of any kind. Just say that you "feel" it was "unfair" to be charged $95 when you won't be able to earn the travel rewards you expected to get. The overall message is "I was a happy customer, now I am an unhappy customer, but if you do me this small favor I will be a happy customer again." Drop broad but vague hints about doing business with them in future.

    To get an appropriate person to write to, I started at Wikipedia's article about Capital One. Then I did some more searching to figure out where Capital One Tower is. Another resource for a publicly traded company is the annual report to stockholders. In this case, I believe a workable address is:
    Richard Fairbank, Chairman, President and CEO
    Capital One Bank
    1680 Capital One Drive
    McLean, VA 22102
    Once you are invested in actually doing this, it will hurt if you are rejected and you will be annoyed at me. And processing paper mail will be slow these days. If you do try it, I hope you'll let us know if it works.
    nisiprius,

    Thanks for all the great info. I will save this for future reference. But I would not do this for $95.

    By the way, since I closed the card at the end of that call, they took the $95 off and it's now back to $0 balance and status=closed as of this morning. I did not expect this!
    DiMAn0684
    Posts: 162
    Joined: Fri Oct 28, 2011 10:27 am

    Re: CapitalOne Venture would not forgive annual fee

    Post by DiMAn0684 »

    Not sure if this was an option, but one of the things you might have been able to do was downgrade to no-fee version of Venture and then upgrade back to Venture when you'll be ready to travel again.
    tashnewbie
    Posts: 818
    Joined: Thu Apr 23, 2020 12:44 pm

    Re: CapitalOne Venture would not forgive annual fee

    Post by tashnewbie »

    BrandonBogle wrote: Sat May 23, 2020 8:01 am
    tashnewbie wrote: Sat May 23, 2020 7:57 am
    BrandonBogle wrote: Fri May 22, 2020 11:48 pm I had the exact experience with Barclay's with my American Airlines Aviator Red. $99 annual fee assessed and since I didn't use the benefits at all last year and won't this year, I didn't want to waste another $99. They rep was nice, told me how the Coronavirus will eventually not be a concern (she didn't like when I reminded her I didn't even use the benefits in 2019), and said there would be no waiving or discounting of the fee. Closed that account on the same phone call. Goodbye $30k of unutilized credit on my report.
    Did you give up $30k of rewards on the Aviator Red card to avoid a $99 fee?
    $30k of rewards? To my knowledge, the only rewards it accrues are AAdvantage miles, which don’t go away with no longer having the card. So I’m not following your comment. Please elaborate.
    Above you said “Goodbye $30k of unutilized credit on my report.” I didn’t understand what that meant. Did you mean you had a $30k available balance on the card that you now no longer have and won’t be considered in your credit report?
    gd
    Posts: 1632
    Joined: Sun Nov 15, 2009 8:35 am
    Location: MA, USA

    Re: CapitalOne Venture would not forgive annual fee

    Post by gd »

    PhillyBird wrote: Sat May 23, 2020 7:34 am Thanks everyone for your replies. In my situation, I opened the Venture card for travel related spend only (especially hotels.com) as I get more lucrative rewards for everyday spend from other cards.
    Maybe I'm about to learn something... I'm not aware a Cap1 Venture card gives a premium for accruing points by using it on travel related spending vs. non-travel spending. I thought it accumulates points at the same rate for all charges made, but you can *redeem* the points more favorably by claiming rebates on specifically travel charges, as opposed to, say, asking for cash back. I see no reason to use the card only for travel-related charges- you only need one travel-related charge, and that's when you claim the rebate.
    simas
    Posts: 762
    Joined: Wed Apr 04, 2007 5:50 pm

    Re: CapitalOne Venture would not forgive annual fee

    Post by simas »

    PhillyBird wrote: Fri May 22, 2020 8:22 pm
    Not sure what to think of it. Normally I would expect them to waive the fee. I guess businesses are hurting now on the bottomline, and they saw me unnecessarily tying up credit lines that could be given to someone who spends more.
    - "Not sure what to think of it" - you tried , they said 'no'. what is the big deal?

    - "Normally I would expect them to waive the fee" . Honestly, why? you can use the product or not use the product but why keep devaluing it from their business perspective? also, for a lot of good BH customers, they are barely profitable if at all profitable , why throw money their way if they never pay APR on balances carried , pay it off monthly , and shop around for all possible deals.

    if businesses are hurting on the bottom line, that (high expense /low profitability) customers are the first ones I would expect to get de-prioritized. and of cause , no reason to throw revenue their way (fee waivers).

    Note, I am one of such credit card customers, no balance in multiple decades of using these instruments. I do not expect for any credit card company to be jumping all over itself to wave my fees..
    User avatar
    BrandonBogle
    Posts: 3294
    Joined: Mon Jan 28, 2013 11:19 pm

    Re: CapitalOne Venture would not forgive annual fee

    Post by BrandonBogle »

    tashnewbie wrote: Sat May 23, 2020 9:12 am Above you said “Goodbye $30k of unutilized credit on my report.” I didn’t understand what that meant. Did you mean you had a $30k available balance on the card that you now no longer have and won’t be considered in your credit report?
    Ahh. Sorry I wasn’t clear. Yup, I had a $30k credit limit on that card and it didn’t have a balance, my utilization ratio on my credit report will go up. I didn’t lose any rewards.
    Topic Author
    PhillyBird
    Posts: 97
    Joined: Sat Apr 04, 2015 4:44 pm

    Re: CapitalOne Venture would not forgive annual fee

    Post by PhillyBird »

    simas wrote: Sat May 23, 2020 9:34 am
    PhillyBird wrote: Fri May 22, 2020 8:22 pm
    Not sure what to think of it. Normally I would expect them to waive the fee. I guess businesses are hurting now on the bottomline, and they saw me unnecessarily tying up credit lines that could be given to someone who spends more.
    - "Not sure what to think of it" - you tried , they said 'no'. what is the big deal?

    - "Normally I would expect them to waive the fee" . Honestly, why? you can use the product or not use the product but why keep devaluing it from their business perspective? also, for a lot of good BH customers, they are barely profitable if at all profitable , why throw money their way if they never pay APR on balances carried , pay it off monthly , and shop around for all possible deals.

    if businesses are hurting on the bottom line, that (high expense /low profitability) customers are the first ones I would expect to get de-prioritized. and of cause , no reason to throw revenue their way (fee waivers).

    Note, I am one of such credit card customers, no balance in multiple decades of using these instruments. I do not expect for any credit card company to be jumping all over itself to wave my fees..
    Fair enough and to the point. Thank you for sharing.
    Topic Author
    PhillyBird
    Posts: 97
    Joined: Sat Apr 04, 2015 4:44 pm

    Re: CapitalOne Venture would not forgive annual fee

    Post by PhillyBird »

    gd wrote: Sat May 23, 2020 9:18 am
    PhillyBird wrote: Sat May 23, 2020 7:34 am Thanks everyone for your replies. In my situation, I opened the Venture card for travel related spend only (especially hotels.com) as I get more lucrative rewards for everyday spend from other cards.
    Maybe I'm about to learn something... I'm not aware a Cap1 Venture card gives a premium for accruing points by using it on travel related spending vs. non-travel spending. I thought it accumulates points at the same rate for all charges made, but you can *redeem* the points more favorably by claiming rebates on specifically travel charges, as opposed to, say, asking for cash back. I see no reason to use the card only for travel-related charges- you only need one travel-related charge, and that's when you claim the rebate.
    This is true, except for their partnership programs. Last Summer it was hotels.com 10x miles. Current program is 5x miles for hotels and rental cars. I've also taken advantage of paying no foreign transaction fees while traveling in the EU last year, though this is becoming more common on other cards.
    Da5id
    Posts: 2165
    Joined: Fri Feb 26, 2016 8:20 am

    Re: CapitalOne Venture would not forgive annual fee

    Post by Da5id »

    Well, it certainly doesn't hurt to ask. And if you are willing to walk away, the call is a good use of time.

    In a similar vein, I expect Chase Sapphire Reserve customer support will be getting exhausted from people saying "I'm not paying $550 when I can't see travelling in the next year, give me something or I'm dropping".
    nolesrule
    Posts: 1690
    Joined: Thu Feb 26, 2015 10:59 am

    Re: CapitalOne Venture would not forgive annual fee

    Post by nolesrule »

    Capital one has opened up rewards redemption on the Venture card at the Travel rate to post against non-travel categories on a temporary basis, so you can still receive your reward credits at the expected rate.

    Looking at my eligible purchases to redeem against from the last 3 months, it includes my cell phone bill, internet bill, restaurant charges, apps bought on the Google Play store and even my payment for the appraisal for the refinance. There may be other categories as well.
    TheOscarGuy
    Posts: 1099
    Joined: Sat Oct 06, 2012 1:10 pm
    Location: Where I wanna be.

    Re: CapitalOne Venture would not forgive annual fee

    Post by TheOscarGuy »

    PhillyBird wrote: Fri May 22, 2020 8:22 pm This week was my one year anniversary of opening a CapitalOne Venture card. Annual fee ($95) was waived in the first year per agreement. Now that I'm on to my 2nd year, a $95 charge showed up in my account, as expected. I pay annual fees for other cards and do not mind doing so. I opened Venture anticipating more family travel and taking advantage of the now expired 10xpoints deal on hotels.com (which I did). Then followed COVID-19, and all my travel plans went out the window.

    On my call to customer service, I explained that I'm requesting a one time courtesy to "waive" the $95 fee due to limited travel opportunities this year since this is primarily a travel rewards card. After a brief hold, CS rep said that they cannot do it. I ended up closing the account on that same call.

    Not sure what to think of it. Normally I would expect them to waive the fee. I guess businesses are hurting now on the bottomline, and they saw me unnecessarily tying up credit lines that could be given to someone who spends more.

    Is there a certain way to conduct these calls that I could have done differently? At the end of the day, I didn't really use it but wasn't planning on closing it either just yet.
    I have this card. I love their customer service and I plan to keep it for a long time. There are some many "travel" things that one can use, its not necessary to actually travel. I have cycled through a lot for customer service + app/website + better security I haven't found anything better in this fee range, for my expense habits.
    Good luck.
    User avatar
    Rob5TCP
    Posts: 3508
    Joined: Tue Jun 05, 2007 7:34 pm
    Location: New York, NY

    Re: CapitalOne Venture would not forgive annual fee

    Post by Rob5TCP »

    I've been a Cap1 customer for years. I did try a few years ago when I spent over 75K (mostly on client software) to get the fee waved. I've never had a late payment in 10+ years and thought they might give me a pass. NOPE. Kept the card and at 2% it is one of the best general reward numbers.

    This year they do allow you to use your full points for things other than travel (at the full rate).

    PS Their virtual numbers, if you keep them closed except when you make a purchase is a nice security feature.
    invstar
    Posts: 156
    Joined: Tue Apr 25, 2017 1:20 pm

    Re: CapitalOne Venture would not forgive annual fee

    Post by invstar »

    My capital one venture card's renewal is by end of this month. I called to cancel (or ask if they could waive the annual fee). But the automated voice system asked for the reason and when said "close credit card"), my card got cancelled immediately. No live person or any other interaction. It happened just like that. Actually I wanted to talk to a rep about closing my account.

    Is this how it's being done these days? Usually they keep you wait for at least 10 min., then ask questions (sometimes try to retain you) before closing an account.

    I also wanted to let them note saying that "the card is closed upon customer's request" because I remember reading it somewhere to make sure that closing a card doesn't affect one's credit history.
    simas
    Posts: 762
    Joined: Wed Apr 04, 2007 5:50 pm

    Re: CapitalOne Venture would not forgive annual fee

    Post by simas »

    invstar wrote: Mon Aug 03, 2020 3:27 pm My capital one venture card's renewal is by end of this month. I called to cancel (or ask if they could waive the annual fee). But the automated voice system asked for the reason and when said "close credit card"), my card got cancelled immediately. No live person or any other interaction. It happened just like that. Actually I wanted to talk to a rep about closing my account.

    1. Is this how it's being done these days? Usually they keep you wait for at least 10 min., then ask questions (sometimes try to retain you) before closing an account.

    2I also wanted to let them note saying that "the card is closed upon customer's request" because I remember reading it somewhere to make sure that closing a card doesn't affect one's credit history.
    1. Yes. all of this is automatic and they can match your phone number for your account and know who you are at the time of the call. along with knowing who you are they know your costs/revenue products and your 'value' as a customer. unless you are high value, why would any company (bank, brokerage, credit card) care to spend even more money to retain you?

    2. That (initiated by customer) IMHO is automatic. and yes, changes in your profile (open accounts, closed accounts, total credit available vs credit reported use) are all of cause would 'affect your credit history'. However, do you really care if you score went up/down/sideways for 3 points? random noise category

    so in short, there is nothing for you to do or worry about.
    egrets
    Posts: 289
    Joined: Sun Jul 05, 2020 2:56 pm

    Re: CapitalOne Venture would not forgive annual fee

    Post by egrets »

    nisi's letter suggestion - this has always worked for me for various things, except with AmEx. With AmEx, some less than intelligent person called me, wasted a lot of my time, and finally said they would not approve my credit card application because they "suspected fraud."

    This is the second thread I've mentioned this in, so you can tell I'm really p*ssed off particularly because they wouldn't tell me what the heck was causing them to think this.

    Except for AmEx, CEOs seem to have a smart group dedicated to fielding these letters and fixing things.
    DCChak
    Posts: 107
    Joined: Tue Nov 10, 2015 8:41 pm

    Re: CapitalOne Venture would not forgive annual fee

    Post by DCChak »

    nisiprius wrote: Sat May 23, 2020 7:55 am Capital One Bank
    1680 Capital One Drive
    McLean, VA 22102
    It's a very nice, fairly new (2 or 3 years old) tower built next to the McLean Metro on the Silver line. I reffed basketball games in their company gym, which is also very nice and new. https://www.insidenova.com/news/arlingt ... 0daeb.html

    All of that opulence is funded, as described above, by the fees discussed. I have been a member for years. In past years, I asked them to waive the annual fee, and they agreed, based on them wanting to keep my annual volume in transactions. Since then, I diverted some transactions to other cards, and I noted they charged me the annual fee a few months ago. Have yet to bother them to see if they will waive it, due to work and other distractions.
    invstar
    Posts: 156
    Joined: Tue Apr 25, 2017 1:20 pm

    Re: CapitalOne Venture would not forgive annual fee

    Post by invstar »

    simas wrote: Mon Aug 03, 2020 3:46 pm
    invstar wrote: Mon Aug 03, 2020 3:27 pm My capital one venture card's renewal is by end of this month. I called to cancel (or ask if they could waive the annual fee). But the automated voice system asked for the reason and when said "close credit card"), my card got cancelled immediately. No live person or any other interaction. It happened just like that. Actually I wanted to talk to a rep about closing my account.

    1. Is this how it's being done these days? Usually they keep you wait for at least 10 min., then ask questions (sometimes try to retain you) before closing an account.

    2I also wanted to let them note saying that "the card is closed upon customer's request" because I remember reading it somewhere to make sure that closing a card doesn't affect one's credit history.
    1. Yes. all of this is automatic and they can match your phone number for your account and know who you are at the time of the call. along with knowing who you are they know your costs/revenue products and your 'value' as a customer. unless you are high value, why would any company (bank, brokerage, credit card) care to spend even more money to retain you?

    2. That (initiated by customer) IMHO is automatic. and yes, changes in your profile (open accounts, closed accounts, total credit available vs credit reported use) are all of cause would 'affect your credit history'. However, do you really care if you score went up/down/sideways for 3 points? random noise category

    so in short, there is nothing for you to do or worry about.
    Makes sense. Thanks.
    Post Reply