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Double dipping

Discussion in 'Non-Vegas Chat' started by NYNYGirl, Jul 10, 2017.

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  1. NYNYGirl

    NYNYGirl VIP Whale

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    Looking to accumulate points and airline miles for our next vacation. I have had a Capital One Venture One card for about 5 years. I like this card in that there is no AF and it seems to make traveling with points rather painless. So I am thinking of cancelling it and reapplying for a new one to get the sign up bonus points again. Anyone ever done this. Either with this card or any cc? Because I'm also wondering about the points I already have on this card, if they will transfer to the new card just automatically or what? Just looking to hear input from others who may have done this. Thanks!
     
  2. nostresshere

    nostresshere Mr. Anti Debit Card

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    WAIT A MINUTE

    No reason at all to cancel the existing card. Never give up credit. Capital one is basically a cash back card - except you use if for travel.

    There are LOTS of credit cards with great sign up bonuses. Let me ask EVERYONE this. Which is better:

    a) Using a card to charge $50,000 in groceries, gas, etc to earn 25-50,000 points (some have multipliers)
    or
    b) Spending a few thousand dollars and getting 50,000 points? (plus credit for that spend)

    Yea, right. We have 30+ credit cards and usually fly first class on intl and domestic trips thanks to points.


    Chase has some great cards to earn points for example.
     
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  3. Richard Alpert

    Richard Alpert LOST

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    More so with chicken strips and fingers, not so much with nuggets and fries anymore...

    Oops! :blink:
    I thought this was a thread where I could share my ketchup and barbecue sauce habits!
    All apologies! :D

    RICHARD
     
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  4. SH0CK

    SH0CK Stylin' and Profilin' Quasi Tech Admin

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    I've read of some CC companies having a "cooling off" period after cancelling there cards to stop people from doing just that. I believe the SW cards have 2 years between the time you can re-up on the same card, though they do have different flavors of cards that you don't have to have the same one over and over, just have to meet the criteria to get the card. Most of them are designed to stop people from re-upping every few months.

    I would first look into other cards in the Capital One family that do the same thing and apply for one of those. The Venture card looks to have twice the sign up bonus and the annual fee is waved for the first year. Then cancel it at 11 months to avoid the new few.

    Also, I doubt this is the case, but I've heard it's always best keep the oldest credit card you have as that has some effect on your credit history. Closing the oldest account COULD affect a person's credit history negatively.
     
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  5. eliza

    eliza VIP Whale

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    The most recent info I cold find on Cap One's rules for bonuses was here: http://www.doctorofcredit.com/capital-one-tightens-churning-rules/

    It looks like you can have multiple open Venture cards at the same time and would get the sign up bonus for a new one as long as you haven't opened a Cap One card (of any kind) in the last six months.

    Do not close your first Cap One Venture while you still have points --- I'm not sure how it works with transferring between accounts, but you will definitely lose the points if you close the only Cap One card you have.

    Honestly, I'd consider getting a different type of card (Cap One Venture isn't considered one of the more lucrative points cards). Doctor of Credit has a static page with the best current sign-up bonuses here: http://www.doctorofcredit.com/best-current-credit-card-sign-bonuses/. If you are interested in getting more into the miles and points game, Frequent Miler did a series on what a newbie should consider signing up for.

    And a disclaimer for anyone using rewards cards --- don't play this game unless you have your spending habits under control and are able to pay off your credit cards every month. It isn't worth earning points/miles if you are paying interest on the card.
     
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  6. eaglejohn

    eaglejohn VIP Whale

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    Chace cards have 2 year time between collecting bonus from last bonus collected on that card
     
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  7. NYNYGirl

    NYNYGirl VIP Whale

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    Definitely wouldn't close the Cap One especially that there is no AF. Agree that Chase has some good rewards but I just have to convince myself that the AF's are worth it. And since AF'S seem inevitable I'm also looking into the IHG with a $49 AF.

    Thinking about the Venture, especially now that I realize can have more than one Cap One but still the issue with AF. Anywho will just weigh it against Chase Reserve. And will keep in mind cancel before fee applies.

    I know Cap One doesn't have all the amenities as say Chase but was looking at Cap more for our car rental. I would definitely want to use Chase for air and hotel.

    Phew ...Thanks for the responses...Lots to consider..
     
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