Capital One Venture - Need to close account

[lafindumonde]

I got this card when it was first introduced with the 100k offer.  Each renewal without any resistance, they would agree to credit the $59 annual fee.  My annual fee billed this week and I was shocked to be told they will not refund the fee this year.   I have approximately 15k points which I need to transfer somewhere before I close the account.  What is the best use of these points?  Thanks.

[Joel]

You can downgrade to the no fee version

[lafindumonde]

You can downgrade to the no fee version

They told me if I product change to the no fee Venture One card, I still have to pay the annual fee this year.  I've never heard of such a thing.

[yosefsv]

They told me if I product change to the no fee Venture One card, I still have to pay the annual fee this year.  I've never heard of such a thing.

DROPR
HUCA

[Aron27]

They told me if I product change to the no fee Venture One card, I still have to pay the annual fee this year.  I've never heard of such a thing.

Annoying as it is that is there policy.

[Samb]

Annoying as it is that is there policy.

+1

[lafindumonde]

Annoying as it is that is there policy.

I HUCA and indeed that is their policy.  Totally bizarre.  If you are forced to pay the fee then why bother product changing to the "NO FEE" card?

[lafindumonde]

I HUCA and indeed that is their policy.  Totally bizarre.  If you are forced to pay the fee then why bother product changing to the "NO FEE" card?

In order to get my points out before closing the account, I bought a refundable plane ticket, redeemed the points against the charge and then closed the account.

[yochai]

I HUCA and indeed that is their policy.  Totally bizarre.  If you are forced to pay the fee then why bother product changing to the "NO FEE" card?

Interesting.
Do they allow you to downgrade before the 2nd AF posts after year 1, or do you need to wait till it posts like Chase and Citi?

[AsherO]

They told me if I product change to the no fee Venture One card, I still have to pay the annual fee this year.  I've never heard of such a thing.

Isn’t that contrary to regulations?

[RewardsAddict]

Capital one has a unique tool. lets give it a try
@lafindumonde Try using the link below to downgrade the account yourself to a no fee card.
offers are targeted for each account.
https://verified.capitalone.com/auth/signin?Product=Card&Action=ProductUpgrade

[lafindumonde]

Capital one has a unique tool. lets give it a try
@lafindumonde Try using the link below to downgrade the account yourself to a no fee card.
offers are targeted for each account.
https://verified.capitalone.com/auth/signin?Product=Card&Action=ProductUpgrade

It's too late now.  I had to close the card in order to get the annual fee refunded.

[lafindumonde]

Capital One claims that the annual fee is billed in arrears and that is why if you product change to the no-fee version you still owe the fee.  Has anyone ever heard of an annual fee being billed at the end of the card year?