Welcome back to yet another post on your downgrade options!
In this post we will discuss your downgrade options for the Capital One credit cards and what you need to know before you downgrade your cards. You can also find downgrade options for other banks here: Chase, Amex, Citi, Barclays.
Downgrade rules for Capital One credit cards
- Same family: You can usually only product change a Capital One card within the same card family or brand. However, Capital One does have some cards that you can always downgrade to (discussed in detail below).
- Personal to business: You can only downgrade personal cards to personal cards and business cards to business cards.
- Rewards: You will not lose any rewards if you downgrade your Capital One credit cards.
- Credit score: Your credit score will not be affected in any way when you downgrade a credit card.
- Annual fee refund: Capital One acts very strangely in regards to annual fee refunds. You can get an annual fee refund only if you close the card within 30 days of when the annual fee was charged. If you choose to downgrade the card then Capital One will not give you a refund for the annual fee even within the 30 days. Why they want you to close the card rather than downgrade it, I don’t know. But it’s important to note that Capital One very often offers an annual fee waiver if you agree to keep the card open as-is, and you have a perfect payment history. So it’s definitely worth asking for the waiver first.
- Not always available: Downgrades are not always available. They can be targeted for each account. Some cardholders are not able to downgrade their Capital One credit card.
Downgrade options for Capital One credit cards
Capital One Venture Rewards Credit Card ($95)
Capital One Savor Cash Rewards Credit Card ($95)
Capital One QuicksilverOne Cash Rewards Credit Card ($39)
You can downgrade the Capital One QuicksilverOne Cash Rewards Credit Card ($39) to the CapitalOne Quicksilver ($0).
Capital One Spark Cash for Business ($95)
You can downgrade the Capital One Spark Cash for Business ($95)
credit card to the Capital One Spark Cash Select Business Card ($0).
Capital One Spark Miles for Business ($95)
You can downgrade the Capital One Spark Miles for Business ($95)
credit card to the Capital One Spark Miles Select Business Card ($0).