Capital One offers a variety of cards that are catered to different types of consumers. For example, the Quicksilver cards are great for everyday spenders, the Venture cards are perfect for travelers, and the Savor cards are ideal for entertainment lovers. If you realize that your current Capital One credit card is not the best for you, either because of the annual fee or your limited usage, you could consider upgrading or downgrading to one of their other options.
Let’s say that you currently have the Capital One Quicksilver Cash Rewards card, and you are looking to get rewards beyond just the 1.5% cash back on all purchases. Could you upgrade to the Capital One Savor Rewards card, which gives 4% cash back on dining and entertainment? Unfortunately, Capital One typically doesn’t offer this option.
Since you can’t upgrade your Quicksilver to the Savor directly, let’s take a look at other credit cards available for a product change as well as how else to get the Savor Rewards card.
What You Can Change the Capital One Quicksilver to
Capital One does give the option to product change between cash rewards cards and travel rewards cards. In this case, once you have had your Capital One Quicksilver for a good amount of time (an estimate of at least six months), you will likely be offered an option to get the Capital One Venture Rewards or VentureOne Rewards cards.
The Venture Rewards card has a $95 annual fee and offers unlimited 2x miles per dollar on all purchases, and the VentureOne Rewards card has no annual fee but only 1.25x miles per dollar spent. Both have enticing sign-up welcome bonuses; however, if you decide to product change your current card to either one of them, you won’t be eligible for the bonuses. Regardless, if you realize that you want more focused rewards for traveling in the future, switching to the Venture cards could be a good decision.
How to Get the Capital One Savor Rewards Card
The Capital One Savor Rewards card, as mentioned before, offers 4% cash back on entertainment and dining, 2% cash back at grocery stores, and 1% cash back on all other purchases. It is perfect for consumers who spend a lot on entertainment. For example, if you spend a lot of money at theme parks, concerts, or even bars and lounges, the Savor would make sense for you to own.
However, considering that Capital One is pretty strict on product changes to the Savor Rewards card, you typically would have to submit a new application to get the card. With this, you would then be eligible for a $300 cash sign-up bonus if you spend $3000 in three months. When applying for the Savor Rewards, also take into consideration the $95 yearly fee—if you don’t think you can get enough cash back from your purchases, the Savor Rewards would not be an economical decision. In that situation, another option you could look at is the Capital One SavorOne Rewards card, which offers only 3% back on dining and entertainment but has no annual fee.
>>Related: Upgrading to Capital One Savor
Final Considerations for Product Changes and New Card Applications
Some final factors to keep in mind when considering product changes or new card applications are the current open credit cards you have right now as well as your credit score. If you have too many credit cards open already, especially in the past 24 months, a product change may be a wiser decision for you. This is because opening another line of credit could lower your average account age, which can be bad for your credit score. Additionally, opening a new credit card requires a “hard pull” to your credit score, which can lower your credit score even more. All in all, keep these factors in mind when you are considering adding a new credit card to your wallet.
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