I mentioned recently the rumors that Capital One will bring back it’s mega signup promotion from last year. Some people are now dashing to cancel last year’s cards in the hopes they can qualify again this year. Others are simply looking to cancel because the $59 annual fee is on its way.
If you’re in a similar situation, you may also be trying to figure out how to effectively spend down the last of the points in your account. Points can always be used to reimburse travel expenses or exchanged for gift cards. If neither of those options sit well with you, here are a few other suggestions:
#1: Convert to a no fee card
Instead of cancelling your card, consider simply downgrading to a no fee rewards card. This way you will preserve your credit and your points. With the free VentureOne Rewards credit card you can even convert the points directly to cash.
#2: Buy points or miles using your Venture card
Do you know the trick that lets you buy Priority Club points for only .6 cents each? I bet those transactions will look like travel to Capital One! You could use this trick to effectively convert, for example, 100K Capital One points to over 166K Priority Club points.
#3: Buy hotel gift cards using your Venture card
Is there a hotel chain you use a lot? You could buy their gift cards (from them, not from a 3rd party) and the transaction would most likely appear as travel. Even better, go through a points earning or cash back portal to get the most of your purchase.
Personally I think option 1 is by far the best, but let me know what you think. Do you have other approaches?
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