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I applied for the CapitalOne Venture card a few years back when they ran the 100,000 point offer for new applicants. This was the one with Alec Baldwin constantly advertising the card on TV.
I paid the annual fee last year and this year I realized that it wasn’t worth it. While a $59 annual fee is less then many others that I have this really was a card I never used! I redeemed the last of my points a few months ago and when I saw that the annual fee hit my credit card I called CapitalOne to cancel the card. I wasn’t even going to ask for an offer to keep it, my true intention of the call was to cancel.
I explained to the representative that I wanted to cancel due to the $59 annual fee and I really do not get much benefit of it. Without even asking or being put through to a specific department I was given a retention offer. It was probably the best retention offer I’ve ever received – keep the card and we will waive the fee for you! No guarantee that the fee will be waived next year, but for this year you are all set!
I figured why not! A free year of a card I still probably won’t use! The plus side is that it will not hit my credit report right now and on the off chance I decide to start using this card I am still a card holder.
I still think this is a good card for many, along with the Barclaycard Arrival Mastercard, for those that are looking to earn points in a fixed redemption program.