Dear Clever Credit,
Is there a Capital One Trifecta? For context, I started with the Capital One Quicksilver Secured Cash Rewards Credit Card. Then I got the Capital One Platinum Secured Credit Card. I pulled the trigger and applied for the Savor Rewards for Good Credit from Capital One and was approved! I want to cry so many happy tears, but is this a good combination of cards? I was approved with a $300 credit limit, so how soon can I ask for a limit increase? It’s my first “big person” credit card, so please help!
Signed,
I Didn’t Think I’d Get This Far
Dear Far,
Look at you go! Congrats on those nice money moves.
Now, there actually isn’t a Capital One Trifecta. You’re probably thinking of the Chase Trifecta, which is a strategy for earning more rewards points by using three Chase credit cards. However, Capital One cardholders can employ a strategy called the Capital One Duo. The Capital One Duo involves pairing the Capital One Savor Cash Rewards Credit Card with one of the Venture cards. So the good news is you’re well on your way! The bad news is you’re going to need to wait a bit before you apply for one of the Venture cards since you just applied for the Savor.
The way the Cap One Duo works is you use your Savor card as your food card and earn 3% cash back at grocery stores (excluding superstores like Walmart and Target) and on dining. Then, you convert those cash back rewards into miles, essentially allowing you to earn extra travel rewards.
You have three choices when it comes to picking a Venture card:
— Capital One Venture X Rewards Credit Card
— Capital One Venture Rewards Credit Card:
— Capital One VentureOne Rewards Credit Card
My recommendation for you would be the VentureOne credit card since it doesn’t have an annual fee. However, the rewards rate is a little on the low side. If you’re comfortable paying a annual fee, the Venture Rewards is a better option because it has a higher rewards rate. The Venture X has aannual fee, so don’t even look (it can smell fear). But again, only apply for the Venture after at least six months have passed since your last application. I would honestly wait until your score has picked up a little more, too. But you’ve done a great job of using the preapproval tool, so keep checking to see if one of the Venture cards pops up!
What’s more is you might not need to apply for a whole new Capital One credit card. Call customer service when you’re ready to make that leap and ask if you’re eligible for an upgrade on either your Quicksilver or Platinum card.
[SEE: Best Capital One Credit Cards]
As far as credit limit increases go, I know you just got your Savor card and it’s very exciting, but don’t get ahead of yourself when it comes to your credit limit. Use that $300 limit as your training wheels. Remember, you shouldn’t use more than 30% of your credit limit, so that means you can really only spend $90.
If you use your card responsibly, you might receive an automatic increase after six months of on-time payments. Capital One does a really good job of increasing your limit without being asked. If you’re curious about what exactly you’ll need to do to snag that credit line increase, Capital One has a handy dandy FAQ page that lays everything out for you.
I know this may not exactly be the advice you were looking for, but you’re doing such a good job. Don’t let your eagerness get the better of you.
Good luck!
More from U.S. News
How to Maximize Points With the Chase Trifecta
Cash Back vs. Travel Rewards: How to Choose Which Is Better for You
Dear Clever Credit: I Just Got My Third Capital One Card. How Can I Earn More Rewards? originally appeared on usnews.com
