Update 5/15/24: This is possible again.
Update: Seems to be a soft pull
Capital One now allows it’s cardholders to consolidate/reallocate credit limits between multiple cards within their online interface, in the past Capital One didn’t let it’s cardholders reallocate credit limits at all, so this is a massive improvement.
[Read: Rules For Reallocating Credit Limits With Different Credit Card Issuers]
How To Use The New Feature
Log into your account
Go to the Services tab
Click Request account combination
Simplify your wallet
Combine credit limits onto your preferred card
Close cards you don’t use
If you have no eligible cards (see requirements below) you’ll receive an error message.
Rules & Other Important Information
Unsure if this is a hard or soft pull, please share your experiences in the comments. Data points:
Soft pull: 1
Hard pull:
It’s supposed to take only five minutes for the account combination to occur
Cards must be in good standing
Cards must be open for at least six months
One card must have a $0 balance and no pending transactions
Card’s must be linked in your online banking profile
Final Thoughts
This is a significant improvement to what Capital One previously offered (nothing), Capital One did promise improvements when made two negative changes to redeeming rewards, so this is great firs step – hopefully they continue to make improvements. I actually think Capital One has the best system for credit reallocation and account closure out of all credit card issuers (American Express’ online system is also pretty good when it’s working). Hopefully this also puts pressure on other credit card issuers to improve their own reallocation and account closure systems.
I just wish Capital One wouldn’t do a hard pull on all three credit bureaus when you apply for a card, then they really would be much more competitive with Chase, Citi & American Express.
Hat tip to baller4life on myFICO forums