Capital One Venture Rewards Credit Card Review: Simple but Lucrative

Capital One Venture Card Benefits

Solid Earning Potential on Everyday Purchases

One of the most important things to consider when applying for a new credit card is earning potential. If your spending doesn’t align with the bonus earning categories of a card, you won’t be able to earn enough points or miles to benefit from being a cardholder. Fortunately, this isn’t an issue with the Capital One Venture Rewards Credit Card, as you’ll earn 2 miles per dollar on all purchases (except bookings through Capital One Travel, which earn 5 miles per dollar on hotels, vacation rentals and rental cars).

The Venture Card is an excellent card to consider if you don’t want to keep track of rotating bonus categories. This is the main reason I applied for the card several years ago. Although I’ve since switched to the Capital One Venture X Rewards Credit Card, the opportunity to earn double miles on every single purchase is a major perk.

Lucrative Welcome Offer

The current welcome offer on the Capital One Venture Card is substantial: Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel.

If you use your Capital One miles to book travel through Capital One Travel or erase eligible travel purchases from your statement, you’ll get a valuation of 1 cent per mile. So, 75,000 miles is worth $750 in travel. If you transfer your rewards to airline or hotel partners, you could get outsized value from your Capital One miles and stretch that bonus even farther.

Generous Travel Benefits

As a travel rewards card, you should expect some great travel-related benefits. First, you’ll receive a statement credit for the application fee for Global Entry or TSA PreCheck® every four years. If you aren’t already a member of these programs, you won’t ever look back once you enroll. I used my Venture Card fee credit to enroll in Global Entry, and I can only imagine how many hours I’ve saved in immigration and security.

You’ll also receive Hertz® Five Star status* (enrollment required), the second of three status tiers, which would typically require 10 rentals or $2,000 spent in a year to achieve. Five Star gets you complimentary upgrades, as available, and bonus points on bookings.

If you book a premium stay through Capital One Travel’s Lifestyle Collection, you’ll receive a $50 experience credit to use during your stay. Cardholders also receive perks like no foreign transaction fees, car rental insurance and 50% off handcrafted beverages at a Capital One Café.

Capital One Venture Card Drawbacks

Requires Excellent Credit

Although this could be considered a solid starter card for those new to travel rewards, the Capital One Venture Card requires excellent credit. Capital One defines excellent credit as:

• You’ve never declared bankruptcy or defaulted on a loan
• You’ve never been more than 60 days late on a credit card, medical bill or loan in the last year
• You’ve had a loan or credit card for three years or more with a credit limit of over $5,000

If you’re worried about meeting these criteria, you can see if you’re pre-approved without impacting your credit score.

Limited Domestic Transfer Partners

Capital One is an excellent choice if you like international travel. You can transfer your miles to Avianca LifeMiles for travel throughout Latin America, Virgin Red for travel to the UK or Singapore Airlines KrisFlyer for a journey to Asia. However, the only domestic airline transfer partner is JetBlue TrueBlue, and it doesn’t transfer at a 1:1 ratio.

If you are savvy with points and miles, you know you can book award travel through airline partners. For instance, you can book a domestic Delta-operated flight through Virgin Atlantic, as they are both members of the SkyTeam alliance. However, those in the market for this card might value simplicity and want to transfer miles directly to the airline.

No Opportunity for Bonus Miles Outside of Capital One Travel

The simplicity of earning can be an advantage for some and a drawback for others. Some cards offer 3, 4 or even 5 points per dollar on select purchases, but you’ll earn just 2 miles per dollar with the Venture Card. You will earn bonus miles on hotels, vacation rentals and rental cars booked through Capital One Travel, but having to use the travel portal to earn anything extra is frustrating.

Who Is the Capital One Venture Card Best For?

The Capital One Venture Card is one of the best travel credit cards on the market. If you don’t want to keep track of rotating bonus categories, want flexibility in redeeming your miles and don’t want a high annual fee, the Capital One Venture Card could make a lot of sense.

This card could also play a role in a larger points and miles strategy. For instance, let’s say you have a card like the Chase Sapphire Reserve®, with a $795 annual fee in exchange for premium perks like airport lounge access, an annual travel credit and high earning rates on dining and travel purchases. In that case, you might prioritize a card like the Capital One Venture Card to pair with your Sapphire Reserve to fill some gaps. The Sapphire Reserve offers a higher earning potential on non-bonus category spending than the Venture Card and unlocks different transfer partners.

Is Capital One Venture Card the Right Card for You?

The Capital One Venture Card is a solid option for many travelers. It’s an especially great choice if:

• You value a simple earning structure
• You want the opportunity to transfer your miles to international partners
• You want to enroll in TSA PreCheck or Global Entry
• You are looking for a travel card with a low annual fee
• You have excellent credit

Alternatives to the Capital One Venture Card

If you want a travel rewards card with an annual fee below $100, you have several options other than the Capital One Venture Card. Here are some competitors to consider:

• Chase Sapphire Preferred® Card: The strongest competitor for the Venture Card is the Chase Sapphire Preferred Card, with an equal $95 annual fee. It offers a tiered earning structure, plus perks like a $50 annual hotel credit and a bump in value of points for bookings made through Chase Travel™.
• Citi Strata Premier® Card (an advertising partner): The Strata Premier Card also offers a tiered earning structure that can be very lucrative, especially for those who concentrate spending in travel, gas stations and groceries. Cardholders receive a $100 statement credit on hotel stays of $500 or more each calendar year when booked through CitiTravel.com, which already covers the $95 annual fee.
• Wells Fargo Autograph Journey℠ Card: If you are completely focused on earning potential, the Autograph Journey Card is the clear winner. You’ll earn 5 points per dollar on hotels, 4 points per dollar on flights and 3 points per dollar on all travel and restaurant purchases. You can also take advantage of a $50 statement credit for a minimum $50 airline purchase each year to help offset the $95 annual fee.