Capital One VentureOne Rewards Credit Card review
Capital One VentureOne Rewards Credit Card Overview
If you’re looking for a low-cost travel rewards card, the Capital One VentureOne Rewards Credit Card may be the right fit for you. You’ll earn miles on all of your purchases and get the opportunity to boost your first-year earnings with a generous sign-up bonus. It also comes with a lineup of Capital One benefits and an intro APR on purchases for the first year.
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What are the advantages and disadvantages?
A deeper look into the current card offer
- Rewards rate: 5X miles per dollar on hotels and rental cars booked through Capital One Travel; 1.25X miles per dollar on all purchases
- Welcome offer: 20,000 bonus miles if you spend $500 within the first three months
- Annual fee: $0
- Purchase intro APR: 0 percent for the first 12 months
- Balance transfer intro APR: N/A
- Regular APR: 15.49 percent to 25.49 percent variable
Current welcome offer
When you sign up for the Capital One VentureOne card, you can earn a 20,000-mile bonus if you spend $500 within the first three months of opening your account. You would ordinarily need to spend $16,000 to earn 20,000 miles with the card, so this is a great way to jump-start your miles collection.
This bonus is worth $200 toward travel booked through Capital One, which is a common deal among other no-annual-fee cards considering the low spending requirement.
The VentureOne Rewards card offers flat-rate rewards in the form of Capital One miles on every purchase, making it a great low-hassle travel rewards option. Plus, your miles won’t expire for the life of your account and don’t impose blackout dates.
You can earn 1.25X miles for every dollar you spend, regardless of where you shop, with no limit on how many miles you can earn. You can also earn a whopping 5X miles for every dollar you spend when you book hotels and rental cars using the Capital One travel portal.
You can book hotels, flights and rental cars using your Capital One miles by logging into capitalone.com and visiting the reward center. You can also use your card to book travel reservations through another service or website and then redeem your miles for a statement credit to cover a wide range of travel purchases that you’ve made over the past 90 days. Only purchases that fall under the travel merchant code will qualify, but, generally, it includes airlines, hotels, rental cars, cruises, limo services, timeshares and more.
If you don’t want to redeem your miles for travel, you can also cash them out in the form of a statement credit, check, gift cards, Amazon.com or PayPal purchases and more. Or you can transfer your miles to more than 15 external travel loyalty programs that partner with Capital One, including the Wyndham Rewards and Accord Live Limitless hotel reward programs. In fact, Capital One recently announced future updates to the Capital One Travel portal and added new transfer partners to the list on April 20, 2021: British Airways (available later in 2021), TAP Air Portugal (available April 20), Turkish Airlines (available April 20).
Not all of these transfer partners carry the same redemption value, but the most valuable of these new additions is perhaps British Airways, thanks to its versatility. British Airways happens to be a transfer partner Capital One has in common with American Express and Chase, and it’s also ranked third globally for most country markets visited (82). Together, these factors could lead to interesting card combinations and a convenient level of reward flexibility for frequent British Airways travelers.
How much are miles worth?
Miles are worth 1 cent each when you book for travel through Capital One, but your mileage may vary depending on which option you choose. According to CreditCards.com’s latest valuation of up to 2.36 cents per mile, your best value could come from transferring your rewards to another travel partner. Just make sure to check the conversion rate before transferring, since several partners have a lower 2:1.5 ratio. Luckily, Capital One’s April 20, 2021, updates include upgrading some of its 2:1.5 tier transfer partners to a 1:1 value:
- Asia Miles
- TAP Air Portugal
- Wyndham Rewards
Unfortunately, redeeming for non-travel options will water down your miles. Gift cards generally have a 1:1 redemption, but converting your miles to cash back reduces your miles to almost 0.5 cents each. Similarly, putting your miles toward Amazon.com or PayPal purchases means each mile will only be worth 0.8 cents apiece.
When it comes to benefits, the Capital One VentureOne carries the travel card basics—which isn’t bad for no annual fee. Capital One cards don’t typically carry the strongest portfolio of travel perks outside of their pack-in Visa Signature perks. Just keep in mind that if you want a streamlined card, the extra features will also be slimmer.
Travel and shopping services
As a card designed with travel in mind, you will get 24-hour travel assistance services, which can help you get cash if your card is lost or stolen. Additionally, you get auto rental insurance when you rent a car with your card and fraud coverage. Other protections you may receive for paying with your card include extended warranty coverage, fraud coverage, and travel and emergency assistance.
Capital One’s April 20, 2021, travel additions also include special entry rates to Capital One’s two inaugural airport lounges with your VentureOne card. Few credit card issuers have their own dedicated airport lounges—Amex’s luxurious Centurion Lounges being the most notable—and Capital One is planning to stock it with a collection of convenient amenities. Capital One Lounges plan to offer regionally curated grab-and-go food stations, shower suites, bartender lounge dining, relaxation rooms, exercise rooms and more.
If you enjoy concerts, music festivals, sporting events or culinary experiences, Capital One Access can help you learn about upcoming events, book presale tickets and purchase all-access VIP passes.
You can keep close tabs on this card with real-time security alerts, virtual card numbers to keep your actual credit card number hidden, credit report alerts through CreditWise and a card lock feature found in the Capital One mobile app. Considering that CreditWise is one of the few deep web credit monitoring services offered directly by issuers, it’s an outstanding level of coverage for no extra charge.
Rates and Fees
When it comes to rates and fees, the VentureOne stands up pretty well. There is no annual fee, no foreign transaction fees and a 0 percent intro APR on purchases for 12 months after opening your account (then 15.49 percent to 25.49 percent variable)—which isn’t too far off from the current average interest rate. Although you shouldn’t carry a balance on a rewards card, competing cards have lower interest rates.
Cash advances will come with a $10 or 3 percent fee, whichever is greater, and a 25.49 percent variable APR, so it’s best to pay them off quickly. Late payments will cost you up to $40 per occurrence, which is pretty standard.
How the Capital One VentureOne Rewards Credit Card compares to other travel rewards cards
How does the VentureOne stack up to other travel rewards cards? Here’s a look at how it compares to another no-annual-fee option, the Discover it® Miles, along with the Capital One Venture Rewards Credit Card.
The Discover it Miles card is very similar with no annual fee, no foreign transaction fees and a 0 percent intro APR on purchases for 14 months after account opening (then 11.99 percent to 22.99 percent variable APR). Newcomers switching to Discover may also get a 14-month 10.99 percent intro APR on their balance transfer (then 11.99 percent to 22.99 percent variable APR). If you don’t mind waiting for your bonus (Discover matches all the miles you earn in the first year), this has a few advantages over the VentureOne, including a lower APR range, a higher rewards rate of 1.5X miles and a longer intro APR period. Plus, Discover it Miles can be converted to cash back at a 1:1 rate to pay your bill, including your minimum payment, which is rare for travel mile rewards.
When looking at the Capital One Venture Rewards Credit Card versus the VentureOne, the Venture is almost identical in terms of benefits and redemption options (except the Venture offers up to a $100 credit for Global Entry or TSA PreCheck application fees). However, it comes with a $95 annual fee in exchange for 2X miles per dollar on all purchases. Additionally, you can earn 60,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $600 in travel.
If you’re looking for a few more benefits without an annual fee, the Chase Freedom Unlimited® is another no-annual-fee card that earns boosted rewards on all purchases that can be redeemed for travel, as long as you have a Chase Ultimate Rewards card. It’s brimming with fantastic perks and travel protections that might be hard to find on cards at the same price.
|Card||Rewards||Welcome bonus||Annual fee||Other details|
One Venture Rewards Credit Card
||60,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $600 in travel||$95||
||$200 cash bonus after spending $500 on purchases within the first three months||$0||
||All miles earned within the first 12 months will be matched||$0||
Best cards to pair with Capital One VentureOne Rewards Credit Card
A credit card with bonus categories that will reward your specialized spending with higher rates would make a great partner for your flat-rate travel card. If you’d like to stick with Capital One, the Capital One SavorOne Cash Rewards Credit Card can rake in unlimited 3 percent cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart and Target), plus 1 percent on all other purchases.
Capital One’s only consumer travel cards are the two Venture cards, so you might have to explore other issuers for more travel rewards on specific purchases. For example, the Chase Sapphire Preferred® Card could be a good option since Capital One and Chase share a few transfer partners, including JetBlue, Singapore Airlines and Air France/Flying Blue.
Bankrate’s Take—Is Capital One VentureOne Rewards Credit Card worth it?
The Capital One VentureOne Rewards credit card may be the right fit for you if you are looking for a low-cost card to help you rack up a modest amount of miles. You don’t have to invest anything to start earning 1.25X miles on every dollar you spend, and you can get a sizable welcome bonus. However, if you want to spend more to earn more, and if you have good credit, a higher-tier Capital One card or another one of the top travel rewards cards can potentially offer you a better value.