Capital One® Venture® Rewards is a credit card that provides lucrative rewards for a wide range of purchases. If you don’t spend a lot of money on a particular purchase category, you can diversify your consumer basket. Thus, you can earn a lot of reward points on every purchase.
- Great rewards for a wide range of purchases;
- No foreign transaction fee;
- Flexible options to redeem reward points for travel;
- Relatively low APR;
- Great sign-up bonus.
- $59 annual fee waived for the first year;
- You can qualify only with excellent credit score.
How to use this card
After you spend $3,000 on this card in first 3 months, you get an introductory bonus of 40,000 miles.
The main feature of the Capital One® Venture® Rewards credit card is a scheme of reward points earning. With most other cards, you earn more than 1 reward point per $1 spent on purchases only if you make purchases within certain categories (travel, entertainment, dining out, etc.). With the Capital One® Venture® Rewards credit card, you earn 2 reward points per $1 spent on all purchases.
The amount of points you can earn on this card is unlimited, and points never expire as long as your account is open. Thus, if you prefer to spend money on a wide range of purchases rather than on specific purchases, you’ll get a lot of points much faster than with other cards.
Note that this card has serious limitations on points redemption. Good offers for points redemption exist only on travel-related purchases, such as airfare, hotel stays, car rental, etc. Points redemption on travel will bring you 1 cent per 1 mile. Redemption on other purchases (gift cards, cash, charity, etc.) will bring you only 0.5 cent per 1 mile. You also can’t transfer miles earned on the Capital One® Venture® Rewards credit card to the partner airlines and hotel chains – for this card, this option is just unavailable.
As you see, beneficial points redemption from the Capital One® Venture® Rewards credit card is limited when it comes to the range of redemption categories. However, points redemption for travel grants you much more flexible options in the sense of how you can redeem points. To redeem miles for travel, you can use one of two services:
- Travel Purchase Eraser®. Choose any past purchase made from the Capital One® Venture® Rewards credit card marked as “travel,” and get a reimbursement in a form of credit statement. To get a reimbursement, you have to spend your miles – each mile will be worth 1 cent. It’s not necessary to reimburse all amounts paid for purchase, you can get a partial reimbursement. To get a partial reimbursement, you must redeem at least 2,500 miles (equivalent of $250).
- Make a new travel purchase. Capital One partners with Orbitz to provide you access to book hotel stays, airfare, etc. You can redeem your miles (1 cent per 1 mile) on travel purchases with no requirements on minimum amount of miles redeemed. Partial redemption is not available if you make a new travel purchase instead of getting reimbursement for the past one.
With Travel Purchase Eraser, you are not tied anymore to points redemption on purchases at the limited list of specific hotel chains or airlines. You can buy any ticket or book any hotel room, and then simply reimburse its cost.
Additional services and features
Automatic Security Alerts. You can configure personal text or email alerts which will be sent to you in case if any suspicious activity on your card appears.
Fraud coverage. If your card is stolen or lost, any unauthorized expenses will be covered by your bank with no fee paid by you.
Visa Signature Concierge. When you plan your travel, you can rely on 24/7 support service. Support will help you book tickets, find a proper hotel or restaurant, and assist in many other travel-related issues.
Auto Rental Collision Damage Waiver. When you rent a car, pay from your Capital One® Venture® Rewards credit card and decline to get the rental company’s collision damage waiver. If you do so, if the rental car gets stolen or receives any damage, all expenses will be covered at no cost.
Discounts and benefits. With the Capital One® Venture® Rewards credit card, you get discounts at over 60 wineries located in Sonoma County. Also, you get additional benefits and complimentary services at over 900 of hotels with Visa Signature Luxury Hotel Collection.
Emergency replacement. If your card got stolen or lost, you may rely on 24/7 worldwide card replacement and cash advance.
How much it costs
After you obtain this card, your annual fee for the first year is $0. Than you have to pay a $59 annual fee. APR on purchases starts from quite an attractive lower border – a variable APR 13.99%, 18.99% or 23.99% based on your creditworthiness will be applied. Fee on foreign transactions is 0%. APR for cash advances is 23.99%. This card does not apply a penalty APR for late or returned payments; however, for late payments, it might charge up to $35.
Low benefits for redemption on non-travel purchases. Points earned on the Capital One® Venture® Rewards credit card are worth 1 cent per 1 mile if redeemed for travel. All other redemption options – cash back, gift cards, charity, etc. – will grant you only 0.5 cents per 1 mile. Thus, the Capital One® Venture® Rewards credit card is basically the card designed especially for people who prefer to redeem reward points on travel. Consumers who would like have a diversified list of beneficial redemption options might prefer to obtain other credit card.
No points transfer. The Capital One® Venture® Rewards credit card does not allow you to transfer its points to airline and hotel partners. Thus, your opportunities for points redemption stick to the Travel Purchase Eraser® service and new travel purchases through Orbitz. Thus, this card does not allow to use any kind of travel hacking strategy leading to points maximization through certain manipulation with reward points.
Comparison with other travel credit cards
Chase Sapphire Preferred® credit card. The Chase Sapphire Preferred® is a bit of a more expensive credit card. Annual fee $95 is waived for the first year. The Chase Sapphire Preferred® credit card has a few advantages for consumers who wants to redeem their points on travel. Each reward point will be worth 1.25 cents. In addition, if you use the Chase Freedom® credit card together with the Chase Sapphire Preferred® credit card, you can use a hacking strategy and transfer reward points from the Chase Freedom® to the Chase Sapphire Preferred® credit card.
However, with the Chase Sapphire Preferred® credit card, you earn 2 reward points only on travel purchases and dining out. Thus, this card does not match best to customers who wants to redeem reward points for travel but aren’t frequent travelers.
Citi ThankYou® Premier Card. Annual fee for this card is $95 and is waived for the first year. With this card you earn 3 reward points on travel purchases, 2 points on entertainment and dining out, and 1 point on all other purchases. This card also grants you a very attractive offer for points redemption on travel if you redeem them through Citi Travel Center. Thus, this card will fit for frequent travelers who prefer to redeem their reward points on travel as well as for customers who spend a lot on dining out and entertainment.