- 0% promotional APR for 12 months
- Unlimited cash back on qualifying purchases
- No annual fee
- Points lose value if you request gift cards or cash back rather than travel rewards
- High fee for late payments
- Not ideal for folks who don’t travel often
The average American spends 10% of their annual income on vacations, often using funds designated for retirement, medical care, and other essentials. Before you clean out your savings account for an upcoming trip, consider a credit card like the Capital One VentureOne Rewards. You can rack up travel rewards with every qualifying purchase, which helps free up your income for other expenses.
CAPITAL ONE VENTUREONE REWARDS CREDIT CARD REVIEW
It’s rare to find a travel card with no annual fee, but the Capital One VentureOne Rewards card fits this description. Sure, you might earn higher-value rewards with fee-based travel credit cards, but this one is great for folks who don’t travel frequently.
Redemption options are flexible (more on that below), and you can use the card for everyday purchases as well as travel expenses. However, the rewards you earn are all geared toward travel regardless of how you spend your available credit.
CAPITAL ONE VENTUREONE REWARDS CREDIT CARD REWARDS AND PERKS
Collect 1.25 miles for every dollar you spend with the Capital One VentureOne Rewards card. Miles work basically the same as the purchase points offered by other cards, but you can only redeem them for travel perks.
There’s no limit to how many miles you can earn, but don’t expect to rake in rewards quickly. If you spend $1,000 per month on the card, that’s 1,250 monthly miles or 15,000 annual miles. That might sound like a lot, but it only ends up equalling around $12.50 per month or $150 per year in travel rewards.
You can maximize your rewards by utilizing the promotional offer for new cardholders. If you spend $1,000 during your first 3 months as a cardholder, you get 20,000 miles. That equals $200 toward your next trip. This is a one-time, use-it-or-lose-it offer, so take advantage of it right away if you plan on using it.
When it’s time to convert miles to travel perks, you have two options: Book a trip through Capital One’s travel portal, or use Capital One’s Purchase Eraser for a statement credit. Here’s how each method words:
Capital One has a travel portal where you can reserve hotels, flights, and rental cars. Each mile equals one penny in the portal, and you use miles like cash when it’s time to pay for your trip.
Purchase Eraser kicks in after you pay for a trip with your credit card. To clarify, we’re referring to trips booked outside of Capital One’s travel platform.
When you use Purchase Eraser, you redeem miles for statement credits. These credits cancel out travel expenses you’ve already put on your card.
CAPITAL ONE VENTUREONE REWARDS CREDIT CARD BENEFITS
Capital One - and Visa cards in general - offer a slew of standard benefits like fraud protection, extended warranties, and theft/damage protection. This card is no exception.
It also offers travel-friendly benefits like emergency roadside assistance, travel accident insurance, auto rental collision damage waivers, and lost luggage reimbursement.
Here are some other benefits this card offers:
- Special cardholder discounts at participating hotels and spas
- 24-hour Visa Signature Concierge service
- Emergency ticket replacement
- Legal referral service if issues arise during travel
You can find the full list of cardholder benefits here.
CAPITAL ONE VENTUREONE REWARDS CREDIT CARD COSTS AND FEES
Travel cards almost always charge annual fees, but this one doesn’t. That’s why we recommend it for people who love traveling but don’t take enough trips to benefit from a fee-based travel card.
There are still some fees, including a cash advance fee of $10 or 3% of each cash advance total, whichever is greater. There’s also a balance transfer fee of 3% of the amount of each balance transferred during a promotional APR. Not everyone receives the promotional APR; if you don’t, there is no balance transfer fee.
This card has a promotional 0% APR for purchases made during the first 12 months. After that, your variable APR becomes 13.74%, 19.74% or 23.74% depending on your credit history. Balance transfers have the same APR range as purchases, but cash advances have a 23.74% APR.
Late fees run up to $38 per payment. There are no foreign transaction fees.
DOES THE CAPITAL ONE VENTUREONE REWARDS CREDIT CARD MAKE SENSE FOR ME?
Yes, if you have excellent credit and enjoy traveling. You don’t have to be a frequent traveler, but you should travel enough that benefits like free airline miles and complimentary hotel stays make you happy.
It’s also a good option if there aren’t several other Capital One credit cards you want. Capital One has a two-card limit for cardholders with branded cards, so make sure you’re satisfied with this being 1 of your 2 cards if you apply.
Application Process: Input some basic info into the online app to potentially receive an immediate decision. If you get approved but don’t qualify for a credit limit that’s at least $5,000, you’ll receive the Visa Platinum card instead.
Fees: Cardholders like that there’s no annual fee, but fees for cash advances and late payments are high. Cash advances require a minimum of $10 or 3%, whichever is greater, of the withdrawal amount. Late payments will land you a $38 fee.
APR: Pay either 13.49%, 19.49% or 23.49% for purchases depending on your credit history. Same goes for balance transfers. Cash advances have a 24.49% APR regardless of your creditworthiness.
Rewards: Rack up 1.25 miles per dollar for every qualifying purchase. If you book a room through hotels.com/venture, you can score up to 10 miles per dollar spent.
There are numerous redemption options, but some are better than others. You can redeem your points for previous purchases made through Purchase Eraser, or you can apply them toward new purchases from the Rewards Center.
You can also use rewards for gift cards or cash back, but keep in mind you’ll lose some points that way. Points currently lose around 50% of their value if you use them for cash or gift cards rather than travel perks.
Rewards never expire - unless you or Capital One closes your account.
Bonus Offers: Score 20,000 miles - which is $200 in travel perks - once you spend at leats $1,000 on qualifying purchases within 3 months after you open your account. Balance transfers do not count toward this bonus offer.
- Enjoy a one-time bonus of 20,000 miles once you spend $1,000 on purchases within 3 months from account opening, equal to $200 in travel
- Earn unlimited 1.25 miles per dollar on every purchase, every day and pay no annual fee
- New! Earn 10 miles per dollar on hotels when you pay with your VentureOne card at hotels.com/venture; learn more at hotels.com/venture
- Fly any airline, stay at any hotel, anytime
- Enjoy a low intro APR on purchases for 12 months; 13.49%-23.49% variable APR after that
- Travel when you want with no blackout dates
- No foreign transaction fees
- Miles won't expire for the life of the account and there's no limit to how many miles you can earn