Capital One VentureOne Rewards Credit Card review

Capital One VentureOne Rewards Credit Card Review: More Details

If you are an occasional traveler looking to rack up some miles to use toward your next trip – but can’t justify paying the high annual fee that comes with many travel cards – the VentureOne from Capital One can be a great choice, as the card offers a good flat rate of miles on all purchases.

Even better, the VentureOne card also includes a relatively low APR and gives cardholders a 0 percent intro APR on new purchases for the first 12 months (15.49% to 25.49% variable thereafter). If you have a bigger trip to finance and want some time to pay it down before you accrue interest, this is a huge perk.

Sign-up bonus

Capital One recently updated the VentureOne card sign-up bonus to require a lower minimum spend. New VentureOne cardholders who spend at least $500 in the first three months can earn 20,000 miles – worth up to $200 in travel purchases. For a card with no annual fee, this is a pretty generous offer, especially considering the reduced spending requirement: The card’s previous bonus was also for 20,000 miles, but it required a $1,000 spend in the first three months. To secure the current bonus, you only need to spend around $167 per month for the first three months, which should be an easy threshold for most cardholders to meet.

Earning miles

Earning miles with the VentureOne card is very straightforward. Cardholders earn 1.25 miles per dollar on every purchase they make – unlike many travel cards which only offer more than 1 point per dollar on certain categories.

That said, many cash back cards offer 1.5 percent cash back on every purchase, which you could then use to book travel. Even some flat rate travel cards – like the Discover it® Miles – offer 1.5 miles per dollar on all purchases. If you opt for a travel credit card with bonus points or miles in a few categories, you might be able to earn more than 1.25 miles per dollar by weighing your spending toward those categories.

What are VentureOne miles worth?

When you redeem miles earned on your VentureOne card for travel purchases, they are worth 1 cent per mile. This is another drawback to the card, as many travel credit cards offer higher point values when redeemed through the bank’s travel portal. For example, points earned on the Chase Sapphire Preferred Card are worth 25 percent more when redeemed for travel through Ultimate Rewards, for an average value of 1.25 cents per point.

See Related: How much are Capital One miles worth?

When you combine a limited mile value with the fact that the earning rate on the VentureOne falls below some flat rate cards, it limits the VentureOne’s appeal. Choosing a travel card that offers a higher flat rate on all purchases or springing for a card with better bonus categories and an annual fee might be a better option.

For comparison, here’s a quick look at the estimated rewards value earned per dollar of spending on some of our most popular rewards cards (factoring in average earning rate and point/mile value):

Redeeming VentureOne miles

On the plus side, the VentureOne card has one of the most flexible redemption setups among travel cards. You can redeem miles for any travel purchase, whether it was booked through the Capital One Travel Center or an outside site. You just select “Redeem a purchase” on your online account or mobile app to view any eligible travel purchases from the previous 90 days. Then, you can apply your miles toward a statement credit to cover any amount of that purchase – from as little as 1 mile to the whole cost.

Unfortunately, non-travel redemptions don’t eke quite as much value out of your miles. If you opt for a gift card, statement credit or check, miles are worth much less.

To ensure you are getting good value out of your miles, stick to travel redemptions.

See Related: Best ways to use Capital One miles

Transferring VentureOne miles

VentureOne cardholders can transfer miles to many Capital One travel partners at a 2:1.5 rate (2:1 for Emirates and Singapore Airlines). Despite losing some of the value of your miles in the transfer, you actually might be able to get more value in the long run. Since many airline miles are worth more than 1 cent per mile, you can stretch them further by transferring to a frequent flyer program.

Unfortunately, this is not the best list of travel partners among credit card issuers, as it does not include many major airlines. However, Capital did recently added four new loyalty programs as transfer options: British Airways, Choice Hotels, TAP Air Portugal and Turkish Airlines. You can get great value by transferring your miles, especially if you are a frequent flyer of Aeroplan (Air Canada), Etihad, Avianca or Singapore Airlines.

See Related: Is it worth it to transfer miles with the Capital One Venture card?

Other benefits

The VentureOne card comes with a few additional perks that can save cardholders money while shopping or traveling.

• No foreign transaction fee – When traveling abroad, you won’t be charged a surcharge on foreign transactions.
• Car rental insurance* – For car rentals booked and paid with the VentureOne, you’ll receive secondary coverage in case of damage or theft.
• Extended warranty* – Double the manufacturer’s warranty up to one additional year on eligible purchases with warranties of three years or less.

To make the most of these benefits, you should put all major purchases on the VentureOne card.

Capital One VentureOne vs. Capital One Venture

If you are serious about racking up travel rewards, Capital One also offers a card with an annual fee – the Capital One Venture Rewards Credit Card. Compared to the VentureOne, the Venture card comes with a higher earning rate, sign-up bonus and more travel perks, but you’ll have to pay a $95 annual fee.

By our estimates, even more moderate spenders can get enough extra value out of the Venture card’s higher rewards rate (2 miles per dollar on general purchases) to make up for the annual fee. For example, cardholders who spend at least $12,667 per year on their card ($1,056 per month) can earn enough with the Venture to offset its fee and earn the same rewards as the VentureOne.

Rewards value for $12,667 annual spend ($1,056 per month)

For spend levels above that threshold, the Venture card outpaces the VentureOne. Plus, it comes with extra perks that add value – such as a statement credit (up to $100) for a Global Entry or TSA PreCheck application every five years.

See Related: Capital One Venture Rewards Credit Card vs. Capital One VentureOne Rewards Credit Card

Approval odds

The VentureOne card is designed for users with good to excellent credit (above 670), so you’ll want to ensure you meet those qualifications before you apply. If you are worried about your eligibility and want to avoid a hard pull on your credit, you can take advantage of tools like CardMatch™ to see if you pre-qualify for the card.

Customer experience

Among major issuers, Capital One has a decent customer service reputation – but not the best. In J.D. Power’s 2020 customer satisfaction survey, the bank scored 808, ranking fifth out of 11 major issuers.  The bank offers 24/7 customer service as well as an online chat feature to answer quick questions, but this service is difficult to locate on the website. The bank’s app does rate well however, rating 4.8 out of 5 on the Google Play Store and 4.7 out of 5 on the Apple App Store.

How does the VentureOne card compare to other travel cards?

Since the VentureOne card doesn’t offer the best flat earning rate among travel cards with no annual fee, you might be better off choosing a different card. Here are a few popular alternatives:

Wells Fargo Propel American Express® card*	Discover it® Miles	Bank of America® Travel Rewards credit card
Rewards rate 3 points per dollar on dining, travel and transit, gas station purchases and select streaming services 1 point per dollar on other purchases	Rewards rate 1.5 miles per dollar on general purchases	Rewards rate 1.5 points per dollar on every purchase
Sign-up bonus 20,000 points if you spend $1,000 in first 3 months	Sign-up bonus Matches the miles you earned at the end of the first year	Sign-up bonus 25,000 online points if you spend $1,000 in first 90 days
Annual fee $0	Annual fee $0	Annual fee $0
Other things to know Redeem points for travel, gift cards, cash, merchandise and more Good point value for cash redemptions No foreign transaction fee	Other things to know No transfer partners Lengthy intro APR on new purchases and balance transfers Highly-rated customer service	Other things to know Redeem points for dining or travel purchases, including those on third-party booking sites Poor redemption value for cash back Higher rewards rate for Bank of America Preferred Rewards account holders

Wells Fargo Propel

The Wells Fargo Propel card offers bonus points in certain categories of spending rather than a flat rate, but savvy spenders can boost their rewards rate by weighing spending toward those categories. Since options include high-budget purchases like dining and gas station purchases, it should be easy to earn plenty of points. It also offers 20,000 points to cardholders who spend $1,000 in the first three months – an impressive intro offer for a card with no annual fee.

The Wells Fargo Propel American Express card is no longer available.

Discover it Miles

The Discover it Miles card offers a flat rate of miles on every purchase, making it a great option for cardholders who prefer to put all of their spending on one card. Plus, its 1.5-mile-per-dollar rate easily outpaces the VentureOne card’s 1.25 miles per dollar.

The Discover it Miles card also comes with a unique sign-up bonus that can be very lucrative for heavy spenders. It matches all the miles you earn in the first year, with no cap on how much you can earn. For a cardholder who spends $15,900 a year on purchases, you can earn 47,700 miles in the first year alone.

Bank of America Travel Rewards credit card

Like the Discover it Miles, the Bank of America Travel Rewards credit card offers a flat 1.5 points per dollar on all purchases, outpacing the earning rate of the VentureOne. In addition, Bank of America or Merrill account holders can boost their rewards rate even further. All eligible account holders with a significant balance in the Preferred Rewards program can earn 25%- 75% more on every purchase. Depending on your tier in the program, you could earn up to 2.62 points per dollar – an outstanding rate for a card with no annual fee.

Preferred Rewards tiers

Who should apply for the VentureOne card?

• Cardholders looking for a simple travel rewards card with a flat rate of miles.
• Travelers who prefer booking on third-party sites who want to be able to use rewards.
• Cardholders who want to earn travel rewards without paying an annual fee.

How to use the VentureOne card

If you want to get the most value out of your VentureOne card, use the card to pay for most (if not all) of your purchases. You’ll need to spend at least $500 in the first three months to earn the welcome bonus.

Once you’ve accumulated a good amount of miles from the bonus and via the 1.25 miles per dollar earned via card spend, be sure to redeem your miles for travel purchases. You can redeem through the Capital One travel portal or for outside travel purchases and enjoy the same 1-cent-per-point value. Other redemption options, like statement credits and gift cards will be a waste of points, as you’ll lose as much as 50% of their value. You may also consider transferring your points to one of the issuer’s travel partners to potentially boost your rewards value even further (though the list of partners is limited).

Be sure to also take advantage of the card’s (admittedly limited) perks. For example, use the card abroad to avoid a foreign transaction fee.

Is the VentureOne card worth it?

The VentureOne card offers some decent travel perks and a good flat rate of miles on general purchases, but it doesn’t have the highest earning rate – even among cards with no annual fee. You might be better off opting for a higher flat-rate travel card or one with bonus categories you can use to maximize your earning.

Additionally, if you spend at least $12,667 a year, the Capital One Venture Rewards credit card can actually earn enough more in rewards to offset its $95 annual fee.

*All information about Wells Fargo Propel American Express card has been collected independently by CreditCards.com and has not been reviewed by the issuer.

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