Capital One Venture Rewards Credit Card Review 2020

Rating:
4.3/5
4.3 stars out of 5

The Smart Investor has collected card information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.

The VentureOne credit card from Capital one offers the users some great travel perks and a good flat rate on general purchases. Although it doesn’t have the highest earning rates, it is great for travel mile rewards.

When you initially sign-up for this card and spend at least $3,000 during the first three months, you can earn up to 50,000 miles which is equivalent to $500 in travel purchases. The card doesn’t have an annual fee, which is a pretty generous feature.

Now, earning miles with the card is a pretty straightforward affair as you shall be earning 2 miles per each dollar of purchase you make. This is better than other travel card rewards that only offer 1-1.5 mile per dollar of purchases. Also, you won’t pay a transaction fee when making a purchase outside of the United States.

It includes a low APR that gives its cardholders 0% on all new purchases for the first year of using the card. In fact, if you have a big trip that you wish to finance by paying for it slowly, then this is the best card for you. 

The card has $95 annual fee.

So, if you are an occasional traveler and are looking for a way to rack up some travel miles which you can use on your next trip, then this card is the most ideal. This feature actually justifies its high annual fees that come with the card.

Capital One Venture Rewards Card

On Capital One’s Secure Website

Our Bottom Line

  • Great Card To Build Your Credit

Credit Rating Requirements

  • Good – Excellent Credit

PROS

  • Great Sign-Up Bonus
  • Flexible Rewards Redemption

CONS

  • $95 Annual Fee
  • Airline Partners Limitations

Here’s a summary of the main pros & cons (click to see explanation or scroll down):

Pros

Cons

Capital One Venture Rewards Card – Benefits

Let’s take a look at the benefits of the Venture Rewards card and see if it’s the right one for your wallet or not.

  • Rewards

The Capital One Venture Rewards Card is definitely designed to be a travel rewards card, as this is where their redemption options truly shine. 

The main benefit is unlimited 2X miles per dollar on every purchase.

Recently, the Capital One Venture Rewards began offering 14 airline partners that can be used to redeem your accumulated points with. This is a great new feature, as cardholders now don’t have to be restricted to any one airline, and can really see what is the be fit for their travel needs.

When points are used towards one of these airlines, the cardholder also gets a 2:1.5 ratio of points towards their flight. In addition, you can you can pay for Amazon.com purchases using your Capital One rewards.

  • No Blackout/Expiration Dates

Unlike many other travel rewards card, the Capital one Venture Rewards Card doesn’t restrict cardholders to when and where they can travel throughout the year. This might sounds like a small bonus, but it can certainly be beneficial when someone needs a last minute trip that they weren’t planning on. 

There is also no expiration dates on miles accumulated as long as the account is open, which is can also be a huge benefit to anyone wanting to rack up the miles to use for a large trip down the road

  • Great Sign-Up Bonus

The Capital One Venture Rewards offers a great sign-up bonus of 50,000 Rewards points when you spend $3,000 or more in the first 3 months of opening the account. 

What makes this sign-up bonus so great is that the 50,000 points are immediately redeemable once the cardholder hits the $3,000 mark, and they are good for $500-$700 (depending on if you want a statement credit or if you want to transfer points to an airline use) worth of travel expenses, which is a great overall value for any frequent traveler.

  • No Accumulation Limit on Miles

Something that is becoming increasingly popular, yet still difficult to find, rewards credit cards that don’t limit cardholders to how many points they can accumulate before they reach the card’s “limit”. 

The Capital One Venture Rewards Card doesn’t have a limit to how many points you can accumulate, which makes it a great choice for anyone looking to really save up some big-time points. 

Plus, as an added perk, there’s also no minimum amount required to redeem for travel expenses, so cardholders really have free range on how many or few points that you want to use at any given time.

  • Redeem Points for a Statement Credit

A great benefit that the Capital One Venture Rewards Credit Card offers their cardholders is the ability to redeem points accumulated as a statement credit as well, so if a cardholder would prefer to use their points to pay down some of their credit card bill, they have the flexibility to do so. 

Having this type of choice for a travel rewards credit card isn’t easy to find, and if it is they usually cut your points to minimize your total statement credit. 

With the Capital One Venture Rewards, the ratio of points used for a statement credit is valued at 1 cent for every point, so 10,000 points are worth a statement credit of $100.

  • Simple Reward Redemption

Although this doesn’t sound like much, most people do prefer not having to spend many hours trying to redeem their rewards points. 

The redemption system currently used is simple, straight forward, and easy with the Capital One Venture Rewards, so cardholders aren’t wasting their valuable time trying to claim what’s already theirs.

Capital One Venture Rewards Card – Drawbacks

Let’s take a look at the drawbacks of the Venture Rewards credit card and see if it’s the right one for your wallet or not.

  • High Variable APR

The Capital One Venture Rewards Card has a high standard variable APR, ranging from 17.49%-24.49% depending on creditworthiness, but doesn’t offer any type of intro APR bonus. 

In order to become a credit card deadbeat – you have to make sure you don’t pay any fee or interest, especially high variables APR.

  • Airline Partners Limitations

The biggest pitfall to the Capital One Venture Rewards is that while it does have 14 airline partners to choose from, none of them are U.S. based airlines, which will limit certain flights available to those looking to fly domestically in the United States.

  • Annual Fee

The Venture Rewards Card does have an annual fee of $95 which is something to take into consideration. This fee is higher compared to other credit cards.

  • Balance Transfer Fee

This fee is $10 or 3% of the transfer, whichever is bigger. The fee is incurred when you transfer debts from one or more credit cards to your Wells Fargo Rewards Card. This fee is upfront and will be added to your debt load when transferred.

Capital One Venture Rewards Credit Card - Alternatives

There are several other travel-focused credit cards that offer higher travel reward rates and bonuses when signing up. Let’s take a look at them and see if one is better suited for you than the Capital One Venture Rewards card.

The Discover It Miles credit card is a solid entry level option for the occasional traveler who is looking to earn rewards towards flights, hotels, and car rentals.

They offer an unlimited 1.5x miles for each dollar you spend on purchases. There are no specified purchases so, this applies to ALL, and another great benefit – there is no annual fee. Also, Discover will match your points earned in the first 12 months of opening an account.

When you sign up, discover will offer you an excellent sign-up bonus of matching all of the miles you earn by the end of the year. 

The Citi/ AAdvantage Platinum Select WorldElite Mastercard earns the card holder double miles on all American Airline purchases, gas, and at restaurants. 

The card offers 2 miles for every $1 spent at restaurants and gas stations and eligible American Airlines purchases . In addition, you’ll earn earn 1 mile for every $1 spent on other purchases. 

The Citi/ AAdvantage Platinum  sign-up bonus gives the card holder 50,000 AAdvantage miles after making $2,000 in purchases in the first 3 months of having opened the account

However, the card comes with $99 annual fee and the standard variable APR for purchases is 15.99% to 24.99% based on your creditworthiness

  • Capital One Quicksilver Cash Rewards Credit Card

The Quicklsilver cash rewards card’s earns 1.5% rewards on every dollar spent everywhere. While that’s generally lower than the SavorOne, the Capital One Quicksilver Cash Rewards Credit Card makes up for it with exciting perks. 

In addition to the aforementioned intro 0% APR periods on both balance transfers and purchases, this card offers a sign-up bonus of $150 once you spend $500 in the first three months, as well as a lower variable APR range between 15.49% and 25.49% after the intro period. The Quicksilver cash rewards card does not come with an annual fee.

However, there is 3% fee on the amounts transferred within the first 15 months.

Is the Capital One Venture Rewards Card Right for You?

The Capital one Venture Rewards  Card is a simple, straightforward travel rewards card with a flexible rewards program and hardly any restrictions. If you’re a frequent traveler who isn’t particularly loyal to any one airline or hotel brand, you’ll love the wide variety of options to choose from while enjoying the generous travel perks.

So, if you are an occasional traveler and are looking for a way to rack up some travel miles which you can use on your next trip, then this card is the most ideal. This feature actually justifies its high annual fees that come with the card.