|Highlights||Credit Card Feature|
|Things We Like||Signing bonus of 40,000 miles, equal to $400 in travel|
|Our Least Favorite||$59 annual fee (after the first year)|
|Our Verdict||Great card for earning 2 miles for every $1 spent on any purchase|
Capital One® Venture® Rewards Credit Card has most of what you would want in a travel credit card. A high rate of miles earned for every dollar you charge to it for any purchase, no fees when you pay in a foreign currency while traveling, and travel insurance. The amount of miles that you can earn with this card is higher than other popular travel cards offer, and there is no limit on the amount of miles you can earn.
If you want to use just one credit card for most of your purchases and earn rewards that you can redeem for any travel purchases you make, then Capital One® Venture® Rewards Credit Card certainly seems like a good fit. But it's important to understand how you can earn, and more importantly, how you can redeem the miles you earn with this card. Let's take a look at what this card offers, and how it compares to other travel credit cards out there.
Things We Like About Capital One® Venture® Rewards Credit Card
The bonus offer! You receive a one-time bonus of 40,000 miles after you spend $3,000 on purchases within the first 3 months of card membership. These bonus points are worth $400 in travel. $400 is a pretty nice bonus, and could be an airline ticket depending on where and when you fly. If you use this card for all your purchases, spending $1,000 a month to reach the required $3,000 isn't difficult for most people.
You earn 2 miles for every $1 spent on any purchase. This is really the highlight of this card, because the rate of 2 miles per $1 on any purchases you make, at any time, is almost unmatched by other credit cards. For any purchases you make with this Capital One Venture Card, you will always receive unlimited 2 miles per every $1 you spend. Earning double miles on everything ensures an ultra fast accumulation of miles which you can later redeem for a variety of rewards!
Earn unlimited miles and miles never expire. The more you spend on your card, the more miles you will earn, without any maximum limit. Since your miles don't expire, there's no urgency for you to redeem your miles before any expiration date. If you are a big spender, being able to get away from the low caps you get with many reward cards and get unlimited rewards is another argument in favor of Capital One® Venture® Rewards Credit Card.
You can redeem miles for any travel, such as air tickets, hotel accommodation, auto rentals, and more. As long as you pay for your travel using this card, you can then redeem your miles to cover the cost. You can travel at any time, with no blackout dates and no advance booking is required. Simply pay for your travel booking with the card, and then redeem your miles online or by phone to be reimbursed for your purchase. To calculate how much your miles are worth, simply cut off the last two zeros. For example, if you have earned 22,300 miles, you've earned a $223 flight, or a $223 hotel room, or a $223 car rental. Your account will be credited for the travel purchase, and you will see that credit on your statement.
It's important to note that the miles you earn with Capital One® Venture® Rewards Credit Card are not frequent flyer miles, and you cannot transfer them to frequent travel programs (yet). It's better to look at your miles as a kind of cash back that you can then redeem towards any travel purchases you charge to this card. This is the one "catch" this card has, because the miles you earn aren't necessarily worth as much as actual frequent flyer miles. But you will normally need to redeem less frequent flyer miles to get the same flight, compared to redeeming the miles you earn with this card, most frequent travel programs limit you to one airline and often come with blackout dates. Blackout dates are periods when you cannot fly using your miles, because airlines prefer to fill planes with cash customers on busy travel dates, such as vacation or holiday high seasons. The fact that you can redeem the miles you earn with Capital One® Venture® Rewards Credit Card towards all kinds of travel purchases you make with this card gives you a lot of flexibility, because you can use a travel agent, online travel site or even just charge your motel stay to this card right at the counter, and still be able to cover it with your miles.
You can also redeem your miles for cash or merchandise. If you don't end up traveling, you also have the choice to redeem your miles for cash back or merchandise. This redemption flexibility stands out as one of the top benefits of this card.
No foreign transaction fees. This is a great benefit especially if you travel abroad frequently or make purchases over the internet as you won't have to pay any foreign transaction fees when you pay in another currency using your card. Most card issuers charge around 3-5% as a foreign transaction fee, so this will result in additional savings for you! Let's assume you are visiting Paris and you make a payment in Euros to the value of $100. Most cards would charge you a 3% fee on that purchase, which would be $3. If you spend $2,000 in foreign currency during your whole vacation, that 3% would add up to $60 just in foreign currency transaction fees. With this card, you do not pay a foreign transaction fee.
Free Extended Warranty. If you purchase a new item with this card and it comes with an original manufacturer's warranty of 3 years or less, Extended Warranty will double the original warranty time period to up to 12 months on most items that you purchase. This is a great benefit to have as it saves you from having to purchase additional warranty from stores especially when you buy electronic goods.
Free Purchase Security. Within the first 90 days from the date of purchase, Purchase Security will replace, repair, or reimburse you for eligible items paid fully with your card, up to a maximum of $500 per claim and $50,000 per cardholder, should your items get stolen or accidentally damaged.
$250,000 travel accident insurance. If you pay for your or your family's travel tickets with this card, you will automatically be covered under this travel accident insurance plan in the event of death or dismemberment.
Auto rental insurance. When you rent a vehicle for less than 15 consecutive days in the US, or for less than 31 days outside the US with this card, you will be covered against accidental damage or theft of your rented vehicle. To be covered, you must decline the rental company's collision/damage waiver. This insurance doesn't apply to vehicles rented in Israel, Jamaica, the Republic of Ireland, or Northern Ireland.
Lost luggage reimbursement. If you pay for the full costs of your travel for yourself and your immediate family members with your card, you will be covered automatically for lost luggage due to theft or misdirection by the common carrier. You will be reimbursed up to $3,000 per trip.
Other travel-related benefits. You get 24-hour travel assistance services which will be helpful if you require any information relating to your travel such as passports, visas, immunizations etc. If your credit card is lost or stolen, you can get an emergency card replacement. You'll also get medical referrals and legal referrals when you are away from your home.
Travel savings and upgrades. You can get complimentary room upgrades and special discounts at certain hotels, resorts and spas with this card.
Get access to advance ticket sales to popular sports, film, music, and theater events. This will be a huge advantage to those who like entertainment as you get to enjoy access to advance ticket sales and preferred seating at concerts, sporting events and hit Broadway shows, as well as movie ticket offers.
No balance transfer fee. Unlike most other banks in the U.S. that charge a balance transfer fee when you transfer an existing card debt to another card, this card does not charge any balance transfer fee. However, since it doesn't offer any 0% introductory APR on balance transfers, you should only do a balance transfer if you are currently paying a higher interest rate than the 13.49% - 23.49% variable APR (depending on your creditworthiness) you get on balance transfers with Capital One® Venture® Rewards Credit Card.
$0 Fraud Liability. This ensures that you won't be obligated to pay for any unauthorized transactions on your card if your card is lost or stolen. That perk gives you a lot of peace of mind, whether you are using your card for everyday purchases back home, or taking it with you on a vacation or travel stint.
Our Least Favorite Things About Capital One® Venture® Rewards Credit Card
No introductory 0% APR on purchases or balance transfers. This card has a 13.49% - 23.49% variable APR on purchases, depending on your credit score. You'll also start off with a 13.49% - 23.49% variable APR on balance transfers, depending on your creditworthiness. Since there's no 0% intro APR on balance transfers, you should only shift your existing card debts to this card if you are paying a higher interest rate than the one you get with Capital One® Venture® Rewards Credit Card. If you want to transfer a balance, check out our 0% balance transfer cards.
After the first year, you will have to pay an annual fee. There is a $0 intro annual fee for the first year; $59 after that. You will have to spend at least $3,000 a year on your card just to cancel out this annual fee, which means that any amount in excess of $3,000 will be your upside. If you are going to spend more than $3,000 on your card in a year, the annual fee will be very worth it since you will earn double miles on everything you spend on. For example, if you spend $12,000 in a year on your card, your upside will be $9,000 x 2 miles = 18,000 miles (after factoring in the 6,000 miles to cancel out the annual fee), which can be redeemed for a $180 travel credit.
How Other Cards Compare With Capital One® Venture® Rewards Credit Card
Capital One® Venture® Rewards Credit Card gives you a nearly unrivaled rate of miles per dollar for all purchases, and is also a good card to bring along when you travel. Pedro Pla
Capital One® Venture® Rewards Credit Card is the card to use if you want to earn miles fast on all purchases you make. If you like to use just one credit card for most of your purchases and earn travel rewards, then you can hardly go wrong with this card. True, the miles cannot be transferred to frequent travel programs, but the rate at which you earn miles is also much higher than what frequent flyer credit cards offer.
Using this card sets you free to book travel the way you want, which can also help you save because you can hunt for deals instead of being confined to booking straight from airlines of certain travel agents. Of course if you do most of your flying with just one airline all the time, then a card that lets you earn actual frequent flyer miles for that airline, or a card that lets you transfer your points to your frequent flyer program may be a better choice. But if you are an average to big spender and want the simplest and most flexible travel savings option, then we highly recommend Capital One® Venture® Rewards Credit Card.
Pedro Pla is co-founder of GET.com. He has been around the globe several times and considers collecting air miles and points from credit cards to be a hobby, if not, an obsession. Email: firstname.lastname@example.org.Editorial Disclosure: Any personal views and opinions expressed by the author in this article are the author's own and do not necessarily reflect the viewpoint of GET.com. The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities.
At GET.com it's all about your saving and getting experience. There's nothing more helpful for all of us Getters than a true life experience, a tip or a trick relating to a reviewed product. Read more about comments.