Capital One VentureOne Rewards Credit Card Review: A Good, but Not Great Low-Cost Travel Rewards Card
Capital One VentureOne Rewards Credit Card Review
The Capital One VentureOne Rewards Credit Card offers solid travel rewards, a generous sign-up bonus and flexible redemption options with a $0 annual fee. Its benefits are restricted versus its counterpart, the Capital One Venture Rewards Credit Card, but it's a solid introductory travel card.
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Whether you’re an aspiring globetrotter, an amateur adventurer or an expert explorer, you’re going places, and a good travel rewards card can help you get there. Unfortunately, some travel cards (like the Capital One Venture Rewards Credit Card) come with annual fees that are too rich for some travelers’ blood. Fortunately, there’s another, cheaper option for those who want comparable perks for fewer pennies — the Capital One VentureOne Rewards Credit Card.
The Capital One VentureOne Rewards Credit Card offers everything you’d expect from an entry-level travel rewards card: $0 annual fee, a substantial sign-up bonus, generous and straightforward rewards, flexible redemption options and travel-friendly benefits. All of that makes it a solid offering for anyone who has ambitious travel dreams but a modest budget.
And yet, there are other no-annual-fee travel cards that cruise at a slightly higher altitude thanks to more attractive sign-up bonuses and more lucrative rewards. With that in mind, here’s everything you need to decide: Is the Capital One VentureOne Rewards Credit Card a one-way ticket to your travel goals, or a road to nowhere?
Pros
Cons
Capital One VentureOne Rewards Credit Card
$0
14.99% - 24.99% (Variable)
660 - 850
- $0 annual fee and no foreign transaction fees
- Earn a bonus of 20,000 miles once you spend $500 on purchases within 3 months from account opening, equal to $200 in travel
- Earn unlimited 1.25X miles on every purchase, every day
- Miles won't expire for the life of the account and there's no limit to how many you can earn
- Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options
- Use your miles to get reimbursed for any travel purchase—or redeem by booking a trip through Capital One Travel
- Transfer your miles to your choice of 15+ travel loyalty programs
- Enjoy 0% intro APR on purchases and balance transfers for 15 months; 14.99% - 24.99% variable APR after that
Earn 20,000 bonus miles
When it comes to sign-up bonuses, other cards have more enticing offers. Nevertheless, the Capital One VentureOne Rewards Credit Card still dangles an attractive deal:
Earn a bonus of 20,000 miles once you spend $500 on purchases within 3 months from account opening, equal to $200 in travel.
The card’s bonus is worth $200 in travel. Although that’s respectable, it’s definitely not the best sign-up bonus out there. The Bank of America® Travel Rewards credit card, for example, offers 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening. The Discover it® Miles card, meanwhile, offers a unique unlimited bonus: Only Discover gives you an unlimited match of all the Miles you’ve earned at the end of your first year. For example, if you earn 35,000 Miles, you get 70,000 Miles. There’s no signing up, no minimum spending or maximum rewards. Just a Miles-for-Miles match.
And yet, bigger might not be better for everyone. Both the Discover it® Miles card’s Bank of America® Travel Rewards credit card's bonuses require more spending to earn the bigger value. If you’re a low spender, the Capital One VentureOne Rewards Credit Card might actually have the edge.
What it's worth: $200 in travel statement credits
Who's eligible to earn this offer?: Existing or previous accountholders may not be eligible. Furthermore, any eligible purchases you make to reach the $500 minimum spend requirement must post to your account within three months of your membership enrollment date. Balance transfers and cash advances don’t count as eligible purchases.
Earn 1.25X miles on every purchase
With the Capital One VentureOne Rewards Credit Card, you earn unlimited 1.25 Miles per dollar on every purchase, every day.
There are no limits, exclusions or category restrictions. That means you accrue the same number of miles whether you spend your money on plane tickets, restaurants, movie tickets, clothing, gas or groceries. If you spend $1,000 per month, for example, you’ll earn 15,000 miles per year. Because each mile is worth $0.01, that’s the equivalent of $150 in travel.
That’s decent. Once again, however, other cards outperform it. Both the Bank of America® Travel Rewards credit card and the Discover it® Miles card, for example, offer unlimited 1.5X rewards on all purchases with no restrictions. At $0.01 per reward, the same $1,000 per month in spending nets you 18,000 rewards that are worth $180 in travel.
If your monthly spending is high enough to justify paying an annual fee, you can earn even more miles. Here, for example, are the average rewards earned per $1 spent by an average cardholder for some of the most popular premium credit cards:
Average rewards earned per $1 spent
Capital One VentureOne Rewards Credit Card holders earn 5X miles instead of 1.25X miles on hotels and car rentals booked through the Capital One Travel℠ travel booking website. This could make the card especially lucrative for cardholders who are willing to book their travel this way.
How much are Capital One VentureOne Rewards Credit Card miles worth?
When you redeem Capital One Miles as statement credits for travel purchases your miles are worth 1 cent each, which is standard across most rewards credit cards. For more value, you can transfer miles to one of more than 15 transfer partners (often at 1:1 ratio). Some of these programs allow you to redeem miles for more than 1 cent each.
Redeeming miles
One of the best attributes of the Capital One VentureOne Rewards Credit Card is that it offers a diverse and flexible menu of redemption options. Not all of them are created equal, however.
Redemption option | Mile value (in cents) |
|---|---|
| Cover select purchases | 1 |
| Redeem with PayPal | 0.8 |
| Shop with Amazon | 0.8 |
| Get gift cards | 0.8-1 |
| Redeem for cash back | 0.5 |
| Transfer your rewards to travel loyalty programs | Depends on the transfer partner and ratio |
| Book a trip through Capital One Travel℠ | 1 cent |
| Transfer your rewards to another Capital One account | 1 cent |
Because the Capital One VentureOne Rewards Credit Card is a travel card, you’ll get the most value for your miles when you redeem them for travel.
Redeeming Capital One Miles for travel is easy: All you have to do is book eligible travel expenses — for example, flights, hotels and car rentals — through a travel website, travel agent or other travel resource, then use Capital One’s Purchase Eraser feature to redeem your miles in the form of an account credit to "erase" your travel purchases.
Alternatively, you can use miles to pay for travel directly when you book it online via Capital One’s website or by phone via the Capital One Rewards Center. Or you can transfer miles to one of more than 15 travel loyalty programs.
If you’re going to redeem your miles for something other than travel, it should be for purchases through PayPal or Amazon, both of which offer a redemption rate of 0.8 cents per mile. All you have to do is enroll your card, then choose your Capital One rewards as your payment option when you’re making an eligible e-commerce purchase. With a redemption rate of 0.8 cents to 1 cent per mile, depending on the retailer, gift cards also are an OK option. Because you only get 0.5 cents per mile, you should redeem your miles for cash back only if you have no other option or use for them.
Transfer miles at a 1:1 ratio
Since introducing the option to transfer miles to airline partners in 2018, Capital One has had two "tiers" of transfer partners:
- Partners with a 2:1.5 transfer ratio, meaning that for every 2 Capital One miles transferred you would receive 1.5 miles in the transfer partner’s loyalty program.
- Partners with a 2:1 transfer ratio, meaning you’d get half as many miles with transfer partners as you had with Capital One.
Recently, however, Capital One upped its game by debuting a third transfer partner tier that offers a 1:1 transfer ratio. This means you retain all of your miles, even if you transfer them. And because some transfer partners may offer higher valuations on miles than Capital One does, your miles might actually be worth more if you do.
Here’s a current list of Capital One transfer partners and their transfer ratios:
- Accor Live Limitless (2:1)
- Aeromexico Club Premier (1:1)
- Air Canada Aeroplan (1:1)
- Air France/KLM Flying Blue (1:1)
- Avianca Lifemiles (1:1)
- British Airways Avios (1:1)
- Cathay Pacific Asia Miles (1:1)
- Choice Privileges (1:1) Available later in 2021
- Emirates Skywards (1:1)
- Etihad Airways Guest (1:1)
- Eva Air Infinity MileageLands (2:1.5)
- Finnair Plus (1:1)
- Qantas Frequent Flyer (1:1)
- Singapore Airlines KrisFlyer (1:1)
- TAP Air Portugal Miles&Go (1:1)
- Turkish Airlines Miles&Smiles (1:1)
- Wyndham Rewards (1:1)
While Capital One still falls short of other transferable points programs, like Membership Rewards and Ultimate Rewards, the addition of a 1:1 transfer tier makes the Capital One VentureOne Rewards Credit Card infinitely more attractive.
Other Capital One VentureOne Rewards Credit Card benefits
Although miles are the primary benefit of travel credit cards, the Capital One VentureOne Rewards Credit Card has several other perks that might make it worth your while if you decide to get it:
Many of the best travel cards charge a hefty membership fee in exchange for their rewards. With its $0 annual fee, the Capital One VentureOne Rewards Credit Card isn’t one of them.
If your travels will take you overseas, it’s a good idea to have a travel card that will allow you to make purchases outside the United States without accruing extra fees. The Capital One VentureOne Rewards Credit Card checks that box.
If your travels take you to a car rental counter, the Capital One VentureOne Rewards Credit Card will have you covered with its auto rental collision damage waiver benefit, which for no additional charge insures your rental cars against damage due to collision or theft. All you have to do is charge your entire rental transaction to your card and decline the rental company’s insurance. But don’t go renting a Lamborghini; the coverage does not apply to expensive, exotic or antique cars; cargo vans, trucks, or motorcycles.
When you use your Capital One VentureOne Rewards Credit Card for eligible purchases, you’ll get Extended Warranty Protection that doubles the term of U.S. manufacturers’ warranties up to one additional year on eligible warranties of three years or less, whether items are made in the United States or abroad. Although exclusions apply — for example, it doesn’t cover boats, automobiles, real estate, computer software, medical equipment or pre-owned merchandise — it covers all sorts of warrantied purchases.
When something breaks within the coverage window, Capital One will reimburse you for the original price of the purchased item (as shown on your credit card receipt), less shipping and handling fees, up to a maximum of $10,000 per claim and $50,000 per cardholder.
With the Capital One VentureOne Rewards Credit Card, you’ll get a 0% intro on purchases for 15 months. If you’ve been planning a big vacation, that means you can finance your trip and pay it off over the course of a year without accruing interest. After that, though, you’ll be charged an APR of 14.99% - 24.99% (Variable), so it’s in your interest to pay down your balance before the introductory period ends.
How does the Capital One VentureOne Rewards Credit Card compare to other cards?
The Capital One VentureOne Rewards Credit Card is a sensible travel rewards card that offers truly solid rewards and benefits considering its $0 annual fee. Nevertheless, there are many cards that are even stronger and may suit you better — including other cards within the Capital One family:
Capital One VentureOne Rewards Credit Card vs. Capital One Venture Rewards Credit Card
If you’ve got major travel ambitions and you plan to charge a large sum every month, the original Capital One Venture Rewards Credit Card might be a better choice. The card's $95 annual fee is pocket change compared to other travel rewards cards, like The Platinum Card® from American Express. Plus, the fee entitles you to superior rewards.
Whereas the Capital One VentureOne Rewards Credit Card offers only 1.25X miles, the original Capital One Venture Rewards Credit Card offers 2 Miles per dollar on every purchase, every day. It also has a better sign-up bonus — you’ll Enjoy a one-time bonus of 60,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $600 in travel. It has many of the same benefits, including no foreign transaction fees, car rental insurance and transferable miles. And then there's a cherry on top: a credit of up to $100 toward enrollment in Global Entry or TSA PreCheck.
Capital One VentureOne Rewards Credit Card vs. Capital One Quicksilver Cash Rewards Credit Card
If cash back is at the top of your credit card wish list, look instead at the $0-annual-fee Capital One Quicksilver Cash Rewards Credit Card, which promises 1.5% Cash Back on every purchase, every day. Unlike many other cashback cards, there are no spending categories to keep track of and no minimum redemption amount to contend with. Whether you buy a new computer for $2,000, a plane ticket for $200 or a soda for $2, you’ll get a straightforward 1.5% cash back that you can redeem in the form of a statement credit or a check to pay for any purchases you like — travel-related or otherwise.
In comparison, the Capital One VentureOne Rewards Credit Card falls terribly short when it comes to cashback rewards: When you redeem your miles for cash back, you only get $0.005 per mile compared to $0.01 per mile. If you’re not a regular or aspiring jetsetter, the Capital One Quicksilver Cash Rewards Credit Card may be the better choice.
Capital One VentureOne Rewards Credit Card vs. Chase Freedom Unlimited®
The Chase Freedom Unlimited® card provides even better cash back rewards — provided that you’re willing to invest extra time managing and tracking different spending categories.
Like the Capital One Quicksilver Cash Rewards Credit Card, the Chase Freedom Unlimited® includes a 1.5% rate of cash back on most purchases: Enjoy 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases
If you want to earn rewards on travel, but don’t want to spend them on travel, that’s a good setup. And if you spend a lot of money at restaurants and drugstores, your cash back will accumulate quickly.
Is the Capital One VentureOne Rewards Credit Card worth it?
The Capital One VentureOne Rewards Credit Card isn’t the best travel rewards card available. But it isn’t the worst, either.
If you don’t make a lot of monthly purchases, then the Capital One VentureOne Rewards Credit Card is definitely a contender thanks to its decent benefits and its $0 annual fee. Sure, there are other no-annual-fee travel cards that offer more rewards for purchases, but the Capital One VentureOne Rewards Credit Card remains competitive thanks to its transferable points program, which makes its miles more valuable even if they’re less substantial.
However, if you make a lot of purchases every month, you can do better by upgrading to a premium travel rewards card that offers more generous rewards in exchange for an annual fee — for example, the original Capital One Venture Rewards Credit Card, the Chase Sapphire Reserve® or The Platinum Card® from American Express.
If you don’t want to redeem rewards for travel, then you’re better off looking for a no-annual-fee cashback card like the Capital One Quicksilver Cash Rewards Credit Card or the Chase Freedom Unlimited®, both of which will give you not only more rewards, but also more flexibility and value when it’s time to spend them.
Capital One VentureOne Rewards Credit Card FAQs
Is Capital One VentureOne Rewards Credit Card a Visa or a Mastercard?
The Capital One VentureOne Rewards Credit Card is a Visa Signature card, which means you can use it where Visa is accepted.
Which is better: Capital One Venture Rewards Credit Card or Capital One VentureOne Rewards Credit Card?
It depends on your spending habits and your reward goals. If you’re a big spender, then the Capital One Venture Rewards Credit Card makes sense. Although you’ll have to pay an annual fee, your high spending will translate to substantial rewards, in which case the card will pay for itself. Because it offers more miles on purchases, the Capital One Venture Rewards Credit Card might also be ideal if you’re trying to amass a lot of travel rewards quickly — to help you pay for an upcoming vacation, for example. On the other hand, if you don’t spend a lot, and you don’t mind taking a while longer to accrue miles, then the $0-annual-fee Capital One VentureOne Rewards Credit Card might be more practical.
What credit score do you need to get a Capital One VentureOne Rewards Credit Card?
Capital One will make a decision to grant or deny your application based on your unique credit history and your ability to pay your balance. However, you should have a credit score of at 700 to qualify. Having a higher credit score than this may entitle you to a higher credit limit and/or a lower APR.
What airlines can you use with the Capital One VentureOne Rewards Credit Card?
You will earn miles — and can redeem miles — for purchases made with any airline of your choice. If you wish to transfer your miles to an airline’s loyalty program, you’ll be limited to airlines that are part of Capital One’s transfer partner program. Currently, transfer partners include the following airlines: Aeromexico, Air Canada, Air France, Avianca, British Airways, Cathay Pacific, Emirates, Etihad Airways, Eva Air, Finnair, Qantas, Singapore Airlines, TAP and Turkish Airlines.
Can I upgrade the Capital One VentureOne Rewards Credit Card?
You may be able to upgrade your Capital One VentureOne Rewards Credit Card — for example, to the Capital One Venture Rewards Credit Card. If you have a Capital One VentureOne Rewards Credit Card that you’d like to upgrade, you should contact Capital One customer service to discuss it.
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How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.
Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).