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Even miles & points veterans get a nervous feeling when submitting a credit card application. No one like to have their application declined!
Lots of readers love how simple it is to pay for travel with the Capital One Venture card. Then, just use miles to “erase” the purchase! Plus, you can earn a valuable sign-up bonus on the card worth $500 in travel!
Before applying for the Capital One Venture card, it’s a good idea to familiarize yourself with a few tips that can help you get an approval!
Capital One Venture 50,000-Mile Offer
Link: Capital One Venture Card
As a reminder, the Capital One Venture card comes with 50,000 Venture miles (worth $500 in travel) after spending $3,000 on purchases within the first 3 months.
In addition to the valuable sign-up bonus, you’ll get:
- 2 Venture miles per $1 you spend on all purchases
- 10 Venture miles per $1 you spend on hotel stays booked and paid through this Hotels.com link (through January 31, 2020)
- NO foreign transaction fees
The card has a $95 annual fee, which is waived the first year.
The card also comes with Visa Signature Benefits, which include:
- Rental car insurance – Secondary protection against collision or vehicle theft
- Travel accident insurance – Up to $250,000 insurance for accidental loss of life, limb, sight, speech or hearing
- Lost luggage insurance – Up to $3,000 per trip, provided the luggage was lost from theft or misdirection by the airline, cruise, etc.
You can use your miles for nearly any travel purchase, like taxi rides, hotels, room service, and free flights. Redeeming your miles is simple! Just pay for travel with your card. Then, you have 90 days to sign-in to your online account, find the travel purchase, and “erase” it with your miles!
4 Tips to Increase Your Chances of an Approval for the Capital One Venture Card
Check out these tips to put yourself in the best position to get the Capital One Venture card!
1. Check Your Credit Report and Score
Capital One suggests you only apply for the Capital One Venture card if you have “excellent credit.” The bank says you have excellent credit if you:
- Never declared bankruptcy or defaulted on a loan
- Have NOT been more than 60 days late on a loan in the past year
- Have had a loan or credit card for 3+ years with a credit limit of $5,000+
A credit score of 720 or higher is typically considered very good to excellent.
I’ve heard from readers who have NOT received an approval with credit scores just under 700. Keep in mind, there are other factors the bank considers, but having an excellent score is one of the most important!
2. Capital One Has Card Limits
Capital One is known to automatically decline folks if they have more than 2 personal cards with the bank. So, for example, if you already have the Capital One® VentureOne® Rewards Credit Card and Capital One® Quicksilver® Card, it’s unlikely you’ll be approved for the Capital One Venture card.
3. Be Sure You Don’t Have a Freeze on Your Equifax Report
Capital One pulls from all 3 main credit bureaus when they process your application. Meanwhile most banks, like Chase and American Express, only pull from one.
I know some folks place a security freeze on their credit reports to prevent identity theft. But readers tell me you will not get approved for the Capital One Venture card if you have a freeze on your Equifax report. So it’s a good idea to remove the freeze before applying for the Capital One Venture card.
4. Call Capital One If You Don’t Receive an Instant Approval
If you’re declined for a card, it’s worth calling the bank and speaking to a credit representative to find out what’s going on. When calling, remember to always be friendly.
Also, be prepared to provide documentation regarding your business, such as a copy of a business card, proof of mailing address, invoices, etc. And be able to explain why you’re applying for the card (not just the sign-up bonus!).
The Capital One Venture card is a popular pick for many Million Mile Secret Agents. When you sign-up, you can earn 50,000 Venture miles (worth $500 in travel) after meeting minimum spending requirements.
To increase your chances of approval for the Capital One Venture card:
- Have an excellent credit score (720+)
- Do NOT have more than 2 personal Capital One credit cards open when applying
- Be sure you don’t have a security freeze on your Equifax credit report
- Call Capital One if you don’t receive an instant approval
Leave a comment below if you have any other Capital One Venture approval tips!