Getting y’all the best deals is our #1 priority. It’s why we always put the top card offers on our Hot Deals page. So it’s easy to find the right card for your particular situation!
But if you’re deciding between both cards, there are differences you should be aware of!
Million Mile Secrets reader, Natalie, commented:
I have the Capital One Venture Rewards Credit card and I can purchase a flight then use the ‘fare eraser’ to use my points to pay for that flight.
Does the Chase Sapphire Preferred do the same? I LOVE that it gives you 2X Chase Ultimate Rewards points per $1 on certain things!
Thanks for your question, Natalie!
And even better, you can transfer Chase Ultimate Rewards points to airline and hotel partners for Big Travel!
Capital One Venture vs Chase Sapphire Preferred
Link: Capital One Venture Card
Link: Chase Sapphire Preferred
|Card||Sign-Up Bonus||Benefits||Foreign Transaction Fees||Annual Fee|
|Capital One Venture Rewards Credit Card||50,000 Venture miles when you spend $3,000 on purchases within the first 3 months of opening your account||• 2X Venture miles on every purchase|
• Redeem for cash back at .5 cents per mile
• Redeem for paid travel at 1 cent per mile
|None||$95 annual fee waived for the first year|
|Chase Sapphire Preferred||50,000 Chase Ultimate Rewards points when you spend $4,000 on purchases within the first 3 months of opening your account|
• 5,000 bonus Chase Ultimate Rewards points when you add the first authorized user and make a purchase within the first 3 months
|• 2X Chase Ultimate Rewards points on travel and dining|
• 1X Chase Ultimate Rewards points on other purchases
• Redeem for cash back at 1 cent per point
• Transfer to airline and hotel partners like United Airlines, Southwest, British Airways, and Hyatt for Big Travel!
|None||$95 annual fee waived for the first year|
Many folks like the Capital One Venture card because you can use the miles you earn for paid flights. Plus, you earn 2 Venture miles per $1 you spend on all purchases. So you don’t have to worry about blackout dates, tracking bonus categories, or sorting through award charts!
With the Chase Sapphire Preferred, you’ll only earn 2X Chase Ultimate Rewards points per $1 on travel and dining purchases. But not all points are created equal!
The Chase Ultimate Rewards points you earn with Chase Sapphire Preferred can be worth much more than Capital One Venture miles. But it depends on how you redeem them.
Note: Although Capital One calls them “miles,” you can NOT use Capital One miles with airline frequent flyer programs to book award tickets.
5 Things You Should Know: Capital One Venture vs Chase Sapphire Preferred
1. What Are Your Rewards Worth Toward Paid Travel?
You can use your miles for nearly any travel purchase, like taxi rides, hotels, room service, and free flights.
To redeem your miles for travel, just buy travel like you normally would 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!
There’s NO minimum redemption increment when redeeming miles, unless you’re using miles to partially pay for a travel purchase. In that case, the minimum is 2,500 miles ($25).
Natalie likes her Capital One Venture card because she doesn’t have to worry about blackout dates and she earns miles and points for her flight or hotel!
But she can also book airfare, hotels, and rental cars through the Chase travel portal by redeeming points she earns with Chase Sapphire Preferred card. Chase Sapphire Preferred cardholders get 1.25 cents per point worth of value when booking paid travel through the Chase Travel portal. This is a better deal than the 1 cent per mile she gets with the Capital One Venture card.
2. What Are Your Spending Habits?
Which card is better depends on how much bonus category spending Natalie does.
If she does NOT make a lot of travel and dining purchases to earn 2X Chase Ultimate Rewards points with the Chase Sapphire Preferred, most of her purchases will earn 1 Chase Ultimate Rewards point per $1. So she’ll get 1.25 cents per $1 spent (on non-bonus spending like groceries).
In this case, the Capital One Venture card’s 2 cents per $1 spent is a better deal.
But if travel and dining purchases make up more than 60% of Natalie’s purchases, she’ll get more travel with the Chase Sapphire Preferred.
That’s because she can earn 2.5 cents (2X Chase Ultimate Rewards points on travel & dining X 1.25 cents per point) per $1 spent on travel and dining. And Chase Ultimate Rewards points can be extremely valuable if you know how to use them!
3. Do the Math
Let’s say Natalie spends $10,000 per year on a card. If $6,000 of her purchases are on dining & travel (60% of her total spending) and $4,000 is non-bonus spending, then she’ll earn:
16,000 Chase Ultimate Rewards points with the Chase Sapphire Preferred ($6,000 X 2X points on travel and dining + $4,000 X 1 point on everything else), or
20,000 miles with the Capital One Venture card ($10,000 X 2X miles on all spending)
That would give her $200 in travel with Chase Sapphire Preferred (16,000 Chase Ultimate Rewards points X 1.25 cents per point) or $200 in travel with the Capital One Venture card (20,000 miles X 1 cent per mile).
So if more than 60% of her purchases are on dining and travel, then the Chase Sapphire Preferred is the better choice.
4. Redeeming Your Rewards for Cash Back
You can also redeem the rewards you earn on the Capital One Venture and Chase Sapphire Preferred for cash back. This gives you the ultimate flexibility because you can use your miles & points any way you want!
But you’ll get twice as much cash back when using the Chase Sapphire Preferred to earn 2X points on dining and travel. Because in those categories you earn 2% cash back instead of 1% with the Venture card (2 Chase Ultimate Rewards points X $1 spent on dining & travel X 1 cent per point).
5. Transfer Rewards to Airline and Hotel Partners for Big Travel!
She can get much more than 2 cents per point if she redeems points for Big Travel, like Business Class flights to Europe on United Airlines, flights on Southwest when you have the Companion Pass, or stays at top Hyatt hotels.
In the example above, you get a value of ~3 cents per point (~$1,582 for 2 nights / 50,000 points)! A stay like this would cost you ~158,200 Capital One Venture miles!
Which Card Is Better?
If you do a great deal of spending on travel and dining, then the Chase Sapphire Preferred card wins.
And for folks looking for Big Travel with Small Money, the Chase Sapphire Preferred card is the better choice. Because you can transfer points to partners, like Hyatt and United Airlines to book award travel and get more than 2 cents per point!
But if you prefer a very simple rewards system where you book travel with your card and redeem miles for those purchases later, the Capital One Venture card is a better option.
If you’re interested in cash back, both cards are more or less equal. Again, unless you do a lot of travel and dining spend.
With the Capital One Venture card, you earn 2 Venture miles per $1 on all purchases. Then, you can redeem miles to offset your travel purchases. Your miles are worth 1 cent each and you don’t have to worry about blackout dates and you’ll earn miles and points for your trip.
The Chase Sapphire Preferred is a great option for folks looking to get Big Travel with Small Money! Because you can transfer the flexible points you earn to airline and hotel partners for luxury travel, like Business Class award flights to Europe or amazing hotel stays!