Capital One VentureOne credit card review: Simplicity and flexibility built into a single no annual fee card
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If you’re looking for a simple travel rewards credit card that also carries some flexibility in terms of your redemption options, you should consider the Capital One VentureOne Rewards Credit Card. It’s a no annual fee credit card offering a welcome bonus of 20,000 Capital One miles after meeting minimum spending requirements.
That’s worth at least $200 in travel, and can be redeemed for pretty much any travel-related purchase such as airfare and hotels. But you also have some flexibility in your redemption options because you can also transfer your miles to several Capital One transfer partners.
Here’s our full Capital One VentureOne credit card review.
Capital One VentureOne credit card review: Simple yet flexible rewards
Simplicity is the name of the game built into the Capital One VentureOne credit card. With it, you’ll have the opportunity to jump start your balance of Capital One miles by earning a welcome bonus of 20,000 miles after you spend $500 on purchases within the first three months of account opening. That’s worth at least $200 in travel and can be redeemed toward any travel-related purchase.
Benefits and perks
You’ll earn 1.25 Capital One miles per dollar you spend on all purchases. There are no rotating bonus categories or confusing aspects to this card’s earning structure.
No foreign transaction fees
Some cards charge a 3% fee when you swipe them outside the U.S. That can really add up if you do a lot of spending while on vacation. In fact, you may be charged that fee when making reservations at an overseas hotel, even if you’re making your purchase from your house!
The Capital One VentureOne waives this fee, so it’s a good card to take during your travels.
Sometimes the things we buy break down every now and then, but the Capital One VentureOne Rewards Credit Card has you covered as it offers extended warranty protection to protect your eligible purchases even after the original manufacturer’s warranty has expired. So next time you can forgo that additional expense of a separate third-party warranty.
Travel Accident Insurance
A lot of us think that our health insurance covers us should we get injured or fall ill overseas, and need treatment at a hospital or other medical facility. And while many insurance policies do provide coverage internationally, the coverage amounts may not always be the same.
But if you purchased airfare with your Capital One VentureOne Rewards Credit Card, you’ll have the benefit of additional travel accident insurance with your card. So if you ever find yourself in a situation where your personal health insurance policy limits are insufficient, the card’s travel accident insurance could end up saving you from having to pay out of pocket.
Auto Rental Collision Damage Waiver
The Capital One VentureOne Rewards credit card offers secondary rental car insurance. This means that coverage is in excess of anything your primary rental car insurance pays out.
Again, hopefully you’ll never have to use this benefit, but it could end up being very useful if your primary car insurance coverage limits aren’t enough to pay for certain damages. When it comes to cars, the dollar amount of repairs can add up very quickly, so this could end up saving you a lot of money.
How to redeem miles
You can use Capital One miles in a few ways, including:
- Redeem miles for a statement credit to offset the cost of a travel purchase made in the last 90 days
- Move miles to Capital One transfer partners, including JetBlue, Qantas and Singapore Airlines
To redeem for a statement credit, you can make any travel purchase as you normally would. Then, within 90 days of that purchase, you can login to your Capital One account, and simply “erase” it with your miles.
Travel purchases can include any number of things, including airfare, hotels, trains, buses, taxis and much more.
You can also transfer your miles to any of Capital One’s travel partners, of which you’ll currently have 15 options. Points will transfer to most partners at a ratio of 2:1.5. The exceptions are Emirates, Singapore Airlines and Accor, where your miles would transfer at a ratio of 2:1.
Here are Capital One’s transfer partners:
- Air France and KLM (Flying Blue)
- Air Canada (Aeroplan)
- Asia Miles (Cathay Pacific)
- Singapore Airlines
Here’s more about the best ways to use Capital One miles.
Is the annual fee worth it?
The Capital One VentureOne Rewards Credit Card has no annual fee, so it’s definitely worth adding to your wallet. And considering you can earn an intro bonus of 20,000 bonus miles (worth at least $200) after you spend $500 on purchases within three months of account opening, you’ll come out a winner from day one.
Who is the Capital One VentureOne for?
To give you a sense of your chances of being approved for the Capital One VentureOne Rewards Credit Card, you’ll need to meet Capital One’s definition of excellent credit. You’ll want to make sure your credit report has no bankruptcies, defaults, or late payments past 60 days.
Keep in mind though that these are just general guidelines, and there’s no guarantee of being approved even if you meet all of the criteria. That’s because the bank may look at additional factors from your credit card application.
Also, data points show that Capital One likely won’t approve more than one application (personal or business) every six months, and you’re limited to a total of two personal Capital One cards at a time.
If you have the Capital One Venture Rewards Credit Card with a $95 annual fee (we’ll talk about that card in just a second), you can downgrade it to the no annual fee Capital One VentureOne to keep the miles you’ve accrued without paying an annual fee.
Similar cards to the Capital One VentureOne
The Capital One Venture Rewards credit card is the bigger brother version of the VentureOne card. Although it does carry an annual fee of $95, it’s waived for the first year.
The card also carries a more valuable welcome bonus. You can earn a limited time offer: Earn up to 100,000 bonus miles when you spend $20,000 on purchases in the first 12 months from account opening, or still earn 50,000 miles if you spend $3,000 on purchases in the first 3 months. You’ll also have the following perks:
- 2 Capital One miles per dollar you spend on all purchases
- Statement credit for Global Entry or TSA PreCheck
- No foreign transaction fees
In summary, the card offers a stronger earning rate for your purchases, a statement credit of up to $100 for Global Entry or TSA PreCheck, and a more valuable welcome bonus – all of which can more than offset the card’s $95 annual fee.
If you meet Capital One’s definition of excellent credit, you’ll have a great chance of being approved for the Capital One VentureOne Rewards Credit Card. Because the card carries no annual fee, it won’t cost you anything to hang onto for the long run.
Plus, you can pretty much automatically come out ahead from day one because you can earn an intro bonus of 20,000 Capital One miles after you spend $500 on purchases within the first three months from account opening.
That’s worth $200 when you redeem for any travel-related purchases you’ve made in the past 90 days, but you also have the flexibility of transferring to any of the Capital One transfer partners for potentially even more value.
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Capital One VentureOne Rewards Credit CardAPPLY NOW
Capital One VentureOne Rewards Credit Card
$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
Travel when you want with no blackout dates and fly any airline, stay at any hotel, anytime
Miles won’t expire for the life of the account and there’s no limit to how many you can earn
Transfer your miles to over 10+ travel loyalty programs
Enjoy 0% intro APR on purchases for 12 months; 15.49% – 25.49% variable APR after that
0% intro on purchases for 12 months
15.49% – 25.49% (Variable)
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