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The Capital One Venture Rewards card has been tremendously popular since its introduction to American borrowers. Perhaps it’s because of the card’s high rate of return, easy-to-redeem rewards, or even its commercials featuring high-profile celebrities such as Jennifer Garner and Samuel L. Jackson. Yet for all of its strengths, some applicants are hesitant to pay the $95 annual fee, which is waived the first year. Thankfully, Capital One also offers a no-fee version of this card called VentureOne, albeit with less-generous rewards.
So, is the Capital One Venture Rewards card worth getting, or should you opt instead for the VentureOne? Let’s take a look at the two Capital One Venture cards to see how they compare and how to decide which one is the right choice for you.
- Double miles on all purchases. Cardholders receive 2X miles per dollar spent on all purchases with no limit. They also earn unlimited 10x the miles at hotels.com/venture (learn more at hotels.com/venture). Miles can be redeemed for one cent each as statement credits toward travel purchases such as airfare, hotels, car rentals and cruises. Card holders also receive up to $100 application fee credit for Global Entry or TSA Pre✓®
- Strong sign-up bonus. New applicants receive 50,000 miles, worth $500, after spending $3,000 within the first three months of account opening.
- No foreign transaction fees. There are no fees imposed on transactions processed outside of the U.S., unlike many cards that charge as much as 3% on these purchases.
- Annual fee. $0 intro for first year; $95 after that
- High interest rate. The standard rate is 14.74% - 24.74% (Variable), which is higher than many competitive credit cards that do not offer rewards. If you regularly pay interest on your balance, then you may want to focus on finding the lowest interest rate rather than earning rewards.
How do you redeem rewards miles?
You can use your Capital One Venture card to purchase travel the way you normally would, then go online to request a statement credit using your miles. Or, you can call Capital One’s Reward Center at 800-228-3001 to purchase tickets.
Are reward reservations eligible to earn points or miles from travel providers?
Since you are booking reservations the way you normally do, travel providers will treat your award vacation just as they would any other purchased reservations. This means that you will still earn airline miles or hotel points, and be eligible for any upgrades that aren’t normally offered to those redeeming points and miles.
Do miles ever expire?
There is no expiration on rewards miles over the life of the account. As long as your account is open and in good standing, you will be able to redeem your miles.
- Annual fee:
- Earn 1.25 miles per dollar. Cardholders receive 1.25X miles per dollar spent on all purchases with no limit. Like the Venture card, cardholders also earn 10x the miles when they pay with their card at hotels.com/venture. Miles can be redeemed for one cent each as statement credits toward travel purchases such as airfare, hotels, car rentals and cruises.
- Less spending to receive the sign-up bonus. New applicants receive 20,000 miles, worth $200, after spending $1,000 within the first three months of account opening.
- No foreign transaction fees. There are no fees imposed on transactions processed outside of the U.S., unlike many cards that charge as much as a 3% fee on these purchases.
- Lower rate of return on rewards. At just 1.25 miles per dollar, this is less than the double miles offered by the Venture Rewards card.
- High interest rate. Like the Venture Rewards card, this card has a standard rate of 13.74% - 23.74% (Variable), which is higher than other non-rewards cards.
- Lower sign-up bonus. The sign-up bonus of 20,000 miles is half of what the Venture Rewards card offers.
What are the key differences between Venture Rewards and the VentureOne?
VentureOne has a $0 annual fee and earns 1.25 miles per dollar, while Venture earns 2 miles per dollar and has a $0 intro for first year; $95 after that. In addition, the sign-up bonus for VentureOne is 20,000 miles (after spending $1,000 in three months) while Venture’s is 40,000 miles (after spending $3,000 in three months). VentureOne also has a promotional financing offer of 0% intro on purchases for 12 months, while Venture has no such offer, and Venture has a slightly higher standard APR.
Can you switch from one card to the other?
Cardholders who call to cancel their Venture card are sometimes offered the VentureOne.
Can you redeem your miles for something other than travel statement credits?
Gift cards, cash back and other options are available, but at lower redemption rates.
Not Sure How to Choose?
If you’re not sure yet which card to choose, it really comes down to how you’ll end up using your card. Cardholders who spend at least $8,000 will earn enough additional rewards from the Venture card to make the $0 intro for first year; $95 after that worth paying, however the choice is not that simple. Since the Venture card’s annual fee is waived the first year, that calculation doesn’t apply until the cardholder’s second year. And while the Venture card offers a 50,000-mile sign-up bonus that’s double the VentureOne card’s 20,000-mile offer, its minimum spending requirement of $3,000 is triple the VentureOne’s $1,000 requirement. Those who are unable or don’t want to to spend $3,000 within three months may want to consider the VentureOne instead.
For applicants who can utilize VentureOne’s 0% intro on purchases for 12 months, it can be a more valuable offer than the Venture card. Keep in mind that the best way to use these kinds of offers is to pay the balance down before the promotional period ends.
When you carefully consider the advantages and drawbacks of each card, and how you’ll use the card, you can choose the best product for your needs.
Applying for Either of These Cards
For both cards, the credit issuer requires applicants to have good to excellent credit. So before you apply, it can be helpful to check your credit scores to see where you stand – then be sure to see if you meet the card issuer’s credit guidelines. There are many ways to check your credit scores for free — including through Credit.com, where you can get two of your scores for free to help you track your progress and spot important changes.
If your credit standing doesn’t meet the requirements but feel the card would be a good match for you, there are steps you can take to work on your credit so you can apply when your credit is stronger.
This article has been updated. It was first published August 07, 2015.
Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.
At publishing time, the Capital One Venture card and the Capital One VentureOne card are both offered through Credit.com product pages, and Credit.com is compensated if our users apply and ultimately sign up for this card. However, this relationship does not result in any preferential editorial treatment. This content is not provided by the card issuer(s). Any opinions expressed are those of Credit.com alone, and have not been reviewed, approved or otherwise endorsed by the issuer(s).