Capital One VentureOne Rewards Credit Card review: A budget-friendly option
Capital One VentureOne Rewards Credit Card overview
The no-annual-fee Capital One VentureOne Rewards Credit Card offers the same great redemption options as its sister cards, the Capital One Venture Rewards Credit Card and the Capital One Venture X Rewards Credit Card — but with a lower rewards rate and fewer perks. The miles earned on the card can be transferred to Capital One’s 15-plus airline and hotel partners or redeemed directly as a statement credit on eligible purchases. Card Rating*: ⭐⭐⭐
*Card Rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.
No matter which card from the Capital One Venture family you choose, all three options offer simple earnings structures, airline transfer partners and easy-to-use rewards.
For those who like a straightforward option for earning and redeeming rewards, you can also use your miles to “pay” back travel purchases charged to your card in the past 90 days.
If you’re on the fence about paying an annual fee, you’ll want to take a look at the Capital One VentureOne Rewards Credit Card.
Capital One VentureOne welcome offer
The Capital One VentureOne comes with a sign-up bonus of 20,000 bonus miles once you spend $500 within the first three months from account opening. Based on TPG valuations that peg Capital One Venture miles at 1.85 cents apiece, this sign-up bonus is worth $370.
That’s significantly less than the Venture card’s bonus, which is currently at up to 75,000 miles after you spend $4,000 on purchases within the first three months of account opening, and valued at $1,388 by TPG.
However, the 20,000-mile bonus is still more valuable than what many other no-annual-fee cards offer. Additionally, the spending requirement for the VentureOne card’s bonus is much easier to meet than the Venture card, with it requiring just $500 in spending.
You'll also enjoy a 0% intro annual percentage rate (APR) on purchases and balance transfers for 15 months and a 19.74%-29.74% variable APR after that. That comes with a 3% fee on the amounts transferred within the first 15 months.
Earning miles on the Capital One VentureOne
The VentureOne earning scheme is practically identical to the $95-a-year Venture card, but with a slightly lower return on everyday spending.
You’ll earn a flat 1.25 miles per dollar on everyday purchases, which equates to a solid 2.33% return using TPG valuations. While this is decent, it isn’t the best return for everyday spending. However, the benefit of an unlimited earning rate is that you don’t have to keep up with multiple bonus categories — exchanging simplicity for maximizing value.
Plus, if you are booking hotels and rental cars through the Capital One travel portal, you’ll earn 5 miles per dollar on those reservations — a solid 9.25% return.
Redeeming miles on the Capital One VentureOne
You have a few options when it comes to redeeming Venture miles.
The most straightforward way is to use them to pay for eligible purchases as a statement credit. This allows you to sign in to your Venture Rewards online account and redeem miles at a flat 1 cent apiece for a statement credit against eligible travel purchases you’ve made with the card in the last 90 days.
This includes many travel expenses that traditional miles won’t cover, from Uber rides to Airbnb stays. There are no award charts or blackout dates and no minimum redemption amount required. By taking this route, your 20,000-mile sign-up bonus would be worth a straightforward $370 toward travel.
Related: Use your Capital One Venture miles to stay at these 10 stunning Airbnb homes
However, to get even more value from your sign-up bonus, you should try the more advanced redemption option — maximizing Capital One’s transfer partners. Capital One has 17 airline and hotel partners to which you could transfer your miles, including Avianca LifeMiles, British Airways Avios, Etihad Guest and Turkish Airlines Miles & Smiles.
This redemption option is slightly more advanced than just redeeming against charges at a fixed value, but it’s not as difficult as it sounds. We have plenty of guides that will teach you how to best redeem your miles using transfer partners:
- Best ways to redeem Capital One miles for domestic flights
- Best ways to redeem Capital One miles on Star Alliance airlines
- Best ways to redeem Capital One miles on Oneworld airlines
- Best ways to redeem Capital One Miles on SkyTeam airlines
Capital One VentureOne benefits
The VentureOne card comes with the standard suite of World Elite Mastercard travel and shopping benefits, including:
In addition to these World Elite Mastercard perks, the VentureOne is among the few no-annual-fee cards with no foreign transaction fees, making it a great option to use outside of the U.S. Benefits are only available to accounts approved for the World Elite Mastercard card, and terms apply.
Which cards compete with the Capital One VentureOne?
If this card sounds pretty appealing, know that there are actually several no-annual-fee cards that compete with the VentureOne, plus it's older sibling:
- If you want simplified rewards: The Citi® Double Cash Card (see rates and fees)earns 2% cash back on every purchase — 1% when you make the purchase, and then another 1% when you pay it off. Coupled with an eligible ThankYou points-earning card, you’re earning 2 ThankYou Points per dollar — a better earning rate than with the VentureOne. For more information, read our full review of the Citi Double Cash.
- If you want lucrative bonus categories: The Chase Freedom Unlimited earns 5% on travel purchased through Chase Ultimate Rewards, 3% on dining and drugstore purchases and 1.5% back on all other purchases. Paired with a Chase Sapphire Reserve or the Chase Sapphire Preferred Card, you can pool your points together to transfer to Chase’s airline and hotel partners. For more information, read our full review of the Chase Freedom Unlimited.
- If you want higher earning and more travel perks: The biggest difference between this card and its Venture Rewards sibling is a higher 2-mile-per-dollar spent earn rate on everyday purchases. You'll also receive a $100 Global Entry/TSA PreCheck application fee credit and two passes a year to Capital One’s lounges. Note the $95 annual fee. For more information, read our full review of the Capital One Venture Rewards card.
For additional options, check out our full list of the best no-annual-fee cards.
Read more: The power of the Chase Trifecta: Sapphire Reserve, Ink Preferred and Freedom Unlimited
Is the Capital One VentureOne worth it?
The VentureOne is a solid no-annual-fee option for those who still want a healthy sign-up bonus, reasonable perks and the ability to transfer points and miles directly to travel partners.
In addition to its perks and sign-up bonus, the Capital One VentureOne Rewards Credit Card also beats other no-annual-fee cards for perks such as purchase protection and no foreign transaction fees. It's a budget-friendly option for Capital One fans and frequent travelers alike.
Official application link: Capital One VentureOne
For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
Additional reporting by Ryan Wilcox and Stella Shon.