A budget-friendly option: Capital One VentureOne Rewards credit card review

Jun 17, 2020

This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

Editor’s note: This post has been updated with the latest credit card information.


Capital One® VentureOne® Credit Card Overview

The no-annual-fee Capital One® VentureOne® Rewards Credit Card offers the same great redemption options as its sister card, the Capital One® Venture® Rewards Credit Card — but with fewer miles per dollar spent and far less perks. The miles earned on the card can be transferred to airline and hotel partners or redeemed directly for travel or a purchase eraser. It also comes with a few benefits not usually seen with a no-annual-fee card. Card Rating*: ⭐⭐⭐

*Card Rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.

The $95 a year Capital One® Venture® Rewards Credit Card has been on the radar of many award travelers since it added airline transfer partners and became a flexible mile currency. However, that wasn’t the only Venture card to get this boost. The no-annual-fee Capital One® VentureOne® Rewards Credit Card offers the same great redemption options but with fewer perks. Does it make sense to add it to your wallet?

(Photo by John Gribben for The Points Guy)
(Photo by John Gribben for The Points Guy)

New to The Points Guy? Sign-up for our daily newsletter and check out our beginner’s guide.

Continue reading to see if the budget-friendly VentureOne card is right for you.

In This Post

Venture vs. VentureOne Card

Here’s a quick table that compares these cards side-by-side:

Benefit Capital One Venture Rewards Credit Card Capital One VentureOne Rewards Credit Card
Welcome Bonus Earn 50,000 bonus miles once you spend $3,000 on purchases within the first three months from account opening Earn 20,000 bonus miles once you spend $1,000 on purchases within the first three months from account opening
Earning rates 2 miles per dollar spent on every purchase 1.25 miles per dollar spent on every purchase
Redemption Redeem your miles at a fixed-rate of 1 cent apiece toward travel or transfer them to Capital One’s airline partners. Redeem your miles at a fixed-rate of 1 cent apiece toward travel or transfer them to Capital One’s airline partners.
Additional Perks Up to $100 credit for Global Entry or TSA PreCheck enrollment fees; Visa Signature benefits like purchase security and lost luggage reimbursement; no foreign transaction fees Visa Signature benefits such as purchase security and lost luggage reimbursement; no foreign transaction fees
Annual Fee $95 $0

Aside from the annual fee and welcome bonus, the biggest difference between these cards is the earning rate on everyday spending and the $100 Global Entry/TSA PreCheck application-fee credit.

Who Is this card For?

It used to be that Venture cards were for those who wanted to keep things simple, since there were no transfer partners or bonus spending categories. This isn’t the case anymore since Capital One added airline and hotel transfer partners, although the cards are still good for people who like a straight-forward option for earning and redeeming travel rewards.

You should pick the VentureOne over the standard Venture card if you plan to spend less than $12,667 on everyday purchases per year. The biggest difference between the cards is the earning rates on everyday purchases — 2x miles for Venture versus 1.25x miles for VentureOne — and that number is the break-even point to earn back the Venture’s $95 annual fee.

Related reading: Credit card showdown: Capital One Venture Card vs. Capital One VentureOne Card

Sign-up bonus

The Capital One VentureOne comes with a sign-up bonus of 20,000 miles after you spend $1,000 in purchases within the first three months within account opening. Based on TPG valuations (not provided by the issuer), which peg Capital One Venture miles at 1.4 apiece, this sign-up bonus is worth $280. That’s a lot less than the standard Venture card’s bonus, but it’s still more valuable than what most other no-annual-fee cards are offering. Additionally, the spending requirement for this bonus is much easier to meet than the standard Venture card.

Earning

(Photo by Qi Yang/Getty Images)
The miles you earn on the VentureOne card can be used for travel. (Photo by Qi Yang/Getty Images)

The VentureOne earning scheme is practically identical to the $95-a-year card, but with a slightly lower return on everyday spending. For all purchases, you’ll earn a flat 1.25 miles per dollar, which equates to a solid 1.75% return. While this is decent, it isn’t the best return for everyday spending.

Redeeming

There’s an easy way to redeem Venture miles and a slightly more advanced (yet much more rewarding) way to redeem them. The straightforward path is to redeem your miles using the Purchase Eraser redemption option. This allows you to sign into your Venture Rewards online account and redeem them for a flat 1 cent apiece for a statement credit against eligible travel (and for a limited time, some non-travel) purchases you’ve made with the card in the last 90 days.

This includes many travel expenses that traditional miles won’t cover, such as Uber rides and Airbnb stays. There are no award charts or blackout dates and no minimum redemption amount is required. By taking this route, your 20,000-mile sign-up bonus would be worth $200 toward travel.

Use your Capital One miles to book a flight on Etihad. (Photo by Nicky Kelvin/The Points Guy)
Use your Capital One miles to book a flight on Etihad. (Photo by Nicky Kelvin/The Points Guy)

To get even more value from your welcome bonus, you’re going to need the more advance redemption option, and this involves maximizing Capital One’s transfer partners. Capital One has airline partners along with two hotel partners to which you could transfer your miles, including Avianca LifeMilesEtihad Guest and JetBlue TrueBlue.

Transfers for most partners are at a 2:1.5 ratio, so you’re essentially earning .9375 airline miles per dollar on your spend. However, as is the case with American Express Membership Rewards and Citi ThankYou Rewards, Capital One routinely offers transfer bonuses — like a 25% bonus when transferring to Avianca LifeMiles and a 100% bonus when transferring to Emirates Skywards.

Now, I know I said that this redemption option is slightly more advanced — and it is — but it’s actually not as bad as it sounds. We have plenty of guides that will teach you how to best redeem your miles using transfer partners:

Transfer your miles to Avianca Lifemiles to fly Brussels Airlines business class for cheap. (Photo by Zach Griff / The Points Guy)

Main benefits and perks

The VentureOne card comes with the standard suite of Visa Signature travel and shopping benefits, including:

  • Travel Accident Insurance — Get up to $250,000 in coverage for common carrier accidental death or dismemberment when you pay for your entire travel fare  with your card.
  • Lost Luggage Reimbursement — Get up to $3,000 per trip if your bags are lost or stolen during a trip paid for with your card.
  • Purchase Security — Coverage of up to $500 per item in the event of theft or damage to an eligible item charged to the card within the first 90 days of purchase.
  • Extended Warranty — Double the manufacturer’s warranty or up to one extra year for warranties of three years or less, with a maximum of $10,000 per claim and $50,000 per cardholder.

In addition to these Visa Signature perks, the VentureOne is among the few no-annual-fee cards that doesn’t charge foreign transaction fees, making it a great option to use outside of the U.S. With a Capital One card, you’ll also get cardholder-exclusive perks. Past events include the Food Network & Cooking Channel South Beach Wine & Food Festival, the College Football National Championship and special access to the James Beard Foundation’s 2019-2020 Taste America series.

MIAMI BEACH, FL - FEBRUARY 22: Chef Masaharu Morimoto signs books at the KitchenAid Culinary Demonstrations during the 2015 Food Network & Cooking Channel South Beach Wine & Food Festival presented by FOOD & WINE at Grand Tasting Village on February 22, 2015 in Miami Beach, Florida. (Photo by Aaron Davidson/Getty Images for SOBEWFF)
Iron Chef Masaharu Morimoto at the Food Network & Cooking Channel South Beach Wine & Food Festival. (Photo by Aaron Davidson/Getty Images for SOBEWFF)

 

Which cards compete with the Capital One VentureOne Card?

There are also several no-annual-fee cards that compete with the VentureOne. For instance, there’s the Citi® Double Cash Card, which 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.

(Photo by John Gribben for The Points Guy)
(Photo by John Gribben for The Points Guy)

There’s also the The Amex EveryDay® Credit Card from American Express that earns up to 1.2 American Express Membership Rewards points per dollar on everyday purchases — 1x point per dollar plus a 20% points bonus when you use your card 20 or more times in a month — and 2x points on the first $6,000 you spend at U.S. supermarkets each year (then 1x).

The information for the Amex EveryDay Card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

Bottom line

The Capital One VentureOne Rewards Credit Card is a solid card. There aren’t many no-annual-fee cards with the ability to transfer miles directly to travel partners, so it’s nice that this card offers that. This card also beats other no-fee cards when it comes to perks such as purchase protection and no foreign transaction fees.

Additional reporting by Benét J. Wilson.

Featured image by Eric Helgas / The Points Guy.

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.