Credit Card Review: The Capital One VentureOne Rewards Card
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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. 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. Continue reading to see if the budget-friendly VentureOne is right for you.
Who Is This Card For?
It used to be that Venture cards were for those who want to keep things simple since there were no transfer partners or bonus spending categories. Not anymore. Although the cards are still good for people who like simplicity.
You should also 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 and that’s how much you need to spend to essentially earn back the Venture’s $95 annual fee.
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 after opening your account. Based on TPG valuations, which peg Capital One Venture miles at 1.4 apiece, this welcome 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 a lot less than for the Venture’s.
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, but isn’t the best return for everyday spending.
There’s an easy way to redeem Venture miles and a slightly more advanced, yet much more rewarding way to redeem them. The straightforward option 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 purchase 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. So, by taking this route, your 20,000-mile bonus would be worth $200 toward travel.
To get around $280 in value from your welcome bonus, you’re going to need to maximize Capital One’s transfer partners. Capital One has 15 airline partners you could transfer your miles to, including Avianca LifeMiles, Etihad Guest and JetBlue TrueBlue. Transfers for most partners are at a 2:1.5 ratio, so you’re essentially earning 7.5 airline miles per dollar spent at Hotels.com and .9375 airline miles per dollar spent on everything else. But, as is the case with American Express Membership Rewards, Chase Ultimate Rewards and Citi ThankYou Reward, 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:
- 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
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 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 to not charge foreign transaction fees, making it great option to use outside of the US. With a Capital One card, you’ll also get cardholder-exclusive perks like access to a limited-edition Taylor Swift album bundle and special access to the James Beard Foundation’s 2019-2020 Taste America series.
Which Cards Compete With the Capital One VentureOne Card?
It probably goes without saying that the closest card to the VentureOne is the standard Capital One Venture Rewards Credit 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 like purchase security and lost luggage reimbursement; no foreign transaction fees|
|Annual Fee||$95 (waived for the first year)||$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. As previously mentioned, you need to spend $12,667 on everyday purchases each year to justify the standard Venture’s $95 annual fee.
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. Or, if it’s transferable points you’re after, there’s also the Amex EveryDay 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 US supermarkets each year (then 1x). However, there’s no no-fee card that compares to the VentureOne when it comes to return on hotel spending.
The Capital One VentureOne Rewards Credit Card is a solid card. There aren’t many no-annual-fee cards with the ability to transfer points 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 like purchase protection and no foreign transaction fees.
Featured image by Eric Helgas / The Points Guy.