A budget-friendly option: Capital One VentureOne Rewards Credit Card review

Sep 23, 2020

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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 a lower rewards rate and fewer perks. The miles earned on the card can be transferred to airline and hotel partners or redeemed directly as a statement credit on eligible purchases. 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 — especially now that it’s added a new up-to-100,000 sign-up bonus. The no-annual-fee Capital One® VentureOne® Rewards Credit Card offers the same great redemption options but with fewer perks. So does it make sense to add it to your wallet?

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

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In This Post

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 straightforward 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: 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 $500 in purchases within the first three months of 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 Venture card’s bonus, but it’s still more valuable than what many 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. You’re getting 5x on hotels and car rentals booked with the card through Capital One Travel, plus a flat 1.25 miles per dollar on all other purchases, 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. The 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 them at 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)

But 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 13 airline and 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 0.9375 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 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.

Which cards compete with the Capital One VentureOne Card?

There are 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.

There’s also The Amex EveryDay® Credit Card from American Express, which 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.

Venture vs. VentureOne Card

(Photo by John Gribben for The Points Guy)

Depending on your spending habits, it might make more sense to apply for the Capital One Venture. Here’s a quick overview that compares these cards side-by-side:

Benefit Capital One Venture Rewards Credit Card Capital One VentureOne Rewards Credit Card
Sign-up Bonus Earn  up to 100,000 bonus miles — 50,000 once you spend $3,000 on purchases within the first three months from account opening or 100,000 miles total after you spend $20,000 in the first 12 months from account opening Earn 20,000 bonus miles once you spend $500 on purchases within the first three months from account opening
Earning rates 5x miles per dollar spent on hotel stays and car rentals booked with the card through Capital One Travel

2 miles per dollar spent on every purchase

5x miles per dollar spent on hotel stays and car rentals booked with the card through Capital One Travel

1.25 miles per dollar spent on every purchase

Redemption Redeem your miles at a fixed rate of 1 cent apiece toward eligible purchases or transfer them to Capital One’s airline partners. Redeem your miles at a fixed rate of 1 cent apiece toward eligible purchases 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 sign-up bonus, the biggest difference between these cards is the earning rate on everyday spending and the $100 Global Entry/TSA PreCheck application fee credit.

Related: Capital One Venture vs. Capital One VentureOne

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 points/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.