Last chance to earn 100,000 miles plus $200 in vacation rental credits with the Capital One Venture X
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Update: Some offers mentioned below are no longer available. View the current offers here – Capital One Venture X Rewards Credit Card
Editor’s note: This story has been updated with the latest information.
In November, the Capital One Venture X Rewards Credit Card made a splash by introducing one of the most exciting travel rewards credit cards to come around in years, representing Capital One’s first foray into the premium card space.
While it launched with an incredible sign-up bonus, you have just a few days left to get it. If you apply on (or before) March 14, 2022, you’ll earn 100,000 miles after you spend $10,000 on purchases within the first six months. In addition, you’ll receive up to $200 back in statement credits for vacation rentals charged to your account within your first year.
Official application link: Capital One Venture X with 100,000 bonus miles. Offer ends March 14, 2022.
The Venture X is only the most recent development for Capital One as it has worked to improve both its rewards program and its travel booking portal.
Last year, the issuer made its rewards program more lucrative thanks to a simplified 1:1 transfer ratio for most of its airline and hotel program partners. It also relaunched the Capital One Travel portal with unique booking features in partnership with Hopper. At the same time, Capital One revealed plans to open a network of premium airport lounges, including the first one at Dallas-Fort Worth (DFW), which is already open.
All that might have you taking another look at Capital One and the new Venture X. If so, here’s everything you need to know about the new card and whether it deserves a spot in your wallet.
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What is the Venture X?
The Venture X is Capital One’s take on the premium travel rewards credit card.
With a $395 annual fee, the card undercuts more expensive competitors in this space, such as The Platinum Card® from American Express ($695, see rates and fees) and the Chase Sapphire Reserve ($550). But an annual fee is just a small part of the story. Here’s what else you need to know about the card.
Venture X benefits
The Venture X confers the following benefits on cardholders:
- Earning: The Venture X earns 10 miles per dollar on hotels and car rentals booked via Capital One Travel, 5 miles per dollar on flights booked via Capital One Travel and an unlimited 2 miles per dollar on everything else.
- Statement credit: Up to $300 back in statement credit annually for bookings made through Capital One Travel.
- Anniversary bonus: 10,000 bonus miles every account anniversary, starting on your first anniversary. TPG values those 10,000 miles at up to $185 when utilized with Capital One’s fantastic transfer partners.
- Lounge access: Complimentary access for cardholders, authorized users and up to two guests per visit to Capital One Lounges and to more than 1,300 Priority Pass lounges worldwide.
- Authorized users: Up to four authorized users can be added at no charge, and they also get Capital One Lounge access with up to two guests.
- Global Entry or TSA PreCheck: Up to $100 in statement credits for either TSA PreCheck or Global Entry.
- Annual fee: $395.
What is the Venture X sign-up bonus?
For applications received through March 14, the Venture X card’s sign-up bonus is 100,000 miles after you spend $10,000 on purchases in the first six months. In addition, cardholders will receive up to $200 in statement credits for vacation rental purchases like Airbnb and Vrbo charged to the account within the first year of account opening.
Capital One miles are worth one cent apiece when redeemed for travel, either directly through Capital One Travel or as a statement credit toward travel purchases. However, according to TPG’s latest valuations, 100,000 Capital One miles are worth $1,850 thanks to the program’s many airline and hotel transfer partners, which you can easily leverage for even more value. If you take that along with the first year’s $200 vacation rental statement credit at face value, the sign-up bonus is worth north of $2,050, which is pretty incredible.
This bonus is a selling point in and of itself, but let’s break down the card’s other features.
Travel statement credits
Much of the Venture X card’s value proposition comes from the Capital One Travel portal.
Besides the elevated earning rates, Venture X cardholders receive up to $300 in annual statement credits on bookings made through the portal.
This is more restrictive than the annual $300 travel credit available with the Chase Sapphire Reserve, which can be applied to travel purchases made outside of Chase’s travel portal. But the Venture X’s statement credit can still significantly offset the cost of the card’s $395 fee. (As long as you are sure to use it each year, that is.)
On the surface, the requirement to use the Capital One portal feels like a limitation, especially when you consider the benefits of booking travel directly and the downsides of having to use a third-party service.
Among those drawbacks, when booking hotels or car rentals through any third-party service, including Capital One Travel, you’ll usually forfeit elite status benefits along with the ability to earn elite night credits and points within these loyalty programs.
However, Capital One has made notable advances in the travel booking experience, most recently investing in Hopper, which will now allow integrated price prediction and matching for airfares, hotels and rental cars through its portal.
Therefore, for flights and independently owned hotels — or if you aren’t concerned with hotel or car rental elite status — booking through the Capital One Travel portal still makes a lot of sense.
If you plan to apply for the Venture X, you’re going to want to familiarize yourself with the travel portal. Only time will tell if this take-it-or-leave-it approach with the portal will sit well with potential Venture X cardholders.
Simplicity in earning and redeeming
The $95-per-year Capital One Venture Rewards Credit Card has been Capital One’s mainstay for years. That card has built a reputation for simplicity — with an uncomplicated earning rate of 2 miles for every dollar you spend and straightforward redemption options for beginners, along with higher-value transfer options for the more experienced rewards users.
The Venture X builds off of the Venture’s foundation, with significant but unfussy perks that even inexperienced travelers can maximize, including the aforementioned annual travel credit. The Venture X also adopts a simple earning structure, accruing 2 miles per dollar on most charges, complemented by elevated earning rates for bookings made via Capital One Travel.
What’s more, Venture X cardholders receive 10,000 bonus miles every account anniversary. Those miles are worth $100 when redeemed via the travel portal, or up to $185 if you transfer miles to an airline or hotel partner.
And with a total of 18 travel partners — most of which have an easy-to-remember 1:1 transfer ratio — those miles can be redeemed for a wide variety of travel needs. When added together with the $300 annual statement credit toward eligible travel, the built-in perks can more than offset the card’s annual fee.
Airport lounge access for cardholders and authorized users
While more and more travel credit cards seem to offer airport lounge access these days, the Venture X still has a few features that set it apart in this respect.
Last fall, Capital One unveiled its first-ever airport lounge, a state-of-the-art, 10,000-square-foot space at Dallas-Fort Worth International (DFW). This is the start of a network of Capital One Lounges, with already-announced locations set to come in Denver (DEN) and Washington Dulles (IAD).
Venture X cardholders have access to these high-end spaces, along with their wellness amenities such as Peloton bikes, nap pods and premium dining experiences, plus an extensive selection of grab-and-go snacks and beverages.
While the first Capital One Lounge at DFW has the amenities, ambiance and attention to the finer details that cardholders will likely enjoy, it bears repeating that, as of now, there’s only one lounge open. While a new lounge network is exciting, it may be several years before enough lounges are available to meet the travel needs of the majority of Venture X cardholders.
It would be thrilling to see the issuer accelerate its plans to open more lounges at more airports. For now, this feature remains an inducement mainly for travelers that go through DFW often.
On the positive side, Venture X cardholders can add up to four authorized users at no cost, and these authorized users enjoy the same access to the Capital One Lounge as primary cardholders. That means they can also bring two guests into Capital One’s lounges for free each visit.
Not only that, but Venture X cardholders can also register for access to over 1,300 Priority Pass venues worldwide. Notably, this includes entrance to traditional lounges and Priority Pass dining locations in airports. So even without a lot of Capital One Lounges in the near future, frequent travelers should be able to enjoy lounge facilities in a variety of airports.
How does Venture X compare?
While both of these cards come with significantly higher annual fees — $550 for the Sapphire Reserve and $695 for the Platinum (see rates and fees) — they also include more perks and, in the case of the Reserve, more flexibility.
Amex Platinum: More lounges, more complexity, higher annual fee
The Amex Platinum is the front-runner when it comes to lounge access, with its Global Lounge Collection and access to American Express Centurion Lounges, Delta Sky Clubs (when on a same-day Delta flight), Priority Pass Select lounges and more. Enrollment is required for select benefits.
While Capital One has lofty ambitions with its own lounge network, Amex has a significant head start with Centurion Lounges at more than 14 airports throughout the U.S. as well as in London (LHR) and Hong Kong (HKG), and more (smaller) partner “Studios” coming online.
But the Venture X is not all about lounge access; it’s also about value and simplicity. And this is where the Amex Platinum falters.
The Platinum has a somewhat-dizzying laundry list of benefits and perks, including at least 10 different built-in statement credits doled out in increments from monthly to semiannually, annually and every 4-4.5 years. While you can offset the card’s hefty $695 annual fee with these included credits, it is a lot to keep track of.
Venture X beats out the Platinum from the perspective of pure ease.
Chase Sapphire Reserve: More flexibility, higher annual fee
The Chase Sapphire Reserve is another key Venture X competitor. The Reserve comes with an annual statement credit perk that is perhaps one of the easiest to use — $300 toward any travel, from hotels to ride-hailing services to airlines and much more.
It’s not just Capital One that is leaning into its travel portal. Chase is also investing heavily and is already beginning to move certain cardholders away from its current Expedia-powered platform to a new, more functional one powered by cxLoyalty. Not only that, but Chase Sapphire Reserve cardholders also earn bonus points at similar rates to the Venture X when booking through the Chase Ultimate Rewards travel portal, with 10 points per dollar on hotel and car rental purchases and 5 points per dollar on airfare.
In addition, the Chase Sapphire Reserve has a dedicated 1.5-cent redemption rate for travel booked through its portal, significantly surpassing the 1 cent per mile you get with the Venture and Venture X cards. Coupled with travel partners, Chase Ultimate Rewards are valued at up to 2 cents apiece, according to TPG valuations.
However, with a $550 annual fee and no existing proprietary Chase airport lounges (at least not yet), Venture X still has a lot going for it in terms of value.
Long-term value proposition
Here’s the math simplified: If you can maximize the $300 statement credit toward Capital One Travel, the Venture X’s annual fee effectively comes down to $95, the same annual fee pegged to the Capital One Venture Rewards Credit Card. Add in a 10,000-mile bonus every account anniversary (worth $185, according to TPG valuations) and lounge access, and the card may become the strongest option out there for a lot of travelers.
The launch of the new Venture X card was a significant turning point for Capital One, and the card is only likely to become more compelling over time as Capital One continues to invest in its rewards program and its lounge network.
The Venture X has now entered a highly competitive field of premium rewards cards, including established players from Amex and Chase, and is coming to play with a serious initial sign-up bonus of 100,000 miles after you spend $10,000 in the first six months, along with up to $200 in statement credit toward vacation rentals charged to your account within your first year.
But time’s running out, as this offer is only available for those who apply by March 14.
Capital One hopes simplicity, a user-friendly travel portal and a network of airport lounges will be enough to draw cardholders into the fold. Most importantly, it will have to ensure that its travel portal is truly as competitive and functional as it says it will be so that Venture X cardholders can leverage the full potential value of the new card.
Official application link: Capital One Venture X with 100,000 bonus miles. Offer ends March 14, 2022.
Additional reporting by Eric Rosen and Christina Ly.
For rates and fees of the Amex Platinum Card, click here.
Featured photo courtesy of Capital One.
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