Reviewed: Capital One Venture Card
Look no further for a complete review of all the good, bad, and ugly behind the CapitalOne Venture Card, especially those reward miles.
If you're someone who travels often--be it a weekend getaway or an overseas jaunt--and you like to whip out your plastic for everyday items, the Capital One Venture credit card is your ticket to paradise.
The card's lofty sign-up bonus, relatively basic rewards points (each mile is worth one cent; 100 miles is equal to $1), and easily redeemable points make it an attractive option for any wanderlust-filled explorer.
But if you don't have excellent credit, look elsewhere.
The Capital One Venture credit card is strong because it offers easy-to-earn-and-redeem miles
For the on-the-go type of person out there, the Capital One Venture card offers a host of perks:
Sign-up bonus. When you sign up for the Venture card, you're eligible for 40,000 bonus miles if you spend $3,000 dollars within the first three months of activation.
Broad travel rewards. Card holders can redeem their miles for a host of travel-related purchases, from train/bus tickets to timeshares to taxi fare.
Choose your own travel. Whether you book through Capital One's Rewards Center, travel comparison website, or through the vendor itself, you're able to redeem your Venture miles pretty much anywhere.
This gives you more freedom than most cards, which often limit you to certain airlines and hotels.
No foreign transaction fees. If you use your Venture card overseas there's no additional processing fee, which means you can save 2-4% on any purchase processed outside the U.S.
Furthermore, using your credit card as your primary international spending tool enables you to forgo currency exchanges, saving you another 6% on average.
Points on everything. The Capital One Venture card doesn't restrict miles to certain categories.
That means you'll earn two miles for every purchase, whether it's morning coffee or a hotel stay.
The Capital One Venture credit card is weak because of its high fees and interest
Though the Capital One Venture Card has plenty of upsides, it's weighed down a bit by some of its drawbacks.
Points halved for cash back. First and foremost, the Capital One Venture Card is a travel-rewards card.
So although users have the choice of redeeming miles for cash or gift cards, those miles would only be valued at half a cent.
If you have 40,000 miles, for example, they'd only be worth $200 when redeemed for cash.
Annual fee is high. Although the fee is waived the first year, there's an annual fee of $59.
Lost miles for late payments. If you're late on a monthly payment, not only are you on the hook for a $35 fee, but you also forfeit all miles earned during that month.
Interest rate is high. You'll have to have stellar credit in order to be approved for an APR toward the low end of Venture's 14.49-24.49% variable APR, and even that is above the market average among credit cards for excellent credit, which is about 12.8%.
High bar for approval. The Capital One Venture card is for those with good to excellent credit, somewhere in the credit score range of 690 to 800.
No transfer system. Some cards allow you to transfer miles to other reward programs (such as frequent flyer or hotel discount programs), which often means more bang for your miles by increasing the value of your miles up to two cents per mile.
With Venture, they don't allow transfers, meaning your miles will always be one cent.
Who It's Made For
You should get the Capital One Venture credit card if you travel overseas often
If you're wondering if the Capital One Venture card, also known as the VentureOne, is the right choice for you, consider the following:
- Do you travel a lot?
- Do you use your credit card for everyday purchases?
- Do you travel overseas?
- Are overseas fees hitting you hard in the wallet?
- Would you prefer flexibility in redeeming miles?
If you answered yes to a majority of these questions, then the Capital One Venture rewards card--which offers unlimited miles on every purchase and allows miles to be redeemed in different ways--may be worth it for you.
About the Company
If you've even seen commercials, you're familiar with Capital One.
The financial company, a pioneer of mass marketing credit cards back in the 1990s, spends nearly two-billion dollars a year on advertising.
You've probably had Samuel L. Jackson (or any of the company's other celebrity partners) ask you that burning question: "What's in your wallet?"
The Capital One Venture credit card works throughout the world
There are no airlines or big hotel chains tied to the Capital One Venture card.
Rather, you can use the card anywhere in the world and for anything — groceries, entertainment, travel, you name it.
Compared: Chase Sapphire Preferred
Capital One Venture and Chase Sapphire Preferred are the two leading travel reward cards.
Both offer pretty lofty sign-up bonuses.
For the Venture card, you're eligible for 40,000 miles after spending $3,000 in the first three months; whereas the Chase Sapphire Premiere offers 50,000 miles after spending $4,000 over the first three months.
If you're looking for easy ways to accrue miles, Venture looks like the way to go.
You'll earn two points for every dollar spent on anything.
Sapphire Premiere limits points to travel and dining purchases.
The Sapphire Premiere card also carries a heftier annual fee than Venture, $95 to $59, respectively.
How the Card Works
Sign up for a VentureOne card to get these four benefits
No foreign transaction fees. For anyone booking a vacation outside the states, the Venture card will save you from pesky overseas fees, which can range from 2-4%.
Book Travel Your Way. With the Venture card, you're not limited by airline or hotel, meaning you'll be able to book travel through any website, portal, or app and still redeem your miles.
Capital One Purchase Eraser. If you decide to book a trip through a website other than Capital One's Rewards Center, the Purchase Eraser tool allows you to redeem your accumulated miles for a statement credit against travel expenses made in the previous 90 days.
Travel upgrades and savings. A pretty standard offering for rewards cards (and available through any Visa Signature card), card holders can receive complimentary upgrades and special savings at hotels, resorts, and spas.
Use your Venture card to earn these rewards
Unlimited Rewards. The Capital One Venture card has no cap on rewards. The reward structure is built so that each dollar spent earns you 2 miles.
Signing bonus. When you sign up for the Venture card, you're eligible to earn 40,000 bonus miles once you spend $3,000 on purchases within the first 3 months from account opening.
Fees and Fine Print
You'll pay a high APR for the Venture card
APR. 14.49%, 19.49%, or 24.49%, based on your creditworthiness.
The fees you should be wary of when signing up for the Venture card
Transaction fee. Either $10 or 3% of the amount of each cash advance, whichever is greater.
Annual fee. $0 for the first year, $59 thereafter.
Late payment fee. If you're late on a monthly payment, expect to pay $35.
When signing up for the Venture card, read the fine print for these catches
Sign-up bonus restrictions. The one-time sign-up bonus may not be available for existing or previous account-holders.
90-day redemption period. To redeem for a statement credit though the Travel Eraser, redemptions must be made within 90 days from the date your travel purchase posts to your account.
What People Love
The biggest bonus to owning a VentureOne card is its unlimited nature.
Most travel rewards credit cards have a tiered reward payout that awards more points or miles for specific purchase categories like dining, travel, or staying at a particular brand of hotels.
But the Capital One Venture is more flexible since the card earns two miles on every purchase, according to Johnny Jet, a travel expert for Forbes.
So, "Whether you buy gas, groceries, or a plane ticket to Bora Bora, you earn two miles for every dollar spent," he notes.
There's also the ease of miles redemption.
Because you can either book through Capital One's Rewards Portal or apply for a Travel Eraser, you can use them for any flights, hotel stays, car rentals, cruises, and more.
This means that you don't have to transfer miles or book complicated award flights, and you can redeem the miles toward any flight or hotel without having to worry about award blackouts, notes credit card and financial analyst Rebecca Lake.
Because of this, you can actually earn rewards and elite status with your airline or hotel in the process, according to Brian Kelly, who runs ThePointsGuy.
This flexibility is also appreciated by current card holders. "I love the fact the rewards don't [become] outdated and can be used for anything," noted Swissmiss2 from Denver, Colorado, on Capital One.com.
Biggest Consumer Complaints
A lot of customers have complained about Capital One Venture cards high interest rates, even loyal customers with good credit:
"I don't feel like I am getting as much value for my loyalty to Capital One. I've been with Capital One for over 14 years, and I am still getting fairly poor deals even with my great credit rating. I called to get better interest rate and I was only able to drop maybe 5% off," said aus15 from Austin, Texas, on CapitalOne.com.
"They have high interest rates and don't lower them even though I haven't been late with a single payment for over a year," said George32 from Chicago, Illinois.
Other have noted the fallback of the Travel Eraser tool:
"I do not like how I can not use the miles I have accumulated and pay the balance of the rest of the flight. For example, I have 17,000 points, but my flight is 20,000 and I can not use my 17,000 points and just pay the remainder. It is maddening and I would not recommend this product," noted peteach from Chicago, Illinois.
Another headache for consumers if the fact the card is often blocked for possible fraud:
"It's upsetting the amount of times my card has been declined because of possibility of fraud. I've had this card for around 2-3 years and I've had probably 15 declines a year," Ahsan, from Atlanta, Georgia, wrote on Capital One.com
Website, App and Digital Services
The VentureOne's website is a seamless experience where you can easily track your points, book a new trip, and redeem when you're ready.
Track your points. The dashboard on the Capital One customer porter allows you to easily track your miles.
When you sign in, the total miles accumulated appears large at the top of the page.
Easily book trips. Capital One partners with Orbitz, which allows you to easily book trips through the Capital One website.
Redeem miles with the Capital One Purchase Eraser. Simply click redeem miles and the Capital One Travel Eraser will simply put your miles (however many you choose to redeem) and you'll be reimbursed for your travel costs.
Digital banking made easy
Capital One Wallet - Capital One's mobile app lets you pay bills, view and redeem rewards, and check your credit score.
If you have multiple Capital One accounts, the app consolidates them all onto one page for easy toggling.
Applying for the Card
If the Capital One Venture card, with its enviable sign-up bonus, no international fees, and points flexibility, appeals to you, head to Capital One's website now to apply for the card.
Canceling Your Account
In order to cancel your Venture card, you must contact Capital One's customer service at 1-800-227-4825.
Prior to doing so, stop using the card and cancel any recurring/automatic payments linked to the card.
At the time of cancellation, be prepared to pay any outstanding balance and fees and note that you'll forfeit any unused miles.
What are the benefits of a Capital One Venture card?
The Capital One Venture rewards card offers numerous benefits. These include: two miles earned per dollar spent; the ability to earn rewards on any type of purchase; redeemable miles for any travel-related costs; and no foreign transaction fees.
Does Apple Pay support the Capital One Venture card?
Yes, you can use your Capital One Venture card through Apple Pay.
What does "no limit rewards" mean?
This means that there is no cap on how much cash back you can earn on your card, and your rewards do not expire for the life of your account.
Can airline tickets be purchased in someone else's name with my card?
Yes, tickets can be purchased for any other person using your card. All bills will be sent to the address on the card account.
Can I redeem my miles for something other than cash?
Yes, you can redeem your earned miles for either gift cards or charitable donations.
How will a credit card impact my credit score if I'm unable to pay it on time?
Negatively. Incurring late fees will hurt your wallet and your credit score.
Is Capital One worth the hype based on its popularity?
Capital One can be a great choice for credit cards. depending on your needs, there can be a perfect match for you. With this said, Capital One may not be for everyone.
Is there a cash back option with this credit card?
No, but it does have travel rewards.
Can I waive the annual fee of $95?
There is $0 into for the first year and $95 after that.
Which airlines can I use my miles with?
You can use your miles with your choce of airline.
Since you're interested in a rewards card like Capital One Venture, then you may want to check out these reviews and articles.
- Chase Sapphire Reserve Credit Card Review
- United Mileage Plus Explorer Review
- Amex Everyday Credit Card Review
Do you use the Capital One Venture? How has the card worked out for you? Any great tips (or nightmares) to share with the rest of us? Let us know in the comments below.