The Capital One VentureOne card is a popular introductory credit card with no annual fee. It is one of our favorite starter cards with plenty of advantages for the traveler. This article will review the card, explaining the offers and how you can benefit using it.
Card basics and 0% APR offer
The Capital One® VentureOne® Rewards Credit Card is a fee-free card – there is no annual fee. There is also a great introductory zero percent APR offer for purchases with the card for the first 12 months (up to the card credit limit). At the end of the 12 month period, the APR will revert to a standard APR of between 14.24 and 24.24 percent.
The zero percent introductory offer makes this a great choice for anyone planning any upfront large purchases, or who wants to carry a balance for the first year. The popular fee-based alternative Capital One Venture Rewards card does not offer this.
No foreign exchange transaction fees for purchases
There are several things that make the Capital One® VentureOne® Rewards Credit Card a great card for regular travelers. The first of these is the offer of no transaction fees for foreign exchange when spending overseas with the card. This can save significantly when you travel – many other cards add a fee of around three percent for these transactions.
Earn and redeem Capital One Venture Miles
One of the top benefits of the Capital One® VentureOne® Rewards Credit Card in our opinion is the ability to earn and spend Venture Miles. Some no fee or starter cards offer cashback on all spending but not the ability to participate in rewards programs.
Cashback is a valuable reward, of course, but the option to use miles with airline loyalty programs is a great addition for the frequent traveler. This is where the most value in credit card earning lies, and if using the VentureOne card as a first card, it’s excellent to get straight into this.
The Capital One® VentureOne® Rewards Credit Card rewards all spending at the rate of 1.25 Venture Miles per dollar spent. This applies both in the US and overseas (and remember there are no exchange fees for purchases overseas) and there is no limit to how much you can earn. There are no category bonuses as seen with some cards; you earn the same for all spending.
Easy to reach sign up bonus worth over $200
As with many cards, there is a sign up bonus for new cardholders. The Capital One® VentureOne® Rewards Credit Card does not have the highest sign up bonus on the market, but it’s pretty good for a no fee card.
You can earn a bonus of 20,000 Venture Miles for spending just $1,000 within the first three months of card ownership. This is worth $200 if redeemed for travel credit (see later), but potentially more than this if transferred to airline partners.
Bonus miles earning on hotels
The Capital One® VentureOne® Rewards Credit Card rewards all spending at the same rate of 1.25 miles per dollar – with one exception. All spending with accommodation booking website hotels.com earns 10 Venture Miles per dollar.
This is an excellent bonus and earning will really add up if you travel regularly and can book this way. You can also participate in the hotels.com rewards program and enjoy even more benefits. This typically offers one free night when you book ten (with value averaged across the nights).
Hotels.com offers booking at most hotel chain properties as well as independent accomodation providers. Note though that if you book at a chain hotel you might not be entitled to any hotel status benefits, as many hotels provide these only for direct bookings.
Great options for spending Venture Miles
Once you have earned miles in the Capital One Venture Miles program, there are plenty of ways to redeem them. Despite being a free card, the Capital One® VentureOne® Rewards Credit Card offers the same options for spending miles as any other card that participates in the program. You should always be able to get a value of one cent per mile – often more.
The main option for spending miles are:
- Using to book travel at the rate of one cent per mile. This can either be done by booking new travel through the Capital One booking portal or (more flexibly) to offset any recent travel purchase made with the card.
- Redeeming for cashback at the rate of 0.5 cents per mile. This is a poorer rate than using for travel, but useful as a backup option.
- Transferring miles to an airline partner loyalty scheme. Miles can then be used within these schemes to book flights or other travel rewards. Value varies depending on what you book, but this is the best way to get more value from miles.
Using miles for airline awards
There are currently 15 airline loyalty program partners:
- Aeromexico Club Premier
- Air Canada Aeroplan
- Air France / KLM Flying Blue
- Alitalia MileMiglia
- Avianca LifeMiles
- Emirates Skywards
- JetBlue TrueBlue
- Finnair Plus
- Cathay Pacific AsiaMiles
- Singapore Airlines KrisFlyer
- Etihad Guest
- EVA Air Infinity MileageLands
- Hainan Airlines Fortune Wings Club
- Qantas Club
- Qatar Airways Privilege Club
Most of these partners offer mileage transfer at a rate of 2:1.5 (so 10,000 Venture Miles would become 7,500 airline miles). Transfers to Emirates Skywards and Singapore Airlines KrisFlyer are at a rate of 2:1.
There are then many options for booking flight awards with these airlines, or also with any of the airlines that they partner with. For an idea of some of the best options see our guide to redeeming Venture Miles. Some of the best value is usually found when booking premium business or first class tickets.
Free Collision Damage Waiver when you rent a car
Whenever you rent a car and pay using the Capital One® VentureOne® Rewards Credit Card you will receive free Collision Damage Waiver insurance. This covers theft and damage to most types of rental vehicles. You can then decline any similar insurance offered by the rental company, making this another great travel benefit. The free cover applies both in the US and overseas.
Travel Accident insurance provided
The travel protection and insurance benefits with the Capital One® VentureOne® Rewards Credit Card are not as extensive as with some other fee-based cards. One area where you do get cover included is with travel accident insurance. This provides cover for loss or injury with the booked main carrier, as long as travel is paid for with the card.
Make safer purchases with extended warranty
Products with a US manufacturers warranty purchased with the Capital One® VentureOne® Rewards Credit Card are eligible for free warranty extension. This will provide up to a one-year warranty extension for eligible original warranties of up to three years. Having benefits like this included for a free card is a great deal.
The Capital One® VentureOne® Rewards Credit Card is a great choice for a no-fee card. Whether you plan to use it as a first introduction to points and miles earning from credit cards or make this your main choice for the long term, there are plenty of benefits. With no annual fee, it is free and simple to get the card and try it out. If it doesn’t work for you can always cancel or change to another product.
It is clearly well designed for the regular traveler. There are no foreign exchange fees on purchases and an excellent bonus miles offer on accommodation. It is great that the card participates in the Venture Miles program. Whether you are new to miles and points or have been earning and redeeming for years, this is the best way to maximize credit card rewards.
As a no-fee card, extra benefits are clearly more limited. We think this works well as a starter card, and you can then consider others when you know your spending patterns and what benefits you will use. Take a look at our guide to other great Capital One cards for some ideas. The Capital One Venture Rewards card is a popular step up – offering more travel benefits and higher points earning, but for a fee.
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