Card Review: Capital One Venture Rewards

Notice: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities. Read our advertiser disclosure here.

The Capital One Venture Rewards Credit Card is one of the top mid-range cards on the market. It is an especially good choice for the frequent traveler, with plenty of benefits. This article looks at the card, the benefits and how much value you can get, given the annual fee of $95.

Capital One Venture Rewards card
The Capital One Venture Rewards card. Image: Simple Flying

Card details and annual fee (free to try!)

The Capital One® Venture® Rewards Credit Card has an annual fee of $95 – placing it alongside other mid-range travel cards (such as the Chase Sapphire Preferred card). This is, in our opinion, excellent value if you can make full use of the benefits and higher rewards on offer.

The annual fee is waived for the first year. This is a great offer, meaning there is no fee to try out the card and take advantage of the sign up bonus. If it doesn’t meet your needs or spending patterns, you can cancel and switch to another card within the year.

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Capital One Venture Rewards card
The annual fee is waived for the first year – easy to try out the Capital One Venture Rewards card! Image: Simple Flying

The Capital One® Venture® Rewards Credit Card offers a standard APR of between 17.99 per cent and 25.24 per cent. There is no discount or zero APR offered (as seen with the Capital One VentureOne card), so this is not a card that you should plan to carry a balance with!

Excellent sign up bonus – worth at least $500

The Capital One® Venture® Rewards Credit Card comes with a great sign up bonus miles offer for new cardholders. This gives 50,000 Venture Miles for initial spending of $3,000 within the first three months.

50,000 Venture Miles are worth $500 when used as a travel credit rebate, and potentially more if transferred to airline partners and used for flight awards (as we will see shortly).

Venture Rewards sign up bonus
Capital One Venture Rewards excellent sign up bonus offer. Image: Capital One

No foreign exchange transaction fees

Any good travel credit should offer no foreign exchange fees – and the Capital One® Venture® Rewards Credit Card is no exception. There are no foreign exchange fees when the card is used for purchases overseas, or in foreign currency online.

This gives the convenience of using the card wherever you go (and earning miles with this), and can save significantly over other cards, many of which add a fee of around three per cent for such transactions. Note that this only applies to purchases, not to ATM cash withdrawals.

Hong Kong skyline
Enjoy commission fee purchases wherever you travel. Photo: Wikimedia

Simple high value earning – the same for all purchases

The Capital One® Venture® Rewards Credit Card awards Capital One Venture Miles for all spending. This is much better for travelers than simple cashback earning.

You will earn two miles per dollar for all spending on the card. This applies for all types of spending; there are no different rates for some categories as is common with several other cards.

Of course, it is good to receive more miles – but don’t let this put you off! This is a much simpler way to earn, and you don’t need to worry about where you will spend when assessing the value of the card. Two miles per dollar is an excellent earning rate – the no-fee VentureOne card, for example, earns at a lower rate of 1.25 miles per dollar.

There is no limit to how many miles can be earned each year with the card and the same earning rate applies in the US and overseas. Combined with no overseas transaction fees, this allows you to build up miles wherever you travel!

Capital One Venture miles
Earn 2x miles on all spend. Image: Capital One

Bonus earning with hotels.com

There is one area where you can earn more than two miles per dollar, and that’s with hotel bookings. Capital One is currently running an offer where you will earn ten miles per dollar for spend with hotels.com. This is a great offer for anyone who can make bookings this way. And you can also earn additional rewards separately with hotels.com own loyalty program.

Hotels.com and Capital One Venture
Earn bonus miles with hotels.com. Image: Capital One

Several ways to spend Venture Miles

Venture Miles are simple to use and you should always be able to get a value of at least one cent per mile. For full details of all the ways to spend miles, and how to get the best value, see our guide to spending Capital One Venture Miles.

There are three main ways to redeem miles:

  • Converting miles to cashback, as a statement credit. This is the lowest value, at 0.5 cents per point, but remains a useful option to have if you can’t use them any other way.
  • For travel booking at a rate of one cent per point. This can either be booked at this rate using the Capital One travel portal or by ‘erasing’ any previous (within the past 90 days) travel purchase made with the card. The option to erase is much more flexible – allowing you to cover any travel purchase made directly with airlines, hotels or any online booking agent.
  • Transferring miles to an airline partner and using the miles to book awards through their loyalty program. The value here varies depending on awards, but this is the best way to increase the value you get from miles.
Venture cards
The ease of using and redeeming with the card is one of its strong points. Image: Capital One

Using Venture Miles for flight awards

Venture Miles currently offers transfers to 15 airline loyalty programs. Once miles are transferred they can be used to book flight awards with these airlines or any others that are part of their loyalty programs.

Transfers are possible to:

  • 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
Venture miles transfer partners
Just some of the possible Venture Miles transfer partners. Image: Capital One

Most transfers are at a rate of 2:1.5 (so 10,000 Venture Miles would transfer to 7,500 airline miles). Exceptions to this include Emirates Skywards and Singapore KrisFlyer (both transfer at 2:1).

There are plenty of options here to get great value from flight awards! See our guide for plenty of ideas of some of the best. A couple of our stand out favorites include:

Using miles for business or first class with Singapore Airlines. Their KrisFlyer program is the only ways to book some of the best options – including their amazing suites product. This starts at 132,000 miles for Singapore to New York.

Singapore Airlines Suites
Use points for premium travel, such as Singapore Airlines Suites – one of the most luxurious ways to travel. Photo: Singapore Airlines

And it’s not just premium cabin tickets that can be great value with miles. Often expensive tickets such as short international flights in Asia, Africa or South America, or last-minute tickets anywhere can be costly. In the US you can get good value on popular domestic routes, or last minute tickets, by using Qantas Club miles for award tickets with American Airlines. Short-haul flights within the US start at just 8,000 Qantas miles each way in economy, and to/from Hawaii they start at 22,500 miles.

Free membership of Global Entry and/or TSA PreCheck

The Capital One® Venture® Rewards Credit Card offers complimentary membership of the excellent Global Entry scheme. This is a great way to improve your airport experience, speeding up security and immigration significantly.

Venture Rewards Global Entry
Venture Rewards Global Entry credit. Image: Capital One

A credit of up to $100 is offered every four years (this is line with the renewal period) when Global Entry or TSA PreCheck is paid with the card. And if you already have it, you can always use your benefit to enroll someone else.

Travel insurance and protection included

You can travel a bit safer with the Capital One® Venture® Rewards Credit Card, with a couple of areas of included travel cover. This is a useful benefit often overlooked in favor of miles earning but can be useful if you don’t have cover provided elsewhere. Benefits include the following:

  • Travel protection will cover personal loss and injury for travel paid with the card (up to $250,000).
  • Luggage is protected up to $3,000 if lost or mishandled by the carrier when the trip is paid with the card.
Baggage claim
You never know when you might have luggage problems. Photo: Wikimedia Commons (user: Base64)

Save money on car rentals with insurance cover

Another area that the Capital One® Venture® Rewards Credit Card provides free cover is insurance when you rent cards globally.

If you use the card to pay for car rental, it will automatically provide you with Collision Damage Waiver cover for damage or theft. This can save the cost of paying extra for this with car rental companies. But as with any insurance, you should make sure this is sufficient for your needs

Hertz rental
Receive free Collision Damage Waiver whenever you rent cars. Image: Hertz

Shop safer with extended warranty

A final benefit worth highlighting is the inclusion of free warranty extension for eligible purchases with the card. Many cards offer such a benefit, and this is valuable if you are considering relevant purchases.

Purchases are eligible for extended warranty protection that doubles the manufacturer’s warranty. This is valid on warranties with an original length of three years or less, for an extension up to one year.

Final Thoughts

The Capital One® Venture® Rewards Credit Card is one of our favorite mid-range travel cards. It is hard to beat the benefits and earning rates offered for this fee. The frequent traveler will get a lot out of this card – high earning rates, no foreign exchange fees, excellent hotel earning bonus, Global Entry membership and the opportunity to transfer miles to airline schemes.

Capital One Venture Rewards card
The Capital One Venture Rewards card is an excellent choice for the traveler. Image: Simple Flying

It works very well for those new to cards earning points and miles as well. The sign up bonus is excellent, and the fee waiver for the first year means you can try it out risk-free.

If you won’t make use of the travel benefits, the simple and high earning rates are still appealing. But you might also want to look at some other cards that might reward your spending better.

Notice: These responses 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.

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