Capital One Venture Rewards Credit Card Review
In our 2018 Capital One Venture Rewards Credit Card review, we look at its 50,000-mile bonus and 2x rewards structure. Is it too good to be true?
I use four primary credit cards to buy just about everything. One for my purchases at the grocery store. One for purchases at the pump. Another to make all of my travel purchases (flights, hotels, etc.) and finally, a card for everything else. Yet when I look into my wallet, I see 11 credit cards. Why so many?!
Sometimes an offer is simply too good to pass up. One of the credit cards I signed up for earlier this year is the Capital One Venture Rewards Credit Card. Right now, this card offers a 50,000-mile bonus for meeting a small spend hurdle, in addition to other benefits which make it very attractive. Let’s dive into the details and see whether or not this should be one of the 11 cards you find in your wallet!
Capital One Venture Rewards Credit Card 50,000 Mile Bonus
When you sign up for a Capital One Venture Rewards Credit Card, you stand to earn a 50,000-mile bonus. To receive that bonus, you must spend $3,000 in the first three months of card ownership. Those 50,000 miles equal $500 in travel. And you can fly any airline or stay in any hotel, anytime you want.
Spending $3,000 on a credit card in three months may sound like a lot of money. But when you consider all the things you can use a credit card to pay for, it’s not all that challenging. As a homeowner (and an automobile owner), I can use my credit card to pay for gas, groceries, insurance, and a variety of other household and life necessities. Between groceries, gas, and auto insurance, I’m already at $1,000 a month. Over the course of three months, I would meet that bonus threshold.
If you have received this bonus from Capital One in the past (for owning the Capital One Venture Rewards Credit Card), you are not eligible to receive this one.
Travel Rewards Program
There’s not much to be said about the travel rewards program. Every dollar you spend with the Capital One Venture Rewards Credit Card is worth 2 miles. That’s it. No caps, limits, hurdles, or rules to follow other than double miles for everything, always.
Miles do not expire for the life of the account (open or closed), and there are no blackout dates to speak of. When using your points to book a flight or hotel, every options is available to you. Consider your points as good as cash–no restrictions.
Venture Rewards APR and Fees
Unfortunately, there’s no intro APR with this credit card. The standard purchase and balance transfer APR is 20.24% – 28.24% variable. The APR for cash advances is also 28.24% (with a 3% cash advance fee), and there are a couple of fees to keep your eye on.
- Up to a $35 late payment fee
- $95 annual fee ($0 annual fee for the first year).
The annual fee of $95 is average for a quality travel rewards credit card. In fact, when you compare vs. that of Chase, Citi, and American Express–$95 seems to be the agreed-upon industry standard.
One added pricing perk of the Capital One Venture Rewards Credit Card is that there are no foreign transaction fees. A foreign transaction fee is charged by some issuers when you use your credit card to make international purchases. The issuer must first convert your US dollars into the local currency, then offer those funds to the merchant. Capital One offers this service, free of charge, for their full line of credit card products.
Visa Signature Benefits and Perks
Included with the Capital One Venture Rewards Credit Card are Visa Signature perks. While the card issuer provides the rewards program and the bonus, it’s the processor that steps up the benefits an extra level. You can expect to receive the following:
- Complimentary Concierge Service–If you need ANYTHING, you can give Visa Concierge a call and they will assist you. Help with changing a reservation; a flat tire; concert tickets–whatever. You’ll have a 24-hour hotline to secure the things you need.
- Auto Rental Damage Collision Waiver Coverage–If you’ve ever rented a car, you know that there’s a damage insurance waiver you’re always asked to sign. In the event the car you rent is damaged, you might be liable for out of pocket expenses if you’re not properly insured. So long as you book with your Capital One Venture Rewards Credit Card and rent a standard vehicle (check the terms), you’re always covered for damage.
- Extended Warranties–After making a purchase, you may qualify for an extended warranty of up to one year. Depending on the length of the warranty you already received from the manufacturer, Visa is willing to up it between three months and one year.
- Shopping Discounts–When you shop at select online merchants, you’ll earn a discount.
Is This Travel Card Right for You?
So I opened this review by telling you the Capital One Venture Rewards Credit Card was one of the 11 cards currently in my wallet. But I also want to let you know that as of today, I rarely use it for purchases (if ever). That’s not because this isn’t a great credit card, but because I rarely travel. So it’s easier for me to use my Citi Double Cash Card and earn the 2% cash back, then earn miles.
The bonus is attractive enough where just about anyone can take advantage of 50,000 bonus miles. If you currently don’t own a travel rewards credit card and find yourself making airline and hotel reservations frequently, this card has a lot to offer. And with no annual fee for the first year, you have nothing to lose but a few points on your credit score.
Learn more about this and other travel rewards credit cards.