As I have just finished writing about the American Express Premier Rewards Gold Card, I figured that I would also post about my experience with the Capital One Venture Card, as sort of a review on this travel rewards credit card. I signed up for it before I moved late last year and decided to throw all of my moving expenses onto the Venture card, so that I could unlock the 40,000 mile bonus offer that I had received.
40,000 miles translates to $400 in travel rewards towards incurred expenses such as flights or hotels or anything else for that matter. The great thing about the Capital One Venture card is that there are no blackout dates, the points don’t expire, and I can book through any airline or travel website and simply pay off my statement with points. Optionally, I can also book trips through Capital One’s website using points.
The current bonus deal (as of writing) and the one which I was offered goes like this: Spend $3,000 in the first three months and receive a one-time bonus of 40,000 rewards points.
Now, these aren’t traditional frequent flyer points as you might see with certain airline’s credit cards or through other partnerships. The ‘miles’ are really equivalent to those types of programs. The Venture Card is essentially like getting 2% back on your purchase which can be redeemed for travel expenses (like you can use these points for buying dinner or random supplies while out of town). Thus, spending $10000 per year would yield you 20,000 ‘miles’ which are equivalent to a $200 value. You can also redeem them for other non-travel things, though, at a lower rate.
Is this the best card for really frequent travelers? Probably not. However, getting that 40,000 point rewards bonus and using this card to build up points each year will probably get you a free flight or hotel stay. Whether that is worth it or not will depend on your own personal spending level and how much you travel. It’s a good credit card in my opinion for it’s purposes, but it doesn’t suit everyone’s needs.
Annual Fee: $59. Waived for the first year.
Venture Card Rewards Program: 2x miles on all qualified purchases per dollar spent.
Purchase Rate: Currently (as of writing) 13.24-23.24% variable APR
Capital One Venture Card Benefits Include:
Note: Some of these benefits are through Visa Signature, since that is what type of credit card the Venture card is. So, you will have to check to see what all that program entails.
- Visa Concierge Service: help booking travel, tickets, dining, and more!
- Luxury hotel upgrades through Visa travel on select hotels.
- Lost luggage reimbursement
- No foreign transaction fees
- Roadside and Travel Assistance
Getting the bonus was actually really simple once I met the $3000 minimum. Within a few days, the 40,000 bonus points were in my account and ready for me to use. It was really no problem. One caveat though, I do think that Capital One starts the 3 month window to get the bonus from the time you are approved for the card and not from the time you activate the card. Just a head’s up if you decide to go this route.
The APR on this card is also pretty high, which isn’t a problem since I pay off the balance each month, but it’s definitely not one you ever want to having a balance accruing interest on. I got approved almost instantaneously and received the card within a few days.
I’m still torn as to whether or not I’m going to keep this card for the long run. I’m obviously going to use up my points but my Amex might be a better long-term fit for me. Although, it’s nice to have the Venture as a backup for places that don’t accept American Express and since both have no foreign transaction fees, it’s no real problem to keep both. $59 fee