Finding the right travel rewards credit card fit for your specific needs and spending habits can be a challenge, especially given the onslaught of advertisements flooding the television and online. Capital One is arguably the leader in terms marketing efforts pushed out to the masses, with notable celebrity endorsements and amusing commercial spots. But all the pomp and circumstance surrounding a credit card does not always mean it is the best option for spenders. To help you determine if the Capital One VentureOne credit card is the one for you, we’ve cut through the fluff to bring you the clear upsides and downsides to the card. Here is our review of the no annual fee Capital One VentureOne credit card.
VentureOne Card Basics
The VentureOne credit card offered by Capital One is a flat-rate travel rewards card. Card members earn 1.25 miles on every dollar spent, regardless of the category of purchase. Each rewards mile through Capital One is worth $0.01, and there is no cap on how many miles can be earned. Also, miles don’t expire, making this an attractive travel card for those who do some heavy spending.
Currently, Capital One is offering a bonus to new card members of the VentureOne card. A one-time 20,000 bonus – or $200 worth of miles – is credited to the card member’s account if at least $1,000 in purchases is made within the first three months after account opening. The combination of miles earned on everyday spending and the initial bonus potential makes the VentureOne card stand out among some of its travel credit card peers.
As a true travel rewards credit card, VentureOne card members are restricted in terms of how miles are redeemed. For now, accumulated miles can only be used as a statement credit toward travel-related purchases. As an example, a card member who purchases airfare on her Capital One VentureOne credit card could use her accumulated 20,000 miles – or $200 – to offset the total cost of her flight. What makes the VentureOne card unique is that there is no need to redeem miles through a dedicated travel site; instead, card members can book their travel how they see fit, directly through the provider or through a partner site. That means no blackout dates and no other pesky restrictions as seen with other travel rewards cards.
Miles cannot be exchanged for cash back or gift cards, nor can a statement credit be applied for anything other than a travel purchase. If you’re seeking out a travel credit card with more flexibility in terms of how miles can be redeemed, the VentureOne card may not be the best choice for you.
Capital One Perks
In addition to the rewards program, Capital One VentureOne card members have a slew of perks at their fingertips. The most notable is the Credit Tracker app, which provides access to the individual’s credit score and activity at no cost. Through Credit Tracker, card members can also gain valuable information regarding what implications changes to their credit profile will have on their score, for better or worse.
Card members also have access to online banking through Capital One, as well as mobile and tablet apps that are helpful for checking balances and payments on the go. In terms of enhanced security, VentureOne card members receive real-time alerts regarding suspicious or fraudulent activity on their account, either through phone, e-mail or text. On top of that, lost or stolen cards are covered by a $0 fraud liability protection program.
One of the unique features of the Capital One VentureOne credit card is the Second Look program, through which Capital One keeps an eye out for duplicate or unusual charges. Should a questionable charge post to the card member’s account, the bank automatically sends an e-mail alerting them to the issue. Capital One also offers Apply Pay for card members who are comfortable using mobile payment applications, as well as personalized payment due dates and various ways to establish payments. Card members have access to 24-hour travel assistance services, auto rental insurance, and travel accident insurance with the VentureOne credit card.
What the Card Costs
Capital One states that the VentureOne credit card is for individuals with excellent credit, typically meaning a credit score of 720 or higher is required for approval. Once approved, the interest rate for purchases starts at 0% and remains there for the first 12 months after accounting opening. Currently there are no promotional APR offers for balance transfers. After the promotional period ends, both purchases and balance transfer rates are based on individual creditworthiness, and will be 12.24%, 17.24% or 22.24%. Cash advance transactions carry a standard APR of 23.24%.
The VentureOne credit card does not assess an annual fee, nor does it carry any foreign transactions fees. From this perspective, the travel rewards card is relatively inexpensive. However, other fees are charged for specific transactions. Card members who initiate a cash advance pay a fee of either $10 or 3% of the amount advanced, whichever is greater. Late payment costs $35, although there are no fees for exceeding the credit limit.
The Final Word
The Capital One VentureOne credit card is a great choice for individuals seeking a travel rewards card that is simple to understand and easy to use. The VentureOne card comes with a flat-rate rewards program, meaning there are no special categories to keep track of over time. Additionally, card members have the ability to redeem rewards through statement credits for travel purchases, without the need to book travel directly through CapitalOne. The introductory APR for purchases, the additional card member perks, no annual fee and potential for bonus miles within the first three months come together to make this a solid travel rewards credit card.
Individuals who want to maximize on a sign-up bonus or who want to earn more miles with purchases may be better off with a different travel credit card. Capital One offers a travel credit card (Venture) that earns higher rewards and provides a sign-up bonus that is double that of the VentureOne card; however, card members who hold the Venture credit card are assessed an annual fee for access to greater rewards.