Capital One VentureOne Rewards Review

CapitalOne VentureOne RewardsWith the Capital One VentureOne Rewards card, there are no spending caps, no rotating categories, and no restrictive timeframes.  Card members earn 1.25 points per dollar spent on all purchases, all the time.  (Capital One refers to “miles” earned but here we call them “points”.)  Cardholders can earn as many points as they want and these points never expire. This card is a Visa Signature card and includes Visa Signature benefits.

The Capital One VentureOne Rewards card gives members multiple options to redeem their earned points.  You may choose to redeem them for cash back, merchandise, or travel expenditures.  The process is simple and easy to navigate.  For example, if you want to book a flight, you just make your reservation (with any airline) and pay for it with your card.  You don’t have to book in advance and there are no blackout dates.  You can quickly calculate the value of your points by dropping the last two zeros from the total and the number remaining is their redemption value.  So if you have 15,000 points to redeem, you would receive a $150 statement credit towards your flight, or car rental, or hotel room.  You choose how you want to use your points.

New account holders can earn a one-time bonus of 20,000 points (the equivalent of $200 in statement credits) once they are approved for the card.  The only requirement to receive these bonus points is to spend a minimum of $1,000 on the card (minus any credits or returns) within the first three months of having your card.  This time period begins immediately upon approval.   Capital One is also offering new members a 0% introductory annual percentage rate on all purchases made with the card through the February 2016 billing period.

There is no annual fee with this card. Compare this card to the Capital One Venture Rewards card that charges a $59 annual fee but has a signup bonus of 40,000 points (after $3,000 in spending in the first three months). If you prefer no annual fee, choose this card – otherwise the Venture Rewards card is the better option. There are no foreign transaction fees with either card – if you often travel internationally this is a great perk.

Card members receive Visa Signature Benefits with this card such as:

  • 24/7 travel assistance services
  • Extended warranty
  • Shopping discounts
  • Special access to events
  • Complimentary concierge services
  • Travel upgrades and savings

The Facts

Below we’ve broken down the specifics of the Capital One VentureOne Rewards card to help when deciding whether it’s worth signing up.

The Good:

Signup bonus:

Capital One is currently offering new cardholders the opportunity to earn 20,000 bonus points upon approval.  This equates to $200 in statement credits for travel expenses, merchandise, or cash back once you redeem your points.  You must make at least $1,000 worth of purchases on the Capital One VentureOne Rewards card within the first three months of activation.  This qualifying period begins upon approval so the actual time you have to make purchases may be less depending on when you receive your card.  All transactions must post to your account within the three months to be eligible.

Introductory annual percentage rate on purchases:

New members receive a 0% introductory APR on all purchases made with the card through the 2/2016 billing period.  After this time, your APR will be 11.9%, 15.9%, or 19.9% depending on your creditworthiness.  Your APR is determined at the time of approval.

Earn points on every purchase, every day:

Cardholders earn 1.25 points for every dollar spent.  These points are earned on every purchase made with the card at any time and at any place.  They never expire and there is no cap on the amount of points you can accumulate.

No airline or hotel restrictions:

The card delivers solid benefits to people who travel frequently. These include:

  • Choose any airline
  • Choose any hotel
  • No blackout dates
  • No need to book in advance
  • Points never expire

Card members can easily redeem travel rewards.  You simply make your hotel or flight reservation and pay for it with your card.  You can easily redeem points either by phone or online.  As an example, 30,000 points equals $300 in rewards.  This amount will then be credited on your statement.

Multiple ways to redeem points:

Card members can redeem points for a statement credit towards travel-related purchases such as airline tickets, hotel reservations, or rental cars.  Points can also be used for cash back and gift cards.

No annual fee:

Cardholders are not charged an annual fee for this card.

No foreign transaction fees:

The Capital One VentureOne Rewards card does not charge cardholders a foreign transaction fee on purchases made with the card while outside of the U.S.  Many rewards cards impose a 2.7% to 3% fee on all international transactions which can really add up quickly if you often travel abroad.

Visa Signature Benefits:

This card is a Visa Signature card which means card members receive additional benefits such as:

  • 24/7 travel assistance services- Get an emergency replacement card and cash advance if your card is ever lost or stolen.
  • Extended warranty- Get additional warranty protection free of charge on items you purchases with your card. Specific restrictions apply.
  • Shopping discounts- Receive special discounts at online merchants and top retailers.
  • Special access to events- Enjoy early ticket sales and priority seating to entertainment events such as sporting matches, concerts, Broadway shows, as well as movie and theatre tickets.
  • Complimentary concierge services- 24/7 assistance is available whenever you need help making a restaurant reservation, booking an event or buying a special gift.
  • Travel upgrades and savings- Get complimentary room upgrades when available at certain hotels, resorts, and spas.

The Bad:

High APRs:

Once the 0% introductory APR on purchases expires, you can be charged at a rate of 11.9%, 15.9%, or 19.9% based upon your creditworthiness which is determined upon approval.  If you don’t pay off your entire balance each month, interest charges can really add up fast.  Also, if you make a late payment, Capital One can apply a penalty APR of 29.4% which can remain in effect indefinitely.

The Ugly:

Not everyone will be approved:

The Capital One VentureOne Rewards card requires excellent credit (a FICO score of 750+) and no bankruptcy or defaulted loans in your credit history.  Each applicant is considered individually and these are only guidelines.  However, if your credit is average or below, you might want to consider another credit card that is better suited to your financial situation.