Capital One Venture Miles Rewards Credit Card Review

Capital One Venture Miles Rewards Credit Card Review

Who Is the Capital One Venture Miles Rewards Credit Card Good For?

If you watch television, you are no doubt familiar with the Capital One travel credit cards, which offer rewards with “no blackout dates for “any seat. In reality, Capital Ones program does not convert your spend to airline miles at all, but rather allows you to credit your rewards against purchases you’ve already made at a straight 1-cent-per-dollar rate.

Capital Ones travel program seems to have a bit of an identity crisis, as they have been rebranding and fine-tuning their cards over the last several years. You regularly run into folks who have a No Hassle Rewards card rather than the Venture Rewards card (its current name), but Capital One still refers to their program as No Hassle Rewards. And they insist on calling their reward points miles, even though they have no correlation at all with airline miles.

In the current system, the Capital One Venture card, also known as the Capital One Venture Miles Rewards credit card, is the top of the Capital One travel food chain, offering a whopping two miles for every dollar you spend anywhere.

Airline Transfer Partners

None

Annual Fee

$0 the first year; $59 subsequent years

APR

13.24%, 18.24% or 23.24%, depending on credit

Recommended Credit Score

750+

Type of Card

Visa

Issuer

Capital One

Sign-Up Bonuses:

The Venture card used to carry a perennial sign-up bonus of 20,000 miles,  but Capital One permanently upped the bonus in the summer 2014 to 40,000 miles after a $3,000 spend in three months.

During promotional periods, the bonus has regularly hit 50,000 miles, and once it went as high as 100,000 miles.

Points Earned:

  • 2 miles per dollar on all purchases

Venture® Rewards Credit Card
Venture® Rewards Credit Card
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Earn 40,000 miles after spending $3,000 within 3 months

What Do Your Venture Rewards Miles Get You?

With Capital One travel rewards, you have two different ways to redeem your miles to pay for travel. First, you can purchase flights, hotels and car rentals directly through the capitalone.com reward center, paying with your miles up front. You can book an award ticket through their shopping portal.

You can also book directly through your airline, hotel or other provider. This allows you to earn points with that chain, or book types of travel not available through capitalone.coms search. Then, once the charge shows up on your account activity, you use the Capital One Purchase Eraser to credit miles retroactively against the purchase.

This is one of the best reasons to use the Venture card, because it allows you to use credit card rewards for things you would usually not be able to redeem points or miles against, such as buses, small bed-and-breakfasts, apartment rentals, and award ticket fees and surcharges.

The one caveat here is that you are at the mercy of how the vendor categorizes the transactions. If its not listed by them as travel, you cant credit your Venture miles against the purchase.

For non-travel rewards, you also have the option to buy gift cards through the Capital One shopping portal, though you get a better redemption rate on travel.

Usage Perks:

  • You can earn airline miles on reward flights by booking your flight directly through the airline and then crediting Venture miles against the charge
  • No foreign transaction fees
  • Ability to use rewards on any airline, regardless of affiliation
  • Miles can also be credited against harder-to-redeem travel awards, such as boutique hotels, cruises and car rentals
  • Automatic credit tracking
  • Monthly credit score delivery
  • Miles never expire as long as you keep the card

 

Usage Quirks:

  • Miles never have a value above 1 cent per dollar
  • Capital One pulls credit reports from all three major credit bureaus when you apply for the card, so your credit may take a larger hit than usual during the application period
  • If you have a late payment, you forfeit miles earned during that period

How Far Do Your Dollars Go?

One of Capital Ones biggest selling points is that its rewards are low-stress, and that also comes into play in terms of the value of your redemption. There is no need to sit on your miles because you are waiting to use them for a big or valuable purchase; Venture Rewards miles always have the same value, no matter what you redeem them for: 1 cent per dollar.

Additional Cardholder Benefits:

  • Fraud coverage
  • Visa Signature hotel upgrades and special rates
  • Travel concierge service
  • Access to Visa Signature special events
  • 24-hour travel assistance if card is lost or stolen
  • Extended warranty
  • Travel accident insurance
  • Auto rental insurance
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