Travel Rewards Doesn't Get Easier Than This: Capital One Venture Rewards Card
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Plenty of credit card users are fed up with the game that frequent flyer programs have become. Credit card users dutifully earn tens of thousands of frequent flyer miles, sometimes over the course of years, with the hopes of redeeming these miles for award flights. In many cases, their hopes are dashed when they discover that the airlines have allocated scant award seats at the lowest mileage levels. In other cases travelers are hit with taxes, fees, and surcharges for award flights that they were led to believe were free.
Capital One perfectly captured this frustration in a series of advertisements, like this one, that feature comedian David Spade informing credit card users that they can't actually use their miles. The solution offered by Capital One is their No Hassle miles that can be redeemed for statement credits toward any travel expense.
Why We Like This Card
- 40,000 bonus sign-up miles
- Unlimited 2x miles on purchases
- No foreign transaction fees
How This Card Works
The Capital One® Venture® Rewards Credit Card offers double miles on all purchases, every day. Once earned, these "miles" can be redeemed for a statement credit towards any airfare, hotel, car rental, or cruise. Miles are worth one cent each, so each dollar spent returns 2% back in reward value. Cardholders simply log into their account on Capital One's website, select travel expenses, and apply for reimbursement. In my experience, reimbursement came quickly.
There is a $59 annual fee for this card that is waived the first year. Also, Capital One was the first major credit card issuer to eliminate foreign transaction fees on all of its products. Even today, most other credit cards will charge a 3% fee on all transactions processed outside of the United States.
Sign up offer: You'll receive a one-time bonus of 40,000 miles (equal to $400 in travel) after you spend $3,000 in purchases on your card within the first 3 months of your account opening.
Visa Signature benefits. As a Capital One Venture Rewards cardholder, you'll get to enjoy a number of Visa Signature benefits, including travel upgrades and savings and special shopping discounts. You'll have access to a complimentary 24-hour concierge service as well as 24-hour travel assistance services. In addiiton, you can get special access and preferred seating to popular entertainment events, and you'll get additional warranty protection on purchases made on the card at no extra cost.
Capital One® Credit Tracker. This tool is 100% free. It allows you to check your monthly credit score at any time, see how everyday decisions can impact it, and provides automatic alerts to help you to better monitor your credit.
Fraud coverage. If your card is ever lost or stolen, the $0 Fraud Liability coverage that comes with the card will ensure that you're not responsible for any charges that were made on the card after it had been lost or stolen.
- $59 Annual Fee (waived for the first year)
- 12.9%, 17.9%, or 22.9% APR (purchases and balance transfers); 24.9% (cash advance); 29.4% (penalty APR)
- 0% Balance Transfer Fee
- 0% Foreign Transaction Fee
Generous sign up bonus. You get a one-time bonus of 40,000 miles when you spend $3,000 on purchases within the first 3 months, equal to $400 in travel.
Flexible rewards program. Capital One maintains that rewards can be used for any flight on any airline with no blackout dates. Of course they can! You are not redeeming your miles for a reward in the traditional sense as much as you are asking for a statement credit after the fact. Although this program is designed for airfare, car rental, and hotel expenses, there are many reports of Capital One reimbursing cardholders for vacation rentals and charges from travel agents.
Rewards earn points and miles. One of the loopholes of an award program like this is that the airlines and hotels don't know or care that you are traveling for free. This means that you can earn points and miles, and be eligible to receive upgrades, on your award travel just as you normally would with paid travel.
No foreign transaction fees. I don't travel internationally more than once a year, but I still refuse to pay these ridiculous fees. What would be the point of earning a reward worth 2% if you were being charged 3% to do so? It is for this reason that Capital One will always have a soft spot in my heart.
High interest rates. Cardholders can expect a standard variable APR of 12.9%-22.9%, based on their creditworthiness. That said, those who carry a balance should forget about reward cards and look for a product with the lowest possible interest rate. This isn't it.
Annual fee. The annual fee of $59 is not terrible, but there are plenty of cards on the market with no annual fee. In fact, Capital One offers their Capital One® VentureOne® Rewards Credit Card without an annual fee. This card is almost identical the Venture Rewards card, except you only get 1.25 miles per dollar spent instead of two.
Who This Card Is Best For
This is the ideal card for credit card users who are not getting two cents in value for each dollar spent on their airline or hotel credit cards. In many instances, these are travelers who would like to take shorter trips that don't maximize the value of their frequent flyer mile awards. But in general, this is the card for people who want to earn competitive rewards that they can apply to any airline, hotel, or rental car without restrictions.
By combining competitive rewards and a flexible redemption program, the Capital One Venture Rewards card can be a great choice for those who aren't interested in playing games with points and miles.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any bank, card issuer, airline or hotel chain.