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If you recently added the Capital One Venture Rewards Credit Card to your wallet, you were likely motivated by countless commercials and celebrity endorsements over the years, luring you in with the promise of miles that can be used anywhere, anytime.
The opportunity to earn 2x miles on everything also sounds tempting. But the welcome bonus may have been the clincher in helping you decide to hit “apply.” Or maybe it was the more than 10 airline transfer partners that put the Capital One Venture Rewards Credit Card on your radar.
Perhaps it was all of the above that got you to apply for this particular card. But now that you have it, here is a list of five things you should do with the Capital One Venture Rewards Credit Card.
1. Create an account or download the app
You should set up your Capital One account online so you can activate your new card, monitor your progress toward meeting the minimum spending requirement, track your rewards and ultimately redeem your miles.
It can also be a good idea to put your credit card account on auto-pay so you don’t miss a payment due date. We always recommend paying the full amount due each month so you don’t dilute the value of your rewards by paying interest.
2. Use the Global Entry or TSA Precheck application fee credit
This card offers a $100 Global Entry or $85 TSA PreCheck application fee credit every four years, which is pretty unique for a card with an annual fee of $95. Enrollment in these programs will help you get through airport security and immigration lines quicker. As long as you charge the application fee to this card, you will receive a statement credit.
» Learn more: TSA Precheck vs. Global Entry: Which is right for you?
3. Meet the minimum spending requirement to get the welcome bonus
Enjoy a one-time bonus of 60,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $600 in travel. You should set monthly reminders for yourself so you can make sure you are on track to spending approximately $1,000 per month. If you’re not sure of your original application date, call the bank to check when the spending requirement needs to be met. You may also want to spend a bit more than the minimum, as you never know when a credit or chargeback may land on your bill and throw off your calculations.
Try to think of a few big charges, like insurance premiums, that may help you meet a chunk of the minimum spend requirement quickly. If you usually pay your utilities with a credit card, switching those payments to your Capital One Venture Rewards Credit Card will help you meet minimum spending requirements and build up your balance at 2 miles per $1 spent. Most cards only award 1 point per $1 for utility charges, so the Capital One Venture Rewards Credit Card is a great option if you want more rewards.
And don’t forget about charging car payments (if possible) and subscriptions like Amazon, streaming services, Uber and Grubhub to this card if you need help meeting the minimum spending requirement.
4. Familiarize yourself with your travel redemption options
You should know the various ways you can redeem your miles so you can take advantage of last minute deals with your miles, if an opportunity arises. The base value of Venture Rewards points is 1 cent per mile when redeemed for travel booked through Capital One’s portal or via the Purchase Eraser for statement credits.
» Learn more:
Also, take a look at the Capital One airline transfer partners to see if transferring your miles will help you maximize value.
5. Remember your card anniversary
While you’re at it, set a calendar reminder a month in advance of your card anniversary. We know it’s a year away, but if you don’t track it somewhere, you’ll likely forget when the annual fee comes due. This is a good time to consider if the card has been worth the annual fee or not.
How to Maximize Your Rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2020, including those best for:
Airline miles and a large bonus: Chase Sapphire Preferred® Card
No annual fee: Wells Fargo Propel American Express® card
Flat-rate rewards with no annual fee: Bank of America® Travel Rewards credit card
Premium travel rewards: Chase Sapphire Reserve®
Luxury perks: The Platinum Card® from American Express
Business travelers: Ink Business Preferred® Credit Card