8 Things to Know Before Getting the Capital One Venture Card
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The Capital One Venture Rewards Credit Card is a popular travel rewards card due to its $95 annual fee (which is on the low-end of fees, as far as travel credit cards go), valuable perks and flexible rewards.
But before applying for this travel credit card, you'll want to be sure it’s a good fit for your financial situation and lifestyle. We’ve outlined the most important things to know before getting the Capital One Venture Rewards Credit Card.
What to know before getting the Capital One Venture Rewards Credit Card
Here are some things you’ll need to know before you apply for the Capital One Venture Rewards Credit Card:
1. Your credit score and financial situation
Your credit score is one of the most important factors in determining whether or not you’ll be approved for a new credit card. Having good to excellent credit typically increases your approval odds. We recommend that anyone applying for the Capital One Venture Rewards Credit Card have a FICO score of at least 690.
With that in mind, credit score alone isn’t the only important factor. Your income, current debt, credit history and usage may be considered. If you need more time to improve your credit score and financial situation, do that first before applying.
2. The annual fee
Before applying for the Capital One Venture Rewards Credit Card, make sure that you can afford to pay the yearly fee of $95.
» Learn more: Is the Capital One Venture worth its annual fee?
3. Whether you qualify for the welcome bonus
The Capital One Venture Rewards Credit Card has a fairly generous welcome bonus. Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel.
According to Capital One, if you’ve had a Capital One Venture Rewards Credit Card in the past, or if you have one now, you may be ineligible for this offer.
4. Whether you can afford the minimum spend requirements for the bonus miles offer
If you plan to apply for the Capital One Venture Rewards Credit Card and want to take advantage of the bonus miles offer, make sure you can afford the minimum spend requirements. Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel.
You should only apply for this card if you can comfortably afford this spending requirement (like if you have a one-off, large purchase planned anyway). Try to pay your card balance in full to avoid accruing interest charges, as interest charges can quickly add up to more than the value of the bonus miles.
» Learn more: The best travel credit cards right now
5. Your purchase plans
The Capital One Venture Rewards Credit Card is easy to use, and earning rewards is straightforward. When using your card to make purchases, you’ll earn 2 miles per $1 spent on all purchases. There are no spending categories to track, and earning is unlimited.
Additionally, this card earns 5 miles per $1 spent on hotel and rental car reservations made through the Capital One Travel portal. As long as you’re fine booking travel through the portal, you can maximize your earnings by using it. What's more, for a limited time (through May 16, 2023), cardholders will enjoy a 5x (total 10x miles per dollar) earn rate on bookings made through carshare app Turo.
» Learn more: Guide to the Capital One Travel portal
6. Your award redemption plan
Before getting the Capital One Venture Rewards Credit Card, make a plan for how to use your miles. Luckily, this card offers flexible redemption options.
Redeem miles for travel through the Capital One Travel portal.
Transfer your miles to one of Capital One’s many airline and hotel transfer partners.
Redeem as a statement credit for previous travel purchases.
Redeem for gift cards.
Get cash back in the form of a statement credit for non-travel purchases.
That gives you plenty of options. However, it’s worth noting that cash back and gift card redemptions are the least valuable redemption choices.
7. What perks come with the card
Rental car coverage
The Capital One Venture Rewards Credit Card has some great benefits that will appeal to frequent travelers. It offers rental car insurance in the form of an auto rental collision damage waiver. Serving as supplementary insurance to your primary car insurance, it covers damage due to collision or theft. You’ll need to charge the entire cost of your rental vehicle to your card and decline the rental car company’s collision damage waiver.
TSA PreCheck or Global Entry statement credit
The Capital One Venture Rewards Credit Card includes up to $100 in statement credit reimbursement for either TSA PreCheck or Global Entry application fees. This is available once every four years, if you pay for the application fee with your card.
No foreign transaction fees
This card doesn’t charge foreign transaction fees, so you can use it internationally without those annoying extra charges.
Extended warranty and travel accident insurance
With the Capital One Venture Rewards Credit Card, you’ll also get extended warranty coverage on eligible purchases. Plus, you'll get travel accident insurance for covered events when using your card to pay for your entire travel purchase.
Cancel airline tickets for any reason
For a small upfront fee, cardholders will be able to cancel flights booked on Capital One Travel—for any reason—up to 24 hours before their first scheduled departure and receive most of their ticket cost back. Canceling only takes a few clicks, with no questions asked.
» Learn more: Cancel For Any Reason travel insurance explained
Capital One Dining
Foodies will appreciate access to cardmember-exclusive reservations at 350 expert-recommended restaurants nationwide through the Capital One Dining program, along with access to featured culinary events like Taste America by the James Beard Foundation.
And though niche, there's one temporary benefit might even outweigh the card’s annual fee — if you can use it. You’re entitled to a discount of up to $300 when you commit to an annual membership with Gravity Haus, which is a membership-based social club with locations primarily in popular ski areas.
Membership is pricey (starting at $840 annually), so you’ll still owe a minimum of $540, even with the discount. But if you were going to purchase an annual membership anyway, then this single benefit makes holding the card worth it. This offer is only available through Jan. 19, 2024.
Knowing these perks can help you decide if the Capital One Venture Rewards Credit Card is right for you.
8. Whether Capital One miles expire
Do Capital One Venture miles expire? Procrastinators and hoarders alike will be pleased to hear that Venture miles do not expire. As long as you continue to have a Capital One Venture Rewards Credit Card account, your miles are yours to keep; so you have time to put your miles to use.
» Learn more: How the Capital One Miles program works
If you're considering the Capital One Venture Rewards Credit Card
Those are the most important things to know before getting the Capital One Venture Rewards Credit Card. If you know what benefits are included and how the card works before applying, you’ll have a better chance of maximizing the card's value, so you get the most out of the perks.
Is Capital One Venture Rewards Credit Card worth it? If you can afford the annual fee, will use the card’s perks, and can put the miles that you earn to good use, this travel rewards card is worthwhile.
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 2023, including those best for:
Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card
No annual fee: Bank of America® Travel Rewards credit card
Flat-rate travel rewards: Capital One Venture Rewards Credit Card
Bonus travel rewards and high-end perks: Chase Sapphire Reserve®
Luxury perks: The Platinum Card® from American Express
Business travelers: Ink Business Preferred® Credit Card