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The Capital One Venture Rewards Credit Card is a popular travel rewards card due to its affordable $95 annual fee, valuable perks and flexible rewards.
If you’re contemplating this travel credit card, you’ll want to ensure that it’s a good fit before you apply. That way, you can choose a card that matches 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
An applicant’s credit score is one factor that is considered when deciding if they’ll be approved for a credit card. Having good to excellent credit will increase your chances of approval. 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, you should do that first before applying for this credit card.
2. The annual fee
Before getting the Capital One Venture Rewards Credit Card, you should understand the annual fee. This card has a yearly fee of $95. When getting any credit card that charges an annual fee, you want to make sure that you can comfortably afford to pay the fee every year, especially if you plan to continue to use the card on a long-term basis.
» 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 60,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $600 in travel. According to Capital One, if you’ve had a Capital One Venture Rewards Credit Card in the past or currently have one, 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, you’ll want to ensure that you can afford the minimum spend requirements. 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 only apply for this card if you can comfortably afford this spending requirement and pay your card balance in full to avoid accruing interest charges.
» Learn more: The best travel credit cards right now
5. Your purchase plans
Before getting this card, figure out how you plan to use your card to make purchases and keep in mind how the card earns miles to maximize the value that you get.
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 for all purchases. There are no spending categories to track and earning is unlimited.
Keep in mind that this card earns 5 miles per $1 when using the Capital One Travel portal to make hotel and rental car reservations. So you can maximize your earnings by booking eligible travel purchases this way.
6. Your award redemption plan
Before getting a new rewards credit card, it’s a good idea to figure out how you’ll use your points or miles. Once you start using the Capital One Venture Rewards Credit Card, you’ll want to have a plan for how to use all the miles you earn. Luckily, this card offers flexible redemption options.
You can 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 using the Capital One Purchase Eraser.
Redeem for gift cards.
Get cash back in the form of 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
Before choosing a travel rewards credit card, you’ll want to familiarize yourself with each card’s perks so you can choose the right card for your needs and habits. The Capital One Venture Rewards Credit Card has some great benefits that will appeal to frequent travelers.
Are you wondering, does the Capital One Venture Rewards Credit Card have car rental insurance? It does offer an auto rental collision damage waiver as one of the card’s many perks. This benefit will serve as supplementary insurance to your primary car insurance benefits and 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.
The Capital One Venture Rewards Credit Card includes up to $100 in statement credit reimbursement for either TSA Precheck or Global Entry application fees available once every four years. You’ll need to pay the application fee with your card to utilize this benefit.
This card also doesn’t charge foreign transaction fees, so you can use it internationally without paying extra fees.
With the Capital One Venture Rewards Credit Card, you’ll also get extended warranty coverage on eligible purchases. Plus, this card offers travel accident insurance for covered events when using your card to pay for your entire travel purchase.
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
You may be wondering, do Capital One Venture miles expire? Venture miles don’t expire. As long as you continue to have a Capital One Venture Rewards Credit Card account, your miles will be yours to keep. That gives you 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
These 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 2022, 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