Underrated Reasons Why You Need a Capital One VentureOne Rewards Credit Card

With Capital One's Purchase Eraser, this card has an extra way to use your rewards for travel.
Mar 10, 2022

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The Capital One VentureOne Rewards Credit Card offers flexible rewards, a $0 annual fee and no limits on the number of miles you can earn making purchases. There are some lesser-known reasons why you should be using the Capital One VentureOne Rewards Credit Card card for everyday purchases.

But first: The well-known reasons

  • Welcome bonus: Earn a bonus of 20,000 miles once you spend $500 on purchases within 3 months from account opening, equal to $200 in travel.

  • Unlimited rewards on purchases: Earn unlimited 1.25 miles per dollar on every purchase you make. Plus, earn 5 miles per dollar on rental cars and hotels booked through Capital One Travel.

  • Redeem miles for travel: Use your miles to pay for travel expenses at a value of 1 cent per mile.

Underrated reasons

A better deal for frugal consumers

You'll earn valuable Capital One Miles without paying the $95 annual fee of the Capital One Venture Rewards Credit Card. Although the Capital One Venture Rewards Credit Card earns 2x miles and has a larger welcome bonus, you need to spend over $12,000 each year to break even on the annual fee. If you don't plan on spending at least $1,000 per month on your card, the Capital One VentureOne Rewards Credit Card is a better rewards credit card for you.

90 days to earn miles to pay for travel purchases

Many travel loyalty programs require you to have enough miles in your account when you want to book a reservation. But the Capital One VentureOne Rewards Credit Card’s Purchase Eraser lets you apply points to erase travel charges up to 90 days after the purchase posts to your account. That means you have about three months from the date of your travel purchase to earn rewards to erase it.

Multiple redemption options for miles

Capital One Miles are not just for travel purchases. You may redeem your miles for an account credit, a check, gift cards and purchases made through PayPal. Miles can also be used to book travel through the Capital One travel portal or miles can be transferred to airline and hotel partners.

Transfer miles to airline and hotel partners

Capital One miles transfer to 15+ loyalty programs including Air France, Emirates and hotels in the Accor Live Limitless program. The transfer ratios range from 1:1 to 2:1.

No foreign transaction fees

When traveling internationally, it pays to have a credit card like the Capital One VentureOne Rewards Credit Card that does not charge foreign transaction fees. Some banks charge up to 3% when you make purchases in foreign countries. This card's no foreign transaction fee can add up to substantial savings if you charge a lot overseas.

Auto rental collision damage waiver

When you rent a car with your card and decline the rental agency’s collision insurance, you'll be covered for any damage to your eligible rental car due to collision or theft. This insurance is secondary to your personal auto insurance, so it will cover damages after your personal insurance does.

Extended warranty protection

Manufacturer warranties on eligible purchases are extended by an extra year for items purchased entirely with your Capital One VentureOne Rewards Credit Card. This covers eligible warranties of three years or less and claims up to $10,000 per item and $50,000 per cardholder.

Exclusive access to events

Cardholders have exclusive access to premier culinary experiences, concerts, sports, and priority access to presales for certain events.

Capital One Dining

Is there a swanky, popular restaurant in town that you've been meaning to try but you just can't get a reservation? Launching in March 2022 in Washington, D.C., and ten other cities, Capital One Dining aims to solve that problem, with tables set aside specifically for program members at a curated list of 350 restaurants nationwide. The program will also give cardholders access to events like the James Beard Foundation's Taste America and the South Beach Wine and Food Festival.

Virtual card numbers from Eno

Shopping online can expose your credit card information to hackers. With virtual card numbers from Eno, you can create free single-use credit card numbers when shopping online or over the phone. This allows you to shop safely while keeping your actual card number to yourself.

Lock your credit card

If your credit card is lost or stolen, or simply misplaced, you can lock your credit card to prevent unauthorized use through the Capital One mobile app or website. This precaution can protect your account and save the hassle of disputing fraudulent transactions.

Open to tack on CFAR insurance for flight bookings

Members may consider purchasing Cancel For Any Reason travel insurance coverage for certain travel bookings.

When booking flights in the Capital One Travel portal, cardholders can pay a small upfront fee for CFAR insurance coverage. This allows customers 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.

The bottom line

The Capital One VentureOne Rewards Credit Card is a $0 annual fee card that offers a number of underrated benefits. It earns 1.25 miles per dollar on most purchases and 5 miles per dollar on rental cars and hotels booked through Capital One Travel. Miles can be used to erase purchases, book travel, buy gift cards, or transfer to airline and hotel partners. But it also comes with a long list of lesser-known benefits, like purchase protection, event access and rental car coverage, that make it a good choice for a lot of customers.

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:

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