If you’re looking for a travel rewards credit card, the Capital One® Venture® Rewards Credit Card is one of the best. But there’s one aspect of the card that might turn off frugal travelers: an annual fee. For that, you may be inclined to consider the card’s lite version, the Capital One® VentureOne® Rewards Credit Card. But passing on a card simply because it has an annual fee may cost you.

Capital One® VentureOne® Rewards Credit Card vs. Capital One® Venture® Rewards Credit Card: The basics

The Capital One® VentureOne® Rewards Credit Card and the Capital One® Venture® Rewards Credit Card share the same basic DNA. With each card, your daily swiping generates miles, which you can use to book travel or redeem for travel statement credits or gift cards at a rate of $0.01 per mile. There are other redemption options, including cash back, but they come at a lower rate and aren’t recommended. Neither card charges a foreign transaction fee.

Beyond the basics, a few features can help you decide which card is for you.

The Capital One® VentureOne® Rewards Credit Card and the annual fee dilemma

Capital One® VentureOne® Rewards Credit Card

Apply Now on Capital One's secure site

• Recommended Credit Score
• 690

  850

  Good - Excellent

  See if you may qualify
• Card Details

• Pros

  • No annual fee
  • 0% APR on purchases
  • Flexible rewards redemption
  • No foreign transaction fees

  Cons

  • Other no-annual-fee cards offer a better flat rewards rate
  • Reward value reduced if you want cash back

  Annual Fees

  $0

  APR

  • APR: 12.99% - 22.99% Variable APR
  • Cash Advance APR: 23.99%, Variable

  Bonus Offers

  Enjoy a one-time bonus of 20,000 miles once you spend $1,000 on purchases within 3 months from account opening, equal to $200 in travel

  Intro APR

  • 0% on Purchases for 12 months
• Additional Information
• • Enjoy a one-time bonus of 20,000 miles once you spend $1,000 on purchases within 3 months from account opening, equal to $200 in travel
  • Earn unlimited 1.25 miles per dollar on every purchase, every day and pay no annual fee
  • Fly any airline, stay at any hotel, anytime
  • Enjoy a low intro APR on purchases for 12 months; 12.99%-22.99% variable APR after that
  • Travel when you want with no blackout dates
  • No foreign transaction fees
  • Miles won't expire for the life of the account and there's no limit to how many you can earn

For thrifty travelers, paying an annual fee can be painful. So on the surface, the Capital One® VentureOne® Rewards Credit Card might seem like the better choice with its $0 annual fee. But if you dive deeper into the math, you’ll see that paying the Capital One® Venture® Rewards Credit Card’s annual fee might be worth it.

For starters, the Capital One® Venture® Rewards Credit Card’s annual fee — $0 for the first year, then $59 — is relatively cheap compared with other travel credit cards. Also, the card’s high ongoing rewards rate makes it easier to overcome the annual fee.

The right card for you may depend on how much you plan to spend on it every year. If you spend $8,000 annually, you’ll earn roughly the same rewards on both cards, even with the Capital One® Venture® Rewards Credit Card’s annual fee.

Rewards = [Amount spent * (rewards rate * mile value)] – annual fee

But if you spend more than $8,000 — or $666.67 monthly — you’ll earn more rewards with the Capital One® Venture® Rewards Credit Card, and the annual fee will be paid for. If you expect to spend less, then the Capital One® VentureOne® Rewards Credit Card might be a better option.

Get a bigger sign-up bonus with the Capital One® Venture® Rewards Credit Card

Capital One® Venture® Rewards Credit Card

Apply Now on Capital One's secure site

• Recommended Credit Score
• 690

  850

  Good - Excellent

  See if you may qualify
• Card Details

• Pros

  • High rewards rate
  • Flexible rewards redemption
  • No foreign transaction fee
  • Sign-up bonus

  Cons

  • Has annual fee
  • Redemption value for cash is half of value for travel
  • Requires good/excellent credit
  • No travel partners to earn additional rewards

  Annual Fees

  $0 for the first year, then $59

  APR

  • APR: 13.99% - 23.99% Variable APR
  • Cash Advance APR: 23.99%, Variable

  Bonus Offers

  Enjoy a one-time bonus of 40,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $400 in travel

  Intro APR

  • N/A
• Additional Information
• • Enjoy a one-time bonus of 40,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $400 in travel
  • Earn unlimited 2X miles per dollar on every purchase, every day
  • Fly any airline, stay at any hotel, anytime
  • Travel when you want with no blackout dates
  • Miles won't expire for the life of the account and there's no limit to how many you can earn
  • No foreign transaction fees
  • $0 intro annual fee for the first year; $59 after that
  • Get a metal Venture Card when you apply today

If you’re still wondering if paying the Capital One® Venture® Rewards Credit Card’s annual fee is worth it, consider its sign-up bonus: Enjoy a one-time bonus of 40,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $400 in travel.

For a $0 annual fee card, the Capital One® VentureOne® Rewards Credit Card’s sign-up bonus isn’t bad: Enjoy a one-time bonus of 20,000 miles once you spend $1,000 on purchases within 3 months from account opening, equal to $200 in travel. But compared with its sister card, you’re not getting nearly as much value. Again, those who spend less may still find value in the Capital One® VentureOne® Rewards Credit Card because its spending requirement is lower. But if you can afford the Capital One® Venture® Rewards Credit Card’s requirement within the frame of your normal spending, the Capital One® Venture® Rewards Credit Card makes more sense.

Take your time to pay off a large purchase with the Capital One® VentureOne® Rewards Credit Card

One major advantage the Capital One® VentureOne® Rewards Credit Card has over the Capital One® Venture® Rewards Credit Card is its introductory APR period: 0% on Purchases for 12 months, and then the ongoing APR of 12.99% - 22.99% Variable APR. While its intro period length may not measure up to the top 0% cards on the market, it’s an impressive addition to a card that already has a decent sign-up bonus and better-than-average rewards.

If you want travel rewards and you have a big purchase coming up, add the amount you’ll save in interest payments with the Capital One® VentureOne® Rewards Credit Card to how much you can earn in rewards to help you make your decision.

Which card is better?

Both the Capital One® VentureOne® Rewards Credit Card and the Capital One® Venture® Rewards Credit Card have strengths that are difficult to discount. If you’re not sure which one to choose, take a look at your current spending. If it’s more than $666.67 a month, the Capital One® Venture® Rewards Credit Card is likely the better option. But if it’s less, or if you’re buying a big-ticket item soon, you’ll find more value in the Capital One® VentureOne® Rewards Credit Card.

Updated July 27, 2016.

Ben Luthi is a staff writer at NerdWallet, a personal finance website. Email: bluthi@nerdwallet.com. Twitter: @benluthi

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