Capital One VentureOne Review: Low-Cost Travel Card Falls Short

You get 1.25 miles per dollar on all purchases, a lower rewards rate than several other no-fee cards.
Sep 29, 2022

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Our Take

3.4

NerdWallet rating 
The bottom line:

Weigh the rewards against the offerings of other no-annual-fee travel cards before committing. You might even get more value from the regular Capital One Venture Rewards Credit Card, which charges a fee.

Jump to: Full Review
Capital One VentureOne Rewards Credit Card
Annual fee
$0
Regular APR
17.99%-27.99% Variable APR
Intro APR
0% intro APR for 15 months on purchases and balance transfers
Rec. credit score
690-850 (Good - Excellent)
Apply now

on Capital One's website

Quick Facts

Pros & Cons

Pros

  • No annual fee

  • Intro APR period

  • Flexible rewards redemption

Cons

  • Rewards have limited flexibility

  • Requires good/excellent credit

Alternate Pick: cash back rewards
Citi® Double Cash Card
NerdWallet rating 
Citi® Double Cash Card
Nothing's more flexible than cash

For higher rewards, consider this card, which gives you 2% cash back on every purchase (1% when you buy something + 1% when you pay it off). You can use your cash back for travel — or for anything else. The annual fee is $0.

Read our review

Compare to Other Cards

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Annual fee

$0

Annual fee

$0

Annual fee

$95

Regular APR

17.99%-27.99% Variable APR

Regular APR

14.24%-25.24% Variable APR

Regular APR

18.24%-25.24% Variable APR

Intro APR

0% intro APR for 15 months on purchases and balance transfers

Intro APR

0% intro APR for 15 months on purchases and balance transfers

Intro APR

N/A

Recommended Credit Score
Recommended Credit Score
Recommended Credit Score
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Full Review

If you’re not a heavy spender, the annual fee for a top travel credit card could cost you more than the rewards you’d earn. With the Capital One VentureOne Rewards Credit Card — the $0-annual-fee version of Capital One's popular travel card — you can earn rewards without worrying about a fee eating into their value.

But several no-annual-fee travel cards can offer you higher ongoing rewards, not to mention more lucrative sign-up bonuses to get you on your way. You're better off exploring your options first.

Capital One VentureOne Rewards Credit Card: Basics

Card type: Travel.

Annual fee: $0.

Sign-up 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.

Rewards: Unlimited 1.25 miles per dollar spent on all purchases, plus 5 miles per dollar spent on hotels and car rentals booked through Capital One Travel.

Interest rate: 0% intro APR for 15 months on purchases and balance transfers, and then the ongoing APR of 17.99%-27.99% Variable APR; 3% fee on the amounts transferred within the first 15 months.

Foreign transaction fees: None.

Why you might want the Capital One VentureOne Rewards Credit Card

Savings on fees and interest

If you’re not a frequent flyer and you pay with credit only occasionally, the $0 annual fee is a strong selling point. You'll earn rewards while paying nothing to carry the card, assuming you pay your balance in full each month to avoid interest. The Capital One VentureOne Rewards Credit Card also travels well internationally; it charges no foreign transaction fees, and it's a Mastercard (and therefore widely accepted). And should you need some time to pay off a large purchase, the card offers an introductory 0% APR period for purchases, a relatively rare feature on a travel credit card.

Redemption flexibility

The redemption process on the Capital One VentureOne Rewards Credit Card is as flexible as it gets for travel cards. Miles are worth 1 cent apiece when redeemed for travel. You can redeem three ways:

Airlines

  • Aeromexico (1:1 ratio).

  • Air Canada (1:1 ratio).

  • Air France-KLM (1:1 ratio).

  • Avianca (1:1 ratio).

  • British Airways (1:1 ratio).

  • Cathay Pacific (1:1 ratio).

  • Emirates (1:1 ratio).

  • Etihad (1:1 ratio).

  • EVA (2:1.5 ratio).

  • Finnair (1:1 ratio).

  • Qantas (1:1 ratio).

  • Singapore Airlines (1:1 ratio).

  • TAP Air Portugal (1:1 ratio).

  • Turkish Airlines (1:1 ratio).

Hotels

  • Accor (2:1 ratio).

  • Choice Privileges Hotels (1:1 ratio).

  • Wyndham Rewards (1:1 ratio).

Why you might want a different card

You can get better rewards

This card's 1.25% base rewards rate is underwhelming when you consider that 1.5% has pretty much become the standard for no-fee rewards cards. Compare it with these options:

  • The $0-annual-fee Bank of America® Travel Rewards credit card earns 1.5 points per dollar on all spending, with points worth 1 cent apiece when redeemed toward travel. That card offers a richer sign-up bonus, too: 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases..

  • The Discover it® Miles  also has a $0 annual fee and earns 1.5 miles per dollar spent on everything. Miles are worth 1 cent apiece whether redeemed for travel or cash back. It has a cool bonus offer, too: UNLIMITED BONUS: Only Discover will automatically match all the Miles you’ve earned at the end of your first year. For example, if you earn 35,000 Miles, you get 70,000 Miles. There’s no signing up, no minimum spending or maximum rewards. Just a Miles-for-Miles match.

Not ideal for bigger spenders

If you plan to put more than $12,750 a year on your card — about $1,060 a month — you'd get more value from the regular Capital One Venture Rewards Credit Card, even taking into account that card's annual fee of $95. That's because it gives you 2 miles per dollar spent (a 60% higher rate than the no-fee card). Plus, this card has a much bigger sign-up 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. You'll also get an application fee credit for Global Entry or TSA Precheck. Use our calculator to compare your estimated rewards with each card:

A cash-back card gives more flexibility

When it comes to travel credit cards, redemption is understandably geared toward travel. If you want to use your rewards for anything else, you typically get less value. Such is the case with the Capital One VentureOne Rewards Credit Card, where miles are worth 1 cent apiece when you redeem them for travel, but about half that when you use them to get cash back. Consider the Citi® Double Cash Card instead. It pays you 2% cash back on every purchase: 1% when you buy something and 1% when you pay it off. The annual fee is $0.

Visit NerdWallet's best credit cards roundup for more potential alternatives.

Should you get the Capital One VentureOne Rewards Credit Card?

If you’re looking for a low-cost travel card, the Capital One VentureOne Rewards Credit Card is a decent choice. But overall, other no-annual-fee cards can offer more upfront and ongoing value.

And if you're OK with paying an annual fee in exchange for greater benefits and perks, check out our best travel credit cards page for even more options.

on Capital One's website

Methodology

NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.