Rewards Credit Cards July 4, 2020 0

Capital One Venture Credit Card Review

Capital One Venture Credit Card

Hello Friends, I hope all is well with you! I am going to be reviewing the Capital One Venture Rewards Credit Card. These opinions are my own, and I am in no way influenced by anyone.

Overall Verdict: The Capital One Venture card is a solid travel rewards credit card. It has a good flat rate rewards program, and it has some of the very best benefits that you can get. It does have an annual fee though but if you spend a certain amount of money each month, the benefits and rewards would outweigh the cost of the card.

Some things about this card I like:

  1. Good flat rate rewards program
  2. Extra benefits and protection
  3. TSA pre credit

Some things about the card that I don’t like:

  1. Annual fee
  2. You are able to get a no annual rewards card that has the same rewards rate

What type of reward are you getting?

This travel rewards credit card offers you the chance to earn travel miles for every dollar that you spend. The travel miles are applied to the net purchase amount (purchases minus returns) and given to you after the end of the billing cycle. The travel rewards accumulate in your account until you decide when you want to use them The Capital One Venture card offers you a few ways to redeem your miles. The first and most common way to redeem your miles would be to use the miles and apply them as a statement credit towards travel expenses. The second way to redeem your travel rewards would be to redeem them as cash, but this isn’t the most ideal way because your travel miles will be worth less as cash. What I mean by this is that each Capital One travel mile is worth $0.01, so 10,000 miles would be worth $100 as a statement credit towards travel expenses but if you redeem your miles for cash, your miles might only be worth $0.005 per mile or $50 cash for every 10,000 travel miles. The third way is to transfer your miles to other loyalty programs that Capital One has partnerships with. For Example, Capital One has a partnership with JetBlue and their loyalty program, what you can do is transfer your Capital One travel miles to JetBlue’s loyalty program. The reason why some people opt to do this is because sometimes partner loyalty programs offer you more to redeem the miles with them. Some of partner loyalty programs can be redeemed at $0.015 or $0.02 per mile when redeemed through them; this means more bang for your buck. The important thing is to check who the partner programs are and how they value them. The last way to redeem them would be to use your miles for Amazon purchases. The Capital One Venture card really offers you a lot of ways to redeem your travel rewards.

Is there an annual fee?

The Capital One Venture card has a $95 annual fee.

What is the rewards amount?

The Capital One Venture travel rewards credit card gives you the opportunity to earn 2x miles for every dollar spent. There are no categories or limit to the number of miles you can earn. That’s a pretty good deal. It especially helps if you are the type of person that spends in a variety of categories. I wanted to mention that you will need to spend at least $1,600 per month for this annual fee travel rewards credit card to be better than a no annual fee travel card that earns 1.5x miles per dollar spent. This does not take into consideration the bonus offer or any other monetary benefit that this card offers.

Is there a bonus offer?

The Capital One Venture travel rewards credit card offers you the chance to earn 50,000 bonus miles if you spend at least $3,000 in the first 3 months of the account opening. The 50,000 miles translates to $500 when redeemed as a statement credit towards travel related expenses. This is about a 16% return on the money you would have spent regardless.

Are there foreign transaction fees?

There are no foreign transaction fees for the Capital One Venture card.

Are there any other benefits?

The Capital One Venture travel rewards credit card does offer a wide range of benefits such as:

  1. Travel accident insurance – this is insurance against a covered loss that results in a trip interruption; you must use your card to purchase the fare
  2. Extended warranty – you get extended warranty protection on eligible items; you must use your card to purchase that item
  3. Auto rental collision damage waiver – it provides you secondary rental car insurance, this insurance is only paid out once your primary car insurance has been maxed out for the claim
  4. 24-hour travel assistance services – if your card has been misplaced or stolen, you can get an emergency replacement card and a cash advance
  5. $0 fraud liability –you are not responsible for unauthorized charges if card is lost or stolen
  6. Card lock – you have the ability to lock your card on the app
  7. Creditwise – you can check your credit score without it being affected
  8. Account alerts and security alerts – you can set up alerts to notify you when payments are due or other alerts you want to receive. Additionally, Capital One will contact you if they detect a suspicious purchase
  9. Global entry or TSA pre credit – you can receive up to a $100 credit for global entry or TSA pre when you use your Capital One Venture card

What is the interest rate and are there any other fees?

Your APR will be 17.24%, 21.99%, or 24.49%, but this depends on your credit score.

Their other fees include:

  1. Cash advance fee – $10 or 3% of the amount of each cash advance, whichever is greater.
  2. Late payment fee –up to $39
  3. Balance transfer fee – 3% of the amount of each transfer balance
  4. Returned payment fee – up to $35

How is the customer service like?

Capital One offers you a few different ways to contact them. The first way would be to call the number on the back of the card. The second way would be to send your question or problem via mail to one of their PO boxes. The final way you can have your question or problem resolved is through their chat bot named ENO. ENO will attempt to redirect you to various pages based on what you type in the chat; ENO will also try to answer the most common questions, but you may have to end up calling Capital One based on the complexity of your question or if you are unable to find your answer through ENO. An important note to mention is that you may experience longer than usual wait times from time to time, and you may have different experiences with their agents from time to time.

Should you get the Capital One Venture Credit Card

Who it’s perfect for:

  1. People who are big spenders
  2. People who can reach the sign-up bonus minimum
  3. People who spend on a variety of categories
  4. People who have excellent credit scores
  5. People who don’t mind the annual fee
  6. People who want extensive benefits
  7. People who don’t want a foreign transaction fee

Who it isn’t perfect for:

  1. People who want a no annual fee card
  2. People who spend a lot only in a couple of categories
  3. People who want cash back instead of miles

If you are still unsure if a rewards credit card makes sense, check out my post on Why You Should Use Rewards Credit Cards.

Additionally, if this card isn’t right for you, I invite you to check out my credit cards page for more information on other cards.

About the author

Mr. NahasFinance:

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