Capital One Venture Rewards

Rewards Rate

Welcome Bonus

When you sign up for the Capital One Venture Rewards credit card, you may be eligible for a one-time welcome bonus of 75,000 free miles, each to $750 toward travel. To earn this bonus, however, you’ll need to spend at least $4,000 within the first 3 months of opening the account.

APR

20.99-28.99% Variable APR

Pro & Cons

• Various travel perks like unlimited miles, travel insurance protection, no foreign transaction fees, and fraud protection.
• New members may qualify for a welcome bonus offer of 75,000 miles.
• Card holders benefit from other Capital One travel, dining, and entertainment benefits.

• Excellent credit required
• Potentially high variable annual percentage rate (APR)
• $95 annual fee

Capital One Venture Rewards

The Capital One Venture Rewards credit card is designed for individuals who love to travel and have excellent credit. It’s primarily marketed toward those who want to take advantage of such perks as unlimited miles, no foreign transaction fees, TSA PreCheck Credit, and travel accident insurance.

Rewards Redemption

With the Capital One Venture Rewards credit card, you can redeem rewards in two main ways. The first way is to use your credit card to book a trip with a travel agency or travel website. From there, you will need to go to the Capital One website, log in, select Rewards, and select Cover Your Travel Purchases. Alternatively, you can call the Rewards Center to redeem your miles.

The other method is to head over to travel.capitalone.com and book your trip through there. You can use your accumulated miles to offset the costs of flights, hotels, or car rentals.

You can also redeem your miles for other rewards besides traveling by converting them into a check or a credit toward your account balance.

Terms, Rates and Fees

The Capital One Venture Rewards card comes with variable APR ranging from 20.99% to 28.99%. Borrowers with excellent credit have higher approval odds and may receive the lowest possible APR.

This card does come with a few other fees. For example, the typical APR for cash advances is 28.99%, though it may vary based on the current Prime Rate. There’s also a $95 annual fee, $40 late payment fee, and up to a 3% balance transfer fee. There are no foreign transaction fees, however.

Capital One does not indicate the credit limit for this card. However, the most creditworthy borrowers are likely to get the highest limit.

For a travel-focused credit card, the general terms are relatively good for frequent travelers. Part of the reason for this is the unlimited miles rewards on things like accommodation, car rentals, and airplane tickets. The biggest downside is that the variable APR can be high for new card holders or those with a slightly lower credit score.

Maximize Benefits and Avoid Fees 

Here are the best ways to maximize your benefits and avoid fees with this card:

• Pay off the entire balance. This Capital One card comes with potentially high variable APR. To avoid this, try to pay off the balance in full before the issuer charges interest on it.

• Spend $4,000 within 3 months. To receive the 75,000 bonus miles (roughly $750 worth of travel), you have to spend at least $4,000 in 3 months. Make sure you pay off the balance before getting charged with interest for the most benefit.

• Use the miles. Given the annual fee and high variable APR, it would be wise to use this card primarily for booking flights, car rentals, and hotels through Capital One Travel. This will give you the most miles per dollar.

• Take advantage of the first-year vs. ongoing value. During the first few months of having the card, new members may be eligible for a one-time welcome bonus. After that, the card’s main ongoing value comes in the form of unlimited points toward travel.

How to Apply

1. Start the application process by going to Capital One’s main page.
2. Hover over “credit cards” and then click “Travel Rewards.”Then, find and click on the Venture Rewards Credit Card.
3. On this page, select “Apply Now” to begin the application process.
4. Input your personal information, which includes your name, SSN, and citizenship. If you are not a U.S. citizen, you’ll need to specify if you have citizenship in another country and where. Or you’ll need to answer a question about your U.S. residency status.
5. On the page where you provide personal information, you’ll also find important details regarding the card’s rates and terms.
6. The next step is to fill out your contact information, which includes your residential address, email address, and phone number.
7. Then, you will need to provide your employment and bank information. This includes how much money you make, as well as how much you spend on either rent or mortgage each month.
8. Next, you’ll have the opportunity to add an additional cardholder to the account. If you choose to do this, you’ll need to provide their personal and contact information as well. You can click “continue” to skip this step.
9. Finally, review your information for errors. If everything is accurate, submit the application. If there are errors, click “edit” under the relevant sections and change the information.

The overall application process only takes a few minutes to complete. The decision-making process varies, depending on when you apply and whether the card issuer needs more detailed information.

Qualification Requirements

• Excellent credit score
• Monthly income must exceed rent or mortgage payment by $425+
• Physical address in the United States, Puerto Rico, or a U.S. military location
• Age of majority in your state
• Valid SSN or individual taxpayer identification number

What Makes This Card Appealing?

What makes the Capital One Venture Rewards credit card appealing is the unlimited miles frequent travelers can gain through everyday purchases, as well as through booking accommodation, car rentals, or flights with Capital One Travel. This card also offers many other travel-related benefits, which can be beneficial to travelers with excellent credit.