Capital One Venture Rewards Credit Card Review

Capital One Venture CardVenture, as defined by Webster’s dictionary, is to “proceed somewhere despite the risk of possible dangers.”  Seems like a strange way to introduce a credit card that is the most recognizable brand of the Capital One product line, but the Capital One® Venture® Rewards Credit Card offers excellent benefits for any consumer with good to excellent credit. This is a card that my wife and I have used for years, and have been extremely happy with it.

One of the few Capital One cards to offer a bonus up front, the Capital One® Venture® Rewards Credit Card rewards cardholders with 40,000 bonus miles after spending just $3,000 during the first three months of card ownership.  $3,000 is a lot to spend on a credit card in just three months but if you’re planning a family vacation or a big appliance purchase, this is the perfect time to do so.

Note: Compare this and other travel rewards credit cards at CardRatings.com.

Capital One® Venture® Rewards Program

Perhaps the easiest rewards program to understand on the planet, you’ll earn 2 miles per dollar spent on everything.  That’s it.  No categories to worry about, no maximum spend limits or a tiered breakdown on gas and restaurants.  Every time you use your Capital One® Venture® Rewards Credit Card, two miles per dollar.  Rewards never expire so long as the account is open and there are no caps.  Millions of miles are possible.

Having used the card, I can tell you that redeeming miles is very easy. You can redeem miles online in seconds for statement credits on travel related purchases. I use both the personal and business version of the card for this purpose.

Miles can be redeemed for any airline, any hotel.  No blackout dates, no gotcha moments … this card is free and clear of any hurdle or obstacle.  Considering the everyday rewards rate is 2%, this card essentially acts as a 2% cash back travel card.  Tack on the up front 40,000 bonus mile offer and in the first year of card ownership, you might just save $1,000.

Capital One® Venture® Rewards Perks

Also included with the Capital One® Venture® Rewards Credit Card are Visa Signature Benefits that include:

  • Extended Warranty – When you purchase goods using your Capital One® Venture® Rewards Credit Card, they might include an extended warranty.  Depending on the warranty you receive from the manufacturer, you stand to gain one extra year of warranty.  For example, if you get a 6 month warranty from the manufacturer, Visa will match it to make it one full year.  If you receive a 2 year warranty, Visa will add an additional year to make it 3.  For any warranty received over 3 years, unfortunately, Visa does nothing.
  • Complimentary Concierge Service – Wherever and whenever, you can call Visa concierge to assist you in whatever you need.  That could mean finding tickets to a show, or asking for assistance on the side of the road.  The toll free number on the back of your Venture card (which is metal by the way) is always working.
  • Auto Collision Rental Damage Waiver – When you rent a car, the person behind the counter will always insist on purchasing additional insurance.  If you use this Visa card to make that rental and the car is a standard 2 or 4 door sedan, you won’t have to.  Visa Siganture will provide you insurance on your rental so that you don’t have to pay that extra ~$10 fee.  You should also know that most standard auto insurance policies cover your rental car too, so you’ll have two layers of protection.

Capital One® Venture® Rewards Pricing Details

Annual Fee – An annual fee of $59 is associated with this card, but it’s waived for the first year, allowing you to test drive your new credit card without paying a fee.

Purchase APR– The purchase APR on the Capital One® Venture® Rewards Credit Card is 13.99% – 23.99% variable and the APR you will receive will be based on your credit history.  Unfortunately, there is no 0% intro APR to speak of.

Cash Advance APR – The cash advance APR is 23.99% variable with a 3% cash advance fee.  If your payment is late and/or your balance falls into penalty, you will be charged a $35 penalty fee.  The APR during the penalty is also 23.99% variable.

No Foreign Transaction Fees – One of the great things about all Capital One credit cards is that they do not charge a foreign transaction fee.  When making online purchases with foreign companies or traveling, the cost of the merchandise you buy is what you’ll pay.  Other cards typically charge up to a 3% fee to change your currency into the host’s currency.  Capital One does it for you, for free, on every single Capital One credit card.

Conclusion

Owning a great travel rewards credit card is always a smart thing to do.  Even though I don’t travel often, I still find it extremely beneficial to use my travel card when needed.  The Capital One® Venture® Rewards Credit Card is a straightforward no nonsense option.  Double miles on everything is fantastic, and the 40,000 initial bonus is also fantastic.

When making a decision on whether or not to apply, please don’t forget to consider the annual fee.  $59 may not sound like a lot but for the casual traveler, it may eat into your annual benefits too much.  Happily, year one is on the house, allowing you the chance to see what this card has to offer.  Consider the Capital One® Venture® Rewards Credit Card for your wallet and take advantage of the great bonus offer.


Topics: Credit Cards

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