Capital One VentureOne Rewards Credit Card Review

You’ve probably read gushing reviews of travel credit cards like the card_name and card_name. They are really good, but come with significant annual fees that you may not be comfortable with.

Isn’t there a cheaper option? Yes. The card_name is a no-annual-fee credit card that earns the same travel rewards currency as its more premium siblings. Its perks aren’t quite at the same level, but it’ll give you a feel for Capital One miles and whether you might want to make an actual investment in a more powerful option in the future. Here’s what you need to know about the card_name.

TIME’s Take

card_name is one of the only no-annual-fee credit cards on the market that gives you the option to transfer rewards directly to airlines and hotels. While its earning rate and travel benefits leave a lot to be desired, its simplicity is a big win for those just starting their journey into points and miles.

Pros and cons

Who is the card for?

The card_name is ideal for a beginner who’s curious about travel rewards. There are a few reasons for this.

First, the card earns Capital One miles, which can help you travel on the cheap. They’re extremely easy to use, so you don’t have to put in long hours of research to get free airfare, hotel stays, rental cars, etc.

Also, card_name does not charge an annual fee. That makes the card appealing for skeptics convinced there’s no such thing as a free lunch. You can test-drive Capital One miles to see how difficult they are to earn and redeem with no financial commitment. If you find them unwieldy, no harm done.

Finally, the card has a very straightforward earning rate. You won’t have to keep track of complicated spending categories or rotating bonuses.

If you’re already an award-travel aficionado, or if you travel frequently, there are better cards with higher welcome bonuses, more potent return rates, and stronger travel benefits that you should look at instead.

Rewards

The card_name comes with bonus_miles_full. That’s worth at least $200 in travel and potentially a lot more if you know how to maximize Capital One miles (we’ll discuss this in a minute).

The card also earns 5 miles per dollar on hotels and car rentals reserved through Capital One Travel and 1.25 miles per dollar for all other eligible purchases. There are several ways to use these rewards:

• Cash them out at a rate of 0.5 cents each.
• Use them to offset your Amazon cart at a rate of 0.8 cents each.
• Redeem them as a statement credit to offset travel purchased with your card at a rate of 1 cent each.
• Transfer them to airline and hotel partners for a potential value of 2+ cents each.

This last bullet is the best way to squeeze the most value from your rewards. Capital One partners with loyalty programs such as Air Canada Aeroplan, Avianca, and Wyndham. By converting your points into airline miles and hotel points, you can travel for pennies on the dollar.

For example, you can transfer 20,000 Capital One miles to Avianca for a one way flight between Washington, D.C., and London on United Airlines. You’ll only have to pay ~$25 in taxes. Or, you could transfer 15,000 points to Wyndham for a night in a one bedroom Vacasa vacation rental (which can cost hundreds of dollars per night).

The fine print

In addition to no annual fee, card_name also waives foreign transaction fees, which makes it a solid card to use overseas.

However, you should expect to be charged for things like:

• Carrying a balance: You’ll pay an annual percentage rate (APR) of reg_apr,reg_apr_type when you carry a balance month to month. This will likely negate any rewards you earn from spending, so it’s a bad idea to use the card if you don’t think you can pay off your bill each month.
• Cash advances: You’ll pay either $3 or 3% of the total transaction when requesting a cash advance. You’ll also pay cash_advance_apr, which will begin accruing the same day you initiate the cash advance.
• Late payments: You’ll be charged cash_advance_fee for payments that post after your due date.

Additional hidden perks

0% intro APR offer

The card_name offers intro_apr_rate,intro_apr_duration and balance_transfer_intro_apr,balance_transfer_intro_duration (then reg_apr,reg_apr_type). You’ll pay a 3% fee on the amounts transferred within the first 15 months.

This is an excellent feature that helps you to save a lot of money if you’ve got an upcoming expense that you think you won’t be able to pay off for a while. Credit card interest rates are often cripplingly high, so this provides you some breathing room to pay down your bill before getting hit with big fees.

Ability to convert cash back into travel rewards

There are many Capital One cash-back credit cards, such as the card_name and the card_name.

If you have the card_name along with one of these cards, it’s possible to convert your cash back into Capital One miles. Within your online account, you can transfer the rewards from your cash-back card to the card_name (similar to moving money from a savings account to a checking account) at a rate of 1 mile per cent. This will give you the ability to transfer those rewards to airline and hotel programs for outsized value.

Travel protection

The card offers fair travel coverages for a no annual fee credit card. You’ll have to use the card to pay for your travel in order to qualify. Here’s what you’ll get:

• Secondary rental car insurance, which covers anything that your primary insurance (such as your personal policy) does not.
• Travel accident insurance, which can compensate you for disasters caused by the common carrier (such as loss of senses, limbs, and life).

These can’t compare with an annual fee-incurring credit card, such as the Capital One Venture Rewards Credit Card, but they’re serviceable for those who don’t travel frequently.

Standard Capital One card perks

The card_name offers benefits that appear on all Capital One cards, including:

• Capital One Dining: This helps you to book reservations that are hard to get. You can also notify the restaurant of your dietary preferences and give it a heads-up if you’re celebrating something special.
• Capital One Entertainment: You can get exclusive presale access for various concerts and sports events and occasionally the opportunity to attend special events.
• Capital One Travel: Book your airfare, rental cars, hotels, etc. through Capital One’s proprietary online travel agency. You’ll benefit from such perks as price prediction, Cancel For Any Reason coverage (for a fee), and price drop protection.

What could be improved

For a travel-oriented credit card, the card_name could stand to offer a few more travel insurances. Things like baggage delay insurance, primary rental car insurance, and trip delay insurance would skyrocket this card into the top spot on many no annual fee travel rewards.

The card’s earning rate is slightly subpar, as well. There are plenty of cash-back credit cards that earn between 1.5% and 2% back on all purchases. Bumping up the card_name return from 1.25x to 1.5x could make the card more competitive.

Card alternatives

Time Stamp: Good for beginners, but not frequent travelers

The card_name never claimed to be the top travel credit card on the market. It’s a good introduction into free travel with credit-card rewards and not that much else.

Frequently asked questions (FAQs)

Is the card_name hard to get?

The card_name is not particularly hard to get. It has similar approval standards to other rewards credit cards. However, Capital One specifically states that you must never have declared bankruptcy or defaulted on a loan. Also, you can’t have a payment more than 60 days late on a credit card, medical bill, or other loan in the last year. Finally, you must have had a loan or credit card with a credit limit above $5,000 for at least three years.

What credit score do you need for the card_name?

As long as you’ve got a credit score of at least 670 (considered “good” by FICO), your credit score shouldn’t stand in the way of an approval. Just remember that Capital One considers much more than a credit score, so being approved isn’t a sure thing—regardless of your score.

What is the minimum credit limit for the card_name?

Capital One doesn’t reveal the minimum credit limit for the card_name. However, you can expect to be approved for a credit line below $5,000 if your credit profile is less than perfect.

Is the card_name good for beginners?

The card_name is a great card for those just beginning in the world of travel rewards. Its no annual fee means it’s a low-risk way to earn and redeem Capital One miles for free flights, hotels, and more. However, those new to the world of credit with limited credit history will likely not qualify.