Many credit card companies promise low interest rates and fantastic rewards. However, despite the flashy advertisements, everyone knows that not all credit cards measure up to their promises. Sneaky fees, unusable mileage, and restrictive “rewards” are only a few of the letdowns many consumers experience after the enticing introductory period ends. So how does Capital One’s Venture Rewards Credit Card stack up?
Benefits of the Capital One Venture Credit Card
First, let’s review what they promise. The Venture card is a travel card, which means its rewards are geared toward mileage accrual to use for travel expenses. Let’s discuss the basics. The card offers unlimited, non-expiring two miles per every dollar purchased (spend $1100, get 2200 miles), a one-time bonus of 40,000 miles if you spend $3000 in the first three months, and no blackout dates. The card also allows you to use your accrued miles flexibly. Not only can you redeem the miles for airline tickets, you can also use them for hotels, car rentals, vacation packages, basically any travel-related expense. They also clearly explain how to figure out how many miles your travel expenses will cost you: simply add two zeroes. In other words, if your flight is $198, you need 19,800 miles to cover it. If your rental car is $45, you need 4500 miles. On top of that, you can also use your miles for gift cards, merchandise, and cash back. With their purchase eraser, you can use your miles to cover purchases as if they never happened. It truly is very flexible.
Now for the more nitty gritty. The Venture card comes with a variable APR of 13.9-20.9%, which is pretty standard for credit cards. It has no transfer fee, and no annual fee for the first year. After the first year, the annual fee is $59. The Venture card also has no foreign transaction fee.
That’s what the card promises… but does it deliver?
In short, yes. The Capital One Venture Rewards card is highly rated by many websites as one of the best travel rewards cards available and the best overall credit card available from Capital One. On top of truly delivering on its promises, there are a slew of auxiliary perks associated with the card, such as concierge service, travel and rental car insurance, extended warranty, and international acceptance. Capital One is also highly rated for its excellent and timely customer service, which is something some credit card companies struggle with.
Also, as with all Capital One credit cards, the Venture card includes their free Credit Tracker tool, which allows you to monitor your credit score as often as you’d like. The Credit Tracker allows you to see your most up-to-date credit score, simulate how your spending decisions can impact your score, receive email alerts if your TransUnion credit score changes, and receive “grades” on key factors that impact your credit. In this way, you can easily make informed decisions regarding your credit spending and always be in the know regarding your credit score.
Drawbacks of the Capital One Venture Card
That may be a long list of pros, but every credit card has its cons — and the Capital One Venture Rewards card does too. It has an annual fee; it is restricted only to “excellent credit” holders, meaning you already need stellar credit before even being considered for this card; and of course there is the variable APR that all credit cards have. In industry terms, however, that’s an unusually short list.
It seems the Venture card is one of the few honest rewards cards out there. With the constant TV and radio advertisements promising “these rewards” or “those perks”, it can be difficult for consumers to know which companies mean it, and which are simply full of hot air. The Capital One Venture Rewards Credit Card stands out for actually delivering what it says, and consumers actually get what they are promised without strings attached.