Capital One Venture Rewards - If It’s Not in Your Wallet Maybe It Should Be
Capital One’s Venture Rewards card is a premium credit card designed with travelers in mind. From avid travelers to more casual ones, the rewards earned from this card make it easy to see why Capital One asks, “What’s in your wallet?” They have designed this card to rival other premium travel cards and confidently make the argument: if this card is not in your wallet, maybe it should be.
Most premium credit cards offer a multitude of rewards and other attractive features to lure customers, and the Capital One Venture Rewards card is no different. This card has layers and layers of features, so bear with me. I’m going to start with the basics.
Like most premium credit cards, the Capital One Venture Rewards card has an annual fee. The good news is Capital One waives the $95 fee for the first year. Also, like most premium cards, potential cardholders need excellent credit. Capital One reserves this card for customers with a 700+ credit score. The APR is a competitive 17.24% - 24.49% variable, and there is no fee assessed for exceeding your max limit on the card.
Other fees you might run into owning this card include a late fee and a cash advance fee. If you do not pay your bill on time, a fee of no more than $39 will appear on your next statement. If you need some cash, be prepared to pay a 3% charge with a minimum of $10 for an advance. The interest rate for cash advances tips to the high end of the interest rate scale at 24.49% variable.
And now for some good news – Capital One allows you to add an authorized user for free. Additionally, cardholders can set up auto bill-pay, and Capital One Venture Rewards cardholders have peace of mind with 24/7 customer service access.
It’s All About Those Miles
Venture Reward customers enjoy the luxury of earning 2x the miles on every purchase, everywhere, every day. That’s right, no restrictions. These miles are unlimited and do not expire for the life of the account.
So, what exactly does earning 2x the miles mean? Cardholders earn 2 miles for every dollar spent and can redeem miles at 1 cent apiece. This amount may not seem like much at first, but it can add up over time. For instance, the Capital One Venture Rewards card offers 50,000 bonus miles to new customers who charge $3,000 in the first three months of owning the card. That’s a free $500 towards a vast array of travel expenses. You don’t have $500 in travel expenses on your bill this month? No problem. Like I said earlier, these miles never expire.
Another way to redeem miles is a newer concept for Capital One but not so new altogether: transferring miles to a partnering airline or hotel. Capital One began offering this feature to its customers in 2018, probably to compete with similar travel credit cards. The added benefit to customers is a 40% increase in value per mile. This statistic means those 50,000 bonus miles equate to $700 in rewards when directly transferred to a partnering airline or hotel. Finally, a relatively new and popular way to redeem miles is on Amazon.com. Capital One has joined its competitors in partnering with Amazon for miles/points redemption. For the Capital One Venture Rewards card, the evaluation breaks down like this: 125 miles per $1, which equates to 8 cents per mile.
Sometimes rewards programs have a complicated process for redeeming rewards. Not so, with the Capital One Venture Rewards card. Capital One makes redeeming your miles for cash on travel expenses super easy. Simply check a box by a travel expense listed on your statement, and your miles will be allocated to that charge. Likewise, transferring miles to a partnering airline or hotel is relatively easy using the Capital One website or app. In a few cases, the transfer could take up to 36 hours, but in most cases, it is instant.
Safety Features and Benefits
The safety features and benefits with the Capital One Venture Rewards card are impressive, and not just geared towards travel. The best way to review these features is a descriptive list: If you lose your card or if it's stolen, Capital One Venture Rewards cardholders have 24-hour travel assistance services. This service will replace your card with an emergency card or provide a cash advance.
Cardholders have a $0 fraud liability. So, if your card is stolen or lost, Capital One will not charge you for purchases you did not make.
Capital One Venture Rewards owners have access to Card-Lock in the mobile app. If your card is stolen or lost, you can lock it so no one can make fraudulent charges.
Cardholders can receive a text, a call, or an e-mail if suspicious activity is detected on their card. Card monitoring catches such activity as double charges and possible fraud.
Capital One Venture Rewards cardholders have access to Eno. Eno is a service that provides virtual card numbers to protect actual card numbers when ordering online or over the phone.
Card owners will also receive rental car insurance coverage for damage or theft. Coverage can be up to the cash value of the vehicle. Capital One qualifies this coverage on their site by saying there “can be coverage” and also mentions coverage must be on “eligible vehicles.” People planning to use the rental car insurance benefit should carefully research the limitations and restrictions on the Capital One website.
If you use your Capital One Venture Rewards card to purchase your airfare, you receive automatic loss insurance for baggage and other items.
Keeping track of your credit score is made easy with this card. As a cardholder, you will receive CreditWise, a credit alert system. You’ll get alerts when your TransUnion or Experian credit report changes. CreditWise will also scan the dark web for your SSN# and send an alert if there is a problem.
Cool Perks Almost No One Else Has
Finding the right credit card can be mindboggling. In a lot of ways, premium credit cards have similar features. So, what's unique about the Capital One Venture Rewards card? Well, to begin, they offer a super practical $100 credit on Global Entry or TSA Pre-Check. If you have ever waited in line with your shoes off, holding your pants up because you had to take off your belt, you know being TSA pre-approved is like a dream come true. To take advantage of this perk, simply pay for one of these services with your card, and Capital One will reimburse you up to $100. It’s that simple.
Being a Capital One Venture Rewards cardholder also gives you access to some remarkable premium experiences. You can pre-purchase VIP concert and sporting event tickets and gain access to 5-star invite-only dining experiences when paying with your card.
This final perk is a shopper’s dream. Cardholders have access to Paribus, an app that finds potential savings on card purchases. If a retail price drops, Paribus finds the savings, and Capital One puts the difference back on your card. Paribus also finds savings like late delivery fees that warrant a discount. Finally, if there is a return window for purchases, Paribus will send the cardholder a notification. Not all retailers are part of this feature, however. Current partnering merchants include popular stores such as Target, Macy's, Home Depot, GAP and several more.
Wrap It Up
Some people might think they don’t need a travel credit card, but Capital One Venture Rewards has substantial value as a go-to everyday card. Feel assured, your miles will not go to waste because they never expire. The avid traveler will benefit, for sure. However, the casual traveler might see savings in larger, more noticeable chunks. For instance, if you only travel once a year, quite possibly, most of your vacation can be paid for in miles earned from your Capital One Venture Rewards card. To wrap it up, if you travel -- even just a little bit -- the Capital One Venture Rewards card should be somewhere on your short-list.