Capital One Venture One Card Review

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The Capital One VentureOne Rewards Credit Card is a slimmed-down version of the popular Capital One Venture Rewards Credit Card. It's one of the few no-annual-fee cards on the market that gives you the option to earn either cash back or transferable miles, and it's now offering a substantial welcome bonus.

Review: Is the Capital One Venture One the Best Credit Card for You?

As with many things in life, you get what you pay for when it comes to credit cards. Opting for a card that doesn't charge an annual fee almost certainly means you'll be giving up benefits and settling for lower earning and redemption rates.

Depending on how much you spend on your cards though, that tradeoff might very well be worth it. Enter the Capital One VentureOne Rewards Credit Card, a no-annual-fee version of the popular Capital One Venture Rewards Credit Card. It's now offering an increased welcome bonus of Capital One VentureOne Rewards Credit Card through links on Personal Finance Insider.

The bonus is worth $400 when you use miles to offset eligible travel purchases made with your card or book through the Capital One Travel portal. However, if you transfer your miles to Capital One's airline and hotel partners, you could get a value of around Capital One VentureOne Rewards Credit Card - Featured Reward Value, based on Insider's valuations.

The Capital One VentureOne Rewards Credit Card is almost identical to the Capital One Venture Rewards Credit Card with two key differences: It earns 1.25x miles per dollar on most purchases (while the Venture earns 2x), and it has a lower welcome bonus; the Capital One Venture Rewards Credit Card currently offers Capital One Venture Rewards Credit Card. 

Unfortunately, that lower earning rate makes the Capital One VentureOne Rewards Credit Card a tough sell for most people. Some of the best no-annual-fee credit cards offer 1.5x or even 2x rewards, so the VentureOne has some stiff competition. That said, the card comes with a 0% APR offer that sweetens the deal; new cardholders receive a Capital One VentureOne Rewards Credit Card - Intro APR, followed by a Capital One VentureOne Rewards Credit Card - Regular APR APR.

Ultimately it's up to you to analyze your spending patterns and decide whether this is the most rewarding option for you, or if you'd actually come out ahead by paying the Capital One Venture Rewards Credit Card annual fee on the regular Capital One Venture Rewards Credit Card.

We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

Who Should and Shouldn't Consider the Capital One Venture One Card

Let's start with some simple math. The Capital One Venture Rewards Credit Card has a Capital One Venture Rewards Credit Card annual fee, but out-earns the Capital One VentureOne Rewards Credit Card by 0.75% if you're redeeming your rewards at a 1 cent per mile rate to erase travel purchases, and possibly more if you're transferring them to airline and hotel partners instead.

At that rate, if you're spending $12,666 a year or more on your Venture card, you'd be guaranteed to break even on the annual fee and you'd be better off picking the regular Venture card with the larger bonus.

Even if you're committed to sticking to a no-annual-fee card, you can out-earn the Capital One VentureOne Rewards Credit Card quite easily with competitors like the Chase Freedom Unlimited® and Citi® Double Cash Card. If you're looking primarily for cash back, those are clear-cut winners.

The biggest drawback is that you need to pair them with a second card that does charge an annual fee in order to unlock airline transfer options, while the Capital One VentureOne Rewards Credit Card gives you that option for free.

That leaves a rather narrow use case for the VentureOne though: This card is best suited for travelers who don't want to pay an annual fee, want the flexibility to redeem their rewards for cash back, airline miles, or hotel points, and don't want to pay any foreign transaction fees when they travel internationally. If that sounds like you, the Capital One VentureOne Rewards Credit Card is worth considering.

How to Earn Rewards From the Capital One VentureOne Card

The Capital One VentureOne Rewards Credit Card doesn't have any bonus categories to worry about — instead, all purchases earn 1.25x miles per dollar, with one exception. Cardholders earn an unlimited 5 miles per dollar on hotels and rental cars booked through Capital One Travel.  

How to Use Capital One Miles

There are two primary options for redeeming Capital One miles, but within that, you have a decent amount of flexibility. The first option is to redeem for cash back, by erasing eligible travel purchases off of your statement. This gives you a value of 1 cent per mile, which you'll also get if you use your miles to book new travel through Capital One.

You can use your miles to shop online with Amazon or PayPal, but you'll get an inferior value of just 0.8 cents per mile. If you want to get straight cash back, you'll only get a value 0.5 cents per mile, cutting your rewards in half.

You can also transfer your miles to Capital One's hotel and airline partners. Here's a list of the current partners and the transfer ratios you'll get:

Some of my personal favorites on this list are Avianca LifeMiles, which offers very affordable Star Alliance business class rates between the US and both Europe and Asia, and Aeroplan, which does the same but adds a unique complement of international partner airlines, like Etihad.

Capital One Venture One Benefits and Features

Cards that don't charge an annual fee usually don't offer many benefits, and the Capital One VentureOne Rewards Credit Card is no exception. There are a few noteworthy features though:

Introductory 0% APR 

The Capital One VentureOne Rewards Credit Card offers a Capital One VentureOne Rewards Credit Card through links on Personal Finance Insider, after which a Capital One VentureOne Rewards Credit Card APR kicks in. This is one of the longest intro APR credit card offers available right now, particularly among cards that offer a welcome bonus and rewards for spending.

Using an intro APR offer can help you save money on interest, but make sure you have the means and a plan to pay off your balance before the introductory period expires. Otherwise, your balance will be subject to the regular APR, which could leave you on the hook for high interest charges.

Car rental insurance

When you use your Capital One VentureOne Rewards Credit Card to pay for your eligible rental car, you can be covered for damage due to collision or theft.

Travel accident insurance

Cardholders receive travel accident insurance when they use their Capital One VentureOne Rewards Credit Card to pay for their fare.

Extended warranty

If you pay for your eligible purchase with the Capital One VentureOne Rewards Credit Card, you can get additional warranty protection at no extra charge.

Fees and Costs

I love how Capital One is committed to not charging foreign transaction fees on any of its cards, encouraging you to take your Capital One VentureOne Rewards Credit Card with you on the road. Other cards charge 3% or more for international purchases, so this can translate into significant savings on a trip.

Like most other cards, the Capital One VentureOne Rewards Credit Card charges fees for balance transfers, cash advances, and late payments.

Compare Capital One VentureOne vs Other Capital One Cards

Capital One VentureOne Card vs Other No-annual-fee Credit Cards

Capital One Venture One Frequently Asked Questions (FAQ)

What credit score do you need to qualify for the Capital One VentureOne card?

Capital One generally requires you to have excellent credit to be considered for the Capital One VentureOne Rewards Credit Card — that is, a FICO score of at least 800. If your score isn't in that range yet, read our guides about improving your credit score and how using credit cards responsibly can help boost your score.

In addition, Capital One defines excellent credit as never having declared bankruptcy or defaulted on a loan, been more than 60 days late on any credit card, medical bill, or loan in the last year, and having had a loan or credit card for three years or more with a credit limit above $5,000.

Can you upgrade a Capital One VentureOne to a different Venture card?

Capital One may consider you for an upgrade from the Capital One VentureOne Rewards Credit Card to an annual-fee card like the Capital One Venture Rewards Credit Card or Capital One Venture X Rewards Credit Card. You may see an upgrade offer in your account; otherwise, you'll have to call and ask, and there are no guarantees.

Is the Capital One VentureOne card metal?

Unlike the Capital One Venture Rewards Credit Card and Capital One Venture X Rewards Credit Card, the Capital One VentureOne Rewards Credit Card is not metal. It's made of plastic.