Review of the Capital One VentureOne Rewards Card with Pros and Cons
Do you want a great rewards card that offers bonuses, miles, and no annual fees? The Capital One VentureOne Rewards credit card may be a viable option to check into. This card is lesser known thanks to the Capital One Venture Rewards credit card. However, it’s rapidly gaining popularity through word-of-mouth. Like all credit cards, there are downfalls you should know about before you apply. We’ll discuss pros and cons to this card. This review will help decide for yourself if the VentureOne® Rewards travel credit card is a good card for you.
Capital One VentureOne Rewards Pros
No Annual Fees
Most rewards credit cards charge higher annual fees. However, the Capital One VentureOne credit card has no annual fee. This allows you to use your card as little or as much as you want without trying to break even. You also won’t have to worry about trying to afford this rewards card every year to earn travel discounts. No annual fees add up to additional savings for the cardholder every year the account is open.
Bonuses Don’t Expire
Once you’ve earned bonuses, you want to use them at your leisure. Again, many rewards cards have a window where you have to use your rewards, or they expire. This rewards card doesn’t have a specific date to use your rewards by. They are good as long as you have an account open and in good standing. This means you can stack your rewards and redeem them for bigger rewards.
Unlimited Miles and Rewards
Once you start earning rewards, there is no limit. You earn 1.25 miles for every dollar you spend with this card. As these rewards won’t expire, you have the potential for huge rewards. Say you spend $1,000 on your card. You’ll earn 1,250 miles. If you use your card for everyday purchases, every month, by the end of the year, you’ll have 15,000 miles. You can also stack these miles and rewards for years without a penalty.
Your reward miles are good to use on any airline. Additionally, you can use them to stay at the hotel of your choice while you travel. You won’t have to worry about trying to find a compatible airline, and you can just book your trip. You’ll have less stress, and you can make all of your rewards work for you. There are also no blackout dates, and this makes traveling even easier.
Sign Up Bonus
You become eligible for a nice sign-up bonus with this card. Once you’ve successfully signed up, you’ll spend $1,000 within the first three months. When you do this, you’ll get 20,000 bonus miles. These 20,000 miles equal $200 in travel money. You can redeem these miles at a time that is convenient for you. Remember, they never expire as long as your account is open.
0% Introductory Financing
For the first 12 months, you have this card; you’ll pay a 0% introductory APR. If you purchase big-ticket items and pay them off in the first 12 months, you’ll save on interest fees. So this can quickly add up to huge savings. You can take several months to pay off your balance without adding on more interest charges.
No Foreign Transaction Fee
If you plan to travel with this rewards card, you’ll save on foreign transaction fees. A foreign transaction fee can attach to any purchase you make through a bank located outside of the United States. This can quickly add up to hundreds of extra dollars just for using your card. The Capital One VentureOne card has no foreign transaction fee. You can use this card as much as you want and you won’t have to worry about paying more.
Capital One VentureOne Rewards Cons
Good to Excellent Credit Needed
Since this is a rewards card, your FICO credit score will matter when you qualify. You’ll need good to excellent credit to qualify for this card. So this can make it more difficult to qualify with a fair credit score. The higher your credit score is, the lower APR you may have. If you do manage to qualify with a lower credit score, you’ll pay more in APR.
Higher Normal APR
Even if you have a good to excellent credit score, the regular APR runs high with this card. It starts at 12.99% and goes up to 24.99%. This will be added to your balance every time you carry a balance from month to month. If you routinely carry a balance, the VentureOne® Rewards card may be the wrong credit card for you. The APR can quickly add hundreds of interest fees that waste your money. High-interest fees will make it harder to pay it off, and you’ll pay a lot more.
Rewards Rates are Lower Than Other Travel Cards
The rewards rate on the Capital One VentureOne Rewards is decent for lower to moderate spenders. So, if you’re someone who spends $15,000 or more per year, there are better rewards cards. You want to get the most out of your card, and it pays to shop around. Other cards allow you get 2% cash back on every dollar you spend or higher mileage rates. You may want to consider a cash back card you can apply towards free travel. A good cash back credit card to consider is the Citi® Double Cash Card.
Capital One VentureOne Rewards Travel Card Final Thoughts
The Capital One VentureOne rewards card is a solid credit card. It offers the flexibility of no blackout dates and unlimited earning potential. The sign-up bonus and no foreign transaction fee are also nice. However, if you don’t have a higher credit score or you’re a high spender, there are better cards. It’s beneficial to look into this card when you’re considering a rewards card. Finally, just make sure it matches up to your lifestyle, and it’ll work for you.