Capital One Venture Credit Card Review
Be warned: Not all travel cards are created equal. Here’s what you need to know about the Venture card and why it’s different.
Since making its debut nearly 2 years ago, I’m sure you’ve seen your fair share of commercials touting the Capital One® Venture℠ credit card. So are those vikings right? Should you fill out an application or is this card just hype?
Admittedly, I was quite skeptical – the 2 miles per dollar sounded a bit too good to be true. But I did a thorough review of the card myself – and – gathered feedback from others. Here are 5 things I found out.
#1. The double miles are the real deal
It’s not just hype, nor are there any tricks buried in the fine print. With the Capital One Venture you really do get 2x miles for each dollar spent. There’s no cap or ceiling on this – you get unlimited double miles no matter how much you spend.
#2. It’s like earning 2% on everything you buy
This is how the Venture rewards program works: Each mile you earn is worth $0.01 towards a travel purchase. Examples:
Since you are earning 2 miles/dollar, this means you are earning a whopping 2% rebate when you use your miles for travel purchases.
The nice thing about this system is that you have the freedom to buy reward travel on your own, from wherever you want. For example, you could buy a flight from the Delta Airlines website or a hotel room through Priceline. Just charge that purchase to your Venture card and afterward, you can redeem your points to offset that eligible purchase.
#3. There’s no foreign transaction fee
When you make purchases outside of the US, just about every card on the market will sock you with a foreign transaction fee. It’s usually around 2-3% of the purchase price.
On one hand you want to use your credit card while traveling because it’s much safer than cash – but on the flip side – if you have to pay that 2-3% surcharge, the cost vs. benefit is a major dilemma. But with the Venture card you won’t encounter that predicament, since there are no foreign transaction fees.
#4. It comes with a number of benefits
As a Visa Signature card, you get a number of cardholder perks including an extended warranty program, travel accident insurance, a free 24/7 phone concierge service, and others. The application page goes over the details/rules for each benefit.
#5. There are 2 different Venture cards
Although the commercials tend to be for the double miles version, there are actually 2 different types depending on your needs:
- Venture℠ Rewards –
This is the most popular because it gives 2 miles per dollar. The annual fee is $59 but it’s waived for the first year. If you apply now you can earn 10,000 bonus miles (equal to $100 in travel) when you spend $1,000 on purchases within the first 3 months.
- VentureOne℠ Rewards –
This is a no annual fee version which gives 1.25 miles per dollar spent. Reviews from forum members have said its customer service and benefits are just as good as the $59 version. If you apply now you can earn a one-time bonus of 10,000 miles (equal to $100 in travel) once you spend $1,000 on purchases within the first 3 months. With this one you also get 0% intro APR on purchases until June 2014 (11.90%-19.90% Variable after that).
Verdict?
The Capital One Venture credit cards definitely deliver. Even if you prefer other cards for special categories of spending, on all other purchases (which usually make up the bulk of your spending) there’s a good chance you’re only earning 1%. So having a card that can earn more than that is a no-brainer.
But which one should you get? Well I created this handy-dandy graph comparing the Capital One Venture vs. VentureOne, so you can see where the breakeven point is…
Once you’ve spent $7,866 the value of your earned rewards (assuming you redeem them for travel) will be worth the following:
Venture: $157.32
VentureOne: $98.32
The difference between the two numbers is $59… the same amount as the annual fee for the Venture. So as long as your annual spending will be more than $7,866 (average of $656/month) it makes more sense to get the $59 Venture. If you spend less, go with the no annual fee VentureOne card.
Here are the current promotions available for each:
Capital One Venture Rewards – Earn 10,000 bonus miles when you spend $1,000 on purchases in the first 3 months. $0 intro annual fee for the first year; $59 after that.
Capital One VentureOne Rewards – Earn 10,000 bonus miles when you spend $1,000 on purchases in the first 3 months. 0% intro APR on purchases until June 2014 (11.90%-19.90% Variable after that).
I applied 2 cards, one from citi and one is venture. The citi card told me to wait one week to process my application but capital one gave me immediate approval. After a week citicard called to verify my application, but I was approved by capital one. I told citi to cancel my application.
I have had the CapitalOne VentureOne Rewards card for about two years. I travel a lot internationally, and the no foreign transaction fee, is a major plus. I use the credit card and a debit card, linked to a CapitalOne checking account. The debit card has no foreign transactions fees, and you do not pay for any unauthorized purchase. The CapitalOne VentureOne card and the CapitalOne debt card/checking account, are an awesome combination for international travelers!
I had a US airways card and their customer service was garbage! I have been well pleased with capital one venture rewards card!
I have had this card for 18 months. Great reward program. The only time I had a merchant refuse the card was in Galway Ireland. The merchant would only take a card that had a micro chip in it. This card does not have the chip so it was refused. Not a big deal. The No Overseas Extra Fee feature of this card saves a lot when you are traveling outside the USA.
Thank you for this review. It was the most helpful one out there!
Thank you all for posting your comments and views on Capital One. I just got approved with a $300 credit limit, and I wasnt sure if i was going to accept the card or not due to fear of messing up again. I’ve learned from my youthful mistakes and know the value of paying things off on time, in order to have good credit. Right now, im average but want to improve to not just good but excellent credit. Hopefully this credit card will help me obtain such goal. Again, thank u all for posting your comments.
All my dealings with Capital One, from the application process to customer service calls, have been a pleasure. Could not recommend a card more highly. You will be glad you applied for this card.
Great card.
I got my bonus miles the instant I had racked up the required purchase level. I went to use them on a booking thru Hotwire and could not, because it did not register as travel in the online banking website. I called them, there was no wait time, and no arguments, just a helpful rep that said “sure no problem, I will take care of it”.
The next day I had my statement credit.
I am desperately trying to rebuild my credit. How foolish I was to not take credit as serious as it should be so I am certainly paying the price. Thankfully, I am getting the opportunity to rebuild it but I am given very low balances. Capital One gave me a MC and I am hoping that with paying on time, without missing a payment that they will eventually give me a Venture card. Anyone been there and been given a Venture card down the road?
Laura,
Please don’t fall in the credit trap. Unfortunately, this madness prevails in this part of the world. Credit system was devised for corporations and really holds very little significance in the lives of people like us. It also depends on why a person needs it so there is no simple answer.
Answering your question, make sure you have a good revolving balance. Minimize the use of credit cards and maximize the use of debit card or cash (keep it 20-30% credit cards and 70-80% debit cards; also pay off the purchases on the credit card before the statement for that month is prepared). The more liquidity one shows over time, the better credit one gets. Depending on one’s history, it might take a few years before the credit card companies gain confidence in a person. Reply to this post if further guidance is needed. Hope you succeed in the art of financial management!
I had an issue with my Ex wife taking out a ton of credit cards in my name and ruined my credit. About a year ago, I got approved for Capital One’s basic card, with only a $500.00 line of credit. Generally I would buy something, and immediately pay it off online once I got my next paycheck, so usually I would end up going through about $1000.00 a month, even though I only had a $500.00 limit. After 6 months, they increased my line of credit to $750.00. After 9 months they reduced the time they took to credit my account from 5 days to about 48hrs. After a year they increased my line to $1000.00. A month later I called and asked if they could switch to Venture Card and they said YES.
Hi Laura, I have been in your shoes with regard to poor past credit. Today I called Capital One to see if I could upgrade my Platinum card ($29 annual fee) to something with no more annual fee. To my surprise, they said, “Sure” and upgraded me to the VentureOne card. Keep in mind, I filed bankruptcy in March of 2006, and the Capital One web site says that the Venture One card applicants need “excellent credit” with no previous bankruptcy.
Apparently, because I have been a good customer since 2009 (always paying on time every month, rarely keep a remaining balance, etc) they were willing to upgrade me.
Very nice. I don’t know how long you have been a Capital One customer, but if you are patient and responsible for at least 3 years, my guess is you will be considered worthy to upgrade to a much better card with no more annual fee. Good luck!
Dan (in Milwaukee, WI)
Laura,
I started out with Capital One about 6 years ago while rebuilding my credit and I just “upgraded” to a Venture Card. I may have been able to do this even sooner but never looked into it. With consistent payments Capital One increased my credit limit on 3 different occasions even before I upgraded to a Venture Card. Good luck.
I had Capital One Rebuilder cards for 5 years before Discover Card finally approved me ( also it is a card I had included in BK 10 years earlier) so whomever said they blacklist is wrong. My second prime card was American Express Zinc…. Another creditor that had been included in BK 10 years earlier so they are another card that did NOT blacklist me. It actually has my member since date as 97 which is when I opened the account I had included in BK. my third EBay MC then Amex JetBlue then finally Venture from Cap One. So keep rebuilding ! You will get there!
Thank you so much for this post, particularly with the graph in deciding which of the two Capital One cards to get! I really appreciate it!
I think I know what MU was talking about. I think “Kathie” and “Jordi” were offended just by taking what they read rather than the what MU was really really saying. It’s just a figure of speech guys… listen to what MU is saying….. Hey MU, I’ve been there. I moved on to do something else that I enjoy doing and getting paid with the same company. Good luck with your next adventure, hopefully to a better one
I feel your frustration somewhat. Unfortunately you lack the intelligent verbal ability to express yourself without the F word. It diminished everything else you had to say for me to empathasize with you. Also….America is capitalized !!!
Kathie – I agree that MU’s use of foul language really diminishes any point he’s trying to make, but since we’re on the topic of verbal ability, what does “empathasize” exactly mean?
I love the Vikings…..can’t stand Alec Baldwin….
some people demand too much from credit cards. the rule is, if you want a good relationship with your credit card, pay more than minimum of not all balances on time. most important, don’t go on a shopping spree. it’s just a big red flag on your account. spend what you can afford. i have been with capital one for 5 years now. i use the card sparingly and pay full balance on time. they never gave me griefs. : )
I am amazed at the negative reviews. I lost my card on vacation last year and called Capital One. They had a card overnighted to me. I had a new card the very next day! Customer service was awesome!
I have had a Capital One card for 12 years, My experience with customer service has been going from good to great. No issues nor charges for purchases made overseas. Now I just opened a bank account with them and could not be happier. They also got two JD Power certifications last year for excellent customer service
For case and obvious point, see M U’s rant above.
I’ve had experience with Capital One, and it’s all been bad. I place them in my collection of banks that I recommend that you avoid. Others in this group are: HSBC, Citi, US Bank, GEMB and BofA (and their FIA Card Services group) plus all the many subprime lenders out there. I’ve done business with a lot of banks over the years. I would say go with an AmEx(a charge card or Blue Cash Preferred) and/or Discover(Escape is great). You will probably need a VISA or MC; for that I think JPM Chase, Wells Fargo and little advertised Nordstrom, fsb are good bets too. Take a look at your credit union and USAA(if you qualify). Consider all aspects of having a particular card. It’s not just about rewards; look at service, billing disputes and others’ experiences before you apply.
I have always had good CS with Capital One. I have a platinum rewards card, yet keep getting Venture solicitation. Is there somthing I’m missing here? They want to increase my rewards 25% for nothing? I know the interest rates are higher, but I always pay my total balance.
Is it possible that the new contract gives them greater flexibility in making arbitrary changes down the road??
I have one capital one card the rewards platinum and I love it. Always pay on time and for a person trying to rebuild their credit they are number one in my book, best customer service and they helped me by believing in me and my credit score is getting better and better. Thanks to Capital One they opened the door for other companies to give me credit just pay your bills ol time and the quality of my life has been so rewarding.
I just applied for the Cap1 Venture card as I’m traveling overseas for 6 months. The no foreign transaction fees are great, and as long as you redeem for travel you get a decent 1% rate. The cash redemption option is a bad value, but to be fair, the card is advertised as a miles card so if you wanted cash, why you get this card?
However, they have some racket going when trying to reach them while overseas. They declined a purchase because of the $ amounts so I tried to call the ‘call collect’ phone # on the back of the card. It wouldn’t go through. When I finally got an operator on the line, they said the 804# on the back of the card has a collect call block on it! So, instead I logged into my account, sent a secure email with my details, the merchant name, $ amount, etc. so they wouldn’t decline the transaction. The response I got was “call the collect # on the back of your card, we can’t accept written communication for this request”. Again, AMAZING.
I have found that to many B & B and Lodges will not take a Discover card !
please stay away !!!!
There are no issues what so ever with capitalone customer service. I have been using their card for 3 years now, I had a late payment twice and charged the late feee, and when I called customer service, they waived it, with out a second question. Also had a over the limit usage fee, which was also waived. I am sure the customer service is outsourced as we can understand by the ascent, but I did not have any issues, as my fees was waived
Everyone, calm down. The negative reviews are so unbelievably overblown and exaggerated — OR maybe I’m just very lucky. I’ve had nothing but STELLAR service from Capital One. I’ve had the Venture card for several months now, so far no complaints, it’s been great. That said, I can’t comment on any redemption situations as I have not tried to redeem any miles at this point.
I have been with Capital One for nearly six years, and I have nothing but good stories and feedback regarding their customer service. They’ve been outstanding, for these reasons specifically:
1) Every time I’ve had to call, I’ve never had a foreign call-center rep(not that it would bother me anyway).
2) CapOne customer service also has always been very gracious to me, thanking me every time I call for my loyalty and being with them for such a long time.
3) CapOne customer service reps are always polite, I’ve never had a single experience with a rude/unpleasant rep.
4) Forgiveness. There have been 2-3 instances, in the six years I’ve been a member, where I genuinely forgot to pay my bill on time. I was an EXTREMELY BUSY college student, it happens. The reps, seeing that I consistently pay on time, fixed the problem and reversed all chargers IMMEDIATELY. No hassle what so ever, no need to beg or plead.
5) They offer limit increases to me, again, no need to beg or plead.
6) No unbearably long wait times on the phone, I’ve got a rep almost instantly most times, or within a reasonable wait-period.
7) Website is a dream to use, makes things so easy.
8) Replacement cards have arrive quickly in the mail, and are painless to acquire. Usually a nightmare in my experience.
9) Fraud liability and protection: a dream.
10) Probably what blew me away from the start — THEY TOOK A CHANCE ON ME. When I was a lot younger, nobody would take a chance on me to give me a credit card, not even my local credit union which I only banked with for a short period at the time. I’m very grateful Capital One helped me out with my first credit card, $500 at the time, more than enough for a young man eager to start building credit.
DON’T BE FOOLED, CAPITAL ONE CUSTOMER SERVICE, AND IN GENERAL, HAS BEEN AN OUTSTANDING COMPANY TO ME.
This is a perfect post! The Venture card is awesome and Capital One has been great with customer service. I called about an extended warranty with an ottoman that we purchased and suddenly had a tear in it. They only needed a receipt to give me credit for a new one. I didn’t need to send a picture or anything!
Also, did you know that redeeming give cards through their rewards also allows you to get the same value as travel? For example a gift card for Lowe’s, Target, or many other merchants is 10,000 points for $100. That is the same as travel credit. If you don’t travel much, you can still get the double “miles.”
I have been 100% happy with my card!
The TV ad featuring Alec Baldwin is misleading. First, the actor notes that it is nearly impossible to get an air ticket from airlines mileage programs for 25000 miles, which is true, but then he continues that with the Capital One Venture Card you can get air ticket on any airline at any time. The confluence of the two is the impression that with the Capital One Venture Card you can get air ticket on any airline at any time for 25000 points. This is false. Each point counts as 1 cent towards the purchase of an air ticket for whichever the price is. Since most long-haul tickets today cost more than $400 it means that with the Capital One Venture Card you get a ticket for more than 40000 points. But most airlines these days have a two or three tier pricing and for fixed 40000 miles you can still get an unrestricted air ticket at any time.
I have the Capital One Venture One Visa Signature Card, and this is a GREAT CARD! Earning 1.25 miles per dollar spent is better than the standard 1 point per dollar, or 1 point per 2 dollars, and way better than the Chase Sapphire card. I have called Customer Service several times and get through and get VERY GOOD assistance right away. I have had a No Hassle Cap One card for about 10 years and upgraded to the Venture One Visa Sig card and have not had any issues with either card. I also have the Sapphire Preferred and have cancelled it since it charges an annual fee. I think a lot of the people that are having issues have bad credit or did not qualify for the Visa Signature and received the regular Platinum card.
I love my Cap One Venture Visa Sig card ! I also think all the guys that are complaining didn’t qualify for the Visa Sig card. I travel internationally A LOT, and this is one of the few cards that has no foreign transaction fee. This alone has saved me thousands per month. The customer service is great and you get a live rep within seconds of entering your credit card number. The card is also very nice looking, all gold with Passport stamps on it. I like this better than my AMEX Blue and Chase Sapphire Cards. There is no annual fee and the points are easy to redeem. If you are using this card for travel then getting a credit for airfare or travel expenses is no problem.
I’ve had Capital One for years. Had issues here and there and their customer service was excellent. Every issue was resolved quickly and to my satisfaction. I’m in no hurry to switch. I have one major credit card and it’s Capital One. It’s all I need. Also have great service redeeming rewards. I had a Chase Continental Airlines Visa for years and the rewards got so skimpy and hard to use I dropped them like a bad habit. I just wish I found Capital One sooner. Live and learn….
Hated my crappy Capital One student card, then they upgraded me to the Venture card.
Night and day, its like dealing with two different companies. When I call about my venture card, I get a real person, US based who quickly handles my concerns. It took me 3.5 hours to unlock my old C. One card while I was traveling and had filed a travel thing with them so they WOULDNT lock my card.
Hey all, how do you compare the Capital One VentureOne (the free version- no annual fee, 1.25% on purchases) to the Chase Sapphire? Which card works out better?