Capital One VentureOne Travel Rewards Card Review

By Kevin / February 11, 2015

Verdict: The Capital One® Venture® travel rewards card has been a popular card for many years. A couple of years ago, Capital One launched a new VentureOne® rewards card, which offers excellent travel rewards, but without the annual fee. Card holders can enjoy a 20,000 mile bonus (equal to $200 in travel rewards), if they spend $1,000 in the first three months, plus 1.25 miles for $1 spent. Add on the low fees on this card, and CapitalOne makes a good case for you to put the VentureOne credit card in your wallet. 

Capital One® VentureOne® Overview

VentureOne no annual fee travel rewards credit card review

CreditShout Rating

Very Good

Rewards Program:

  • 1.25x miles for every dollar spent
  • Unlimited rewards that never expire
  • Visa Signature benefits (if you qualify)

Signup Bonus:

  • 20,000 bonus miles after spending $1,000 in the first three months (equal to $200 in travel).
  • 0% APR on New Purchases until April 2016 (thereafter, regular variable APR of 11.9%-21.9% will apply)
  • No Transfer Fee on Balance Transfers (regular variable APR of 11.9-21.9% still applies)

Annual Fee: $0

Credit Required​: Good, Excellent

Intro APR

0% until April 2016 on Purchases​

Intro Balance Transfer

Regular APR, but No Transfer Fee

Regular APR

11.9% - 21.9% Variable on Purchases and Transfers

If you have great credit and want a no-nonsense travel rewards card with no annual fee, the VentureOne is worth some consideration.

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VentureOne Rewards Program

As the little brother to Capital One’s “luxury” travel rewards card (see our Venture Card review here), VentureOne offers fewer miles per purchase (1.25 miles for each dollar, rather than 2), but carries a slightly lower interest rate and no annual fee. As with the Venture card, you can redeem your points for travel (booked through any website or travel agency), merchandise, or a statement credit. There are no foreign transaction fees when traveling abroad, and you can choose your own card design online.

Each mile you earn is worth $0.01 towards a travel expense. For example, if you want to use your rewards for a $110 hotel room, you would need 11,000 points. The best thing about the program is you can book travel wherever you like — such as finding the best deal through a third party site like Priceline or directly through an airline — then use your rewards to offset the purchase.

You have two ways to redeem miles for travel:

  • You can redeem miles for past travel purchases with Purchase Eraser. Book travel or make other eligible travel expenses with your card, then go online or call the Rewards Center to get a statement credit for the cost of the purchase. You must use Purchase Eraser within 90 days of the date your travel purchase posts to your account.
  • You can book new travel reservations through Capital One, including flights, car rentals or hotel stays, using your miles to pay for the travel.

Many types of travel purchases are eligible for Purchase Eraser, including: purchases from car rental agencies, rail lines, hotels, airlines, limo services, bus lines, cruise lines, taxis, travel agents, and time shares.

You can also use your miles to redeem them for gift cards, merchandise and cash, although you’ll usually get the best deal on travel rewards.

Rewards never expire, and there is no limit to the amount of rewards you can earn. Just be aware that if your payment is late, you will lose any rewards for purchases during the billing cycle.

And, if you qualify for a credit limit of at least $5,000, you will be entitled to Visa Signature benefits - which are akin to benefits offered by Discover and American Express (and summarized below).

Key Features and Benefits

VentureOne is a great option for consumers seeking decent travel rewards for no annual fee and a reasonable APR. It offers a ton of benefits in addition to the travel rewards miles you can earn.

Signup Bonus and First Year Rewards

Your key benefits during the first year are:

  • 20,000 bonus miles after spending $1,000 in the first three months (equal to $200 in travel).
  • 0% APR on New Purchases until April 2016. Thereafter, the regular variable APR of 11.9%-21.9% will apply.
  • No Transfer Fee on Balance Transfers - but the regular variable APR of 11.9-21.9% still applies.

VentureOne Card Everyday Benefits

The Capital One VentureOne Rewards card offers these perks:

  • 1,25 miles for each $1 spent.
  • Your miles do not expire.
  • No foreign transaction fee.
  • No blackout dates when redeeming miles.
  • Option to redeem your rewards from airlines, hotels, rail lines, car rental agencies, limousine services, bus lines, cruise lines, taxi cabs, travel agents and time shares.
  • Capital One Credit Tracker provides access to your credit score.
  • $0 Fraud Liability.
  • No over your credit limit fee.

Visa Signature Benefits

If you are approved for a credit line of at least $5,000, you will receive a Visa Signature card with the additional benefits listed below. These benefits are similar to those offered by American Express and Discover.

  • Extended warranty on purchases - Your warranty term will be extended for up to 1 additional year on warranties of 36 months or less.
  • Travel accident insurance - You are entitled to a wide range of benefits if your tickets, passports or other travel documents are lost or stolen while you are traveling.
  • Rental car insurance.
  • 24-hour travel and emergency assistance (including card replacement).
  • 24-hour roadside assistance.
  • Shopping discounts.
  • Access to travel upgrades and savings.
  • Concierge service.

Other applicants will receive a Visa Platinum card that does not include these additional benefits.

​Fees and Interest Rates

In addition to having no annual fee, CapitalOne VentureOne Rewards card offers these competitive rates, which are actually slightly lower than those applicable to the Venture Rewards card.

Charges and Fees

APR for Purchases

0% intro APR until April 2016. After the intro APR expires, your APR will be 11.9%, 16.9% or 21.9%, based on your creditworthiness. This APR will vary with the market based on the Prime Rate.

APR for Balance Transfers

11.9%, 16.9% or 21.9%, based on your creditworthiness. This APR will vary with the market based on the Prime Rate.

APR for Cash Advances

24.9%. This APR will vary with the market based on the Prime Rate.

Penalty APR

29.4%. This APR will vary with the market based on the Prime Rate.

Annual Fee

None

Balance Transfer Fee

None

Cash Advance Fee

Greater of $10 or 3% of the amount of each cash advance

Late Payment Fee

Up to $35.

Returned Payment

Up to $35.

Negatives

The VentureOne card has a ton of great pros, and this very short list of cons:

  • ​Rewards rate is lower than some comparable cards
  • Venture Rewards card offers better rewards for a relatively low annual fee
  • Reward miles cannot be transferred

VentureOne vs. The Competition

Before you jump ahead and apply for the VentureOne travel rewards Visa card, you might want to see how it compares to its sister cards, the Capital One Venture card and QuickSilver card, as well as the leading alternative no annual fee travel rewards card - the Discover it Miles card.

VentureOne vs. Venture Rewards

If you’re considering the VentureOne card, it’s worth comparing it to its sister, the Capital One Venture Rewards card.

The cards have one obvious difference: the Venture card has a $59 annual fee that’s waived the first year while the VentureOne card has no annual fee. Both cards earn No Hassle Miles, but the Venture card usually wins out because you earn 2% back instead of 1.25%.

The more you spend, the more worthwhile the Venture card becomes. If you spend at least $7,866 a year, the Venture Rewards card will let you make back the annual fee and more. Plus, the sign-up bonus for the Venture Rewards card is doubled to 40,000 miles, or $400 in travel.

VentureOne vs. Discover it Miles

Another great comparison is the new Discover it Miles card, which provides similar benefits with no annual fee.

VentureOne vs. it Miles

VentureOne
  • 20,000 bonus miles, if you spend $1,000 in first 3 months
  • 1.25x Miles
  • No Annual Fee
  • 0% APR financing on new purchases until April 2016
  • Visa Signature benefits (if you qualify)
it Miles
  • Double Year 1 Reward Miles (Get 3x Miles for Year 1)
  • 1.5x Miles after Year 1
  • No Annual Fee
  • 12 Month of 0% APR financing on new purchases
  • Discover benefits to all consumers
  • Redeem miles as cash with no penalty

We prefer the Discover it Miles over VentureOne for its superior rewards and greater flexibility:

  • ​You will always earn more miles with Discover after the first year.
  • Discover guarantees doubling your Year 1 miles - and does not require heavy spending over the first three months to earn a bonus.
  • You get benefits with Discover that only accrue to Venture One cardholders who qualify for a $5,000 or more credit limit.
  • it Miles reward miles are easily converted to cash on a 1-to-1 basis.

The only advantages of the VentureOne card in this comparison are:

  • ​The potential 20,000 mile bonus in Year 1 from the CapitalOne VentureOne card [Ed. Note: This sounds tempting, but over time the Discover it Miles card wins out.]
  • You can qualify with good credit (as opposed to excellent)
  • VentureOne has slight lower APRs and no balance transfer fee.

Of course, your personal situation may dictate that you need to choose VentureOne because of the slightly lower fees.

VentureOne vs. Quicksilver

If you’re a moderate spender and you charge less than $11,800 a year, the Capital One QuickSilver cash back card may be a better option. The Quicksilver is great for those who want a simple cash back card as you’ll earn an unlimited 1.5% cash back on spending with no annual fee. There’s also a $100 sign-up bonus once you spend $500 within the first three months. This is a higher rewards rate than the 1.25x miles with the VentureOne, and you can use your rewards for more than travel expenses.

If you charge more than $11,800, then the Venture Rewards card may be the way to go. You will charge enough to justify the annual fee vis-a-vis the it Miles card, and you will most likely earn the 40,000 bonus miles by spending $3,000 in the first 3 months. And the return on your charges will be 2% in travel rewards, which beats 1.5% in cash rewards.

Conclusion

The most attractive thing about the VentureOne Rewards card is that you don’t need to pay an annual fee. However, the rewards programs aren’t as generous as those offered by Venture Rewards, it Miles or QuickSilver.

The deciding factor really boils down to the amount of money that you spend, and whether you need to take advantage of the slightly lower fees of the VentureOne card.

Consumers that use their cards more frequently should consider using one of these cards instead, because the rewards will make up for the annual fee.

Last Update: May 14, 2015

About the author

Kevin

Kevin founded CreditShout in 2008 to help people manage their credit and finances. He wants to make it easy for anyone, regardless of their level of financial knowledge to understand credit cards and what may seem like the complex world of personal finance. | Author Google+

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