Capital One Venture Reward Card Review

A few days ago we published a list of top three travel reward cards, Capital One Venture card came third there. This is one of the flagship card Capital One brought in the market. An excellent credit is needed to get your application approved. Do not apply if you don’t have good credit, otherwise your credit score may go down by a point of two because of hard-inquiry made as part of the application made.

Now about Capital One Venture credit card, you must have seen viking ads which loudly says about earning 2 miles per dollar spent. Even though it’s too good to be true, this is the fact. For every dollar you spend, you get 2 miles which is 0.02 cents. Getting 2% return in every purchase got to be a good deal.

Another unique feature about this card is, there is no foreign transaction fee, there are other fee advantage as well, look in to the below bullet points. The card has $59 annual fee with first year being fee-free.

Features of Capital One Venture card

  • You will earn two miles on purchase of every one dollar.
  • You will also earn a one-time bonus of 10,000 miles once you have spent $ 1,000 in the first three months from the date of issue.
  • The annual fee of this card in $ 59.
  • You will get a concession of $ 59 for the first year in the annual fees.
  • You will have to pay up to $ 39 for the late payment of fees.
  • There will be no over the limit fees.
  • There will be no balance transfer fees.
  • There will be flexible redemption rewards.
  • There will be no back out rates.
  • There will be no expiry on miles.
  • There will be no limit on rewards.
  • Relatively the annual percent rate of this card is low.
  • Annual percent rate is 13.9 percent on purchase and balance transfers.
  • The penalty interest rate of this card is 29.4 percent.
  • This card is not available for people with low credits.

Following are the points that will give you information about the redeem rewards of the Capital One Venture Card-

  • Redeem rewards for gifts, cards, brand-names, merchandise, travel, etc.
  • The redemption rates for gifts, cards, merchandise, brand-name, travel, and more vary and can change without any notice.
  • This company allows you to redeem your miles for any of your travel expenses in two ways, the first one is by using your Capital One Venture Card to book your trip or journey online, or on the phone, or in-person; and the second way is by contacting Capital One Venture Reward Center (their call center).
  • You can also redeem your “miles” for gift cards and get the same value as you would if you used it for travel. For example, 20,000 points (which takes spending $10,000, but it’s money you would spend anyway) can get you a $200 gift card for Target, Wal-Mart, Lowe’s and other places.

The annual fees of this card is $ 59 which is comparatively same as compared to the other cards, and the best thing is that as mentioned above the annual fee of this card for the first year is waived-off. Also the annual percentage rate of this card is quite low which is beneficial for the buyer.

Should you apply for Capital one Venture Reward card?

Pros

  1. 2% rewards for every purchase
  2. Comes with visa card advantages, like credit/identity theft protection, baggage insurance, rental car insurance etc
  3. No foreign transaction fee
  4. Introductory 10,000 bonus miles if you spend $1,000 in first three months, which is a good enough offer and surely take care of second and third year’s annual fee ($18 short to be precise)

Cons

  1. $59 annual fee is ideally avoidable
  2. you can’t redeem accumulated miles for business/first class travel
  3. No special category to earn more than 2% cash back like other reward cards
  4. If you miss a payment or go over your credit limit, your rate will jump to 29.4 percent with Venture Rewards. This rate could remain on the card indefinitely and could even affect other credit cards you carry, so we highly recommend making a plan to make your payments on time.

Overall if you travel outside country frequently on business, do apply for this card. The card is very similar to the Discover Escape card in terms of rewards rate and annual fee. There are other travel rewards cards that have better benefits compared to Capital one venture Reward card. When we talk about reward cards in general Chase Sapphire, Discover More and AMEX Platinum card are by far the best ones.

Lastly, the best way to handle any credit card is by paying off debt in full every month if you have to pay interest on the remaining balance otherwise.

The features mentioned about this card may change without any notice. You are advised to read offer documents before applying for this card.

Disclaimer: This content is not provided or commissioned by Capital One. Opinions expressed here are author’s alone, not those of Capital One, and have not been reviewed, approved or otherwise endorsed by Capital One.

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3 Comments

  1. […] @ Finance Product Reviews writes Capital One Venture Reward Card Review – Creating a budget is difficult task but, sticking to the budget is tougher. Budgetary […]

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  2. I’ve read good thing about this one, but it is not enticing enough to get me away from my Sapphire Preferred at this point.

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  3. Personally I think this is the best offer out there of it’s kind. @Eric – I like the Sapphire Preferred because of the sign-up bonus which I think most people have it and the rewards structure is pretty similar. The pricing in my opinion for this Cap 1 product has a slight edge though.

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