Capital One VentureOne Rewards Credit Card Review [2024]: Why It’s a Great Option for Occasional Travelers

Card basics

Who should get the Capital One VentureOne Rewards Credit Card?

The Capital One VentureOne Rewards Credit Card(Rates and fees) is an excellent choice for budget-conscious travelers and those just starting their journey into travel rewards. With its $0 annual fee, it's a low-risk option for newcomers to the world of travel credit cards.

The card's straightforward earning structure means you don't have to juggle complicated bonus categories or spending limits. When I first became interested in travel credit cards, I found this card particularly useful for my occasional trips. For example, one of my early redemptions with this card helped me use the miles I accumulated from everyday purchases to offset the cost of a flight.

Another group that could benefit from this card is those planning to make a large purchase or transfer a balance in the near future. The card offers:

• 0% intro APR on purchases for 15 months, then 19.99% - 29.99% (Variable) APR
• 0% intro APR on balance transfers for 15 months, then 19.99% - 29.99% (Variable) APR; balance transfer fee applies

These intro APR offers can help you spread out payments on a big expense or manage existing debt. I took advantage of this feature when I needed to buy a new laptop a few years back. Being able to pay off the cost over time without accruing interest saved me money and stress. It's worth noting, though, that you should have a plan to pay off the balance before the intro period ends to avoid high interest charges.

Who should skip?

Frequent travelers or big spenders might want to consider one of its sister cards, including the Capital One Venture Rewards Credit Card(Rates and fees) and Capital One Venture X Rewards Credit Card(Rates and fees). While the Capital One VentureOne Rewards Credit Card(Rates and fees) rewards are solid for a $0-annual-fee card, those who travel often or spend heavily could earn more rewards with a premium travel card. These cards often offer higher earning rates, more substantial welcome offers, and additional travel perks, which outweigh their annual fees for the right user.

What you should know about the intro APR offer

Before applying for the Capital One VentureOne Rewards Credit Card(Rates and fees), it's crucial to understand the details of its introductory APR offers on purchases and balance transfers. While these offers can be an excellent opportunity to finance a large purchase or consolidate debt, it's important to use them strategically.

In my experience, the key to maximizing these benefits is having a solid repayment plan. When I used the intro APR to finance my laptop, I calculated exactly how much I needed to pay each month to clear the balance before the introductory period ended. This approach helped me avoid any surprise interest charges when the regular APR kicked in.

It's worth noting that while the intro APR applies to both purchases and balance transfers, a balance transfer fee applies. This means that if you're considering this card for a balance transfer, you'll need to factor in this fee when calculating potential savings.

Here's a closer look at this card's top benefits

A simple welcome offer

The Capital One VentureOne Rewards Credit Card(Rates and fees) offers a solid welcome offer. You can earn a bonus of 20,000 miles once you spend $500 on purchases within 3 months from account opening. While not the highest bonus out there, I found it easy to achieve through my regular spending. This bonus gave me a nice boost to start my travel rewards journey.

Simple rewards structure

I like this card's straightforward earning structure. You earn 1.25 miles per dollar on every purchase, every day and 5 miles per dollar on hotels and rental cars booked through Capital One Travel. As someone who prefers not to juggle multiple cards or track rotating categories, this simplicity is a breath of fresh air. Whether I'm buying groceries, filling up my car, or shopping online, I know I'm consistently earning miles without any extra effort.

Flexible redemption options

The flexibility in redeeming Capital One miles is one of my favorite features of this card. I can use my miles to book travel through Capital One's portal, transfer them to travel partners, or even get statement credits for past travel purchases. Plus, Capital One Travel is one of my favorite travel booking platforms out there thanks to its fast and seamless search and booking experience and great customer support.

Intro APR offer

The card's intro APR offers can offer you a good bit of flexibility in your finances for a limited period.

I used the intro purchase APR to finance a new laptop for my freelance work, spreading the cost over several months without incurring interest. However, the intro APR offer on balance transfers can be quite helpful in eliminating the interest charges you pay on the credit card debt that you transfer.

No foreign transaction fees

As an international traveler, I love the fact that this card doesn't charge foreign transaction fees. This makes it easy to use this card abroad without worrying about the cost foreign transaction fees can add. Additionally, since it’s a Mastercard credit card, it has a pretty broad international acceptance.

Drawbacks: Why you may want a different card

Lower earning rate

While the VentureOne's flat-rate rewards are simple, they're not the most lucrative. Compared to cards like the Capital One Venture Rewards Credit Card(Rates and fees), which offers 2 miles per dollar miles on every purchase, every day, the Capital One VentureOne Rewards Credit Card(Rates and fees)'s 1.25 miles per dollar rate feels a bit underwhelming. For big spenders or frequent travelers, this difference can add up quickly over time.

Limited travel perks

If you're looking for premium travel benefits, the Capital One VentureOne Rewards Credit Card(Rates and fees) isn’t the right card for you. It doesn't offer perks like travel credits or extensive travel protections. Many of these benefits typically come on cards with annual fees such as the Chase Sapphire Preferred^® Card.

No bonus categories

The lack of bonus categories on the Capital One VentureOne Rewards Credit Card(Rates and fees) means you might be missing out on accelerated earnings in specific spending areas. For instance, when I dine out or fill gas, I choose a card in my wallet that offers bonus points in these categories to maximize my rewards, such as the Blue Cash Everyday^® Card from American Express.

Earning & redeeming Capital One Venture Rewards

Potential earnings in years one and two

Here's a look at how your miles can add up with the Capital One VentureOne Rewards Card. To calculate these values, we used a point valuation of 1.0 cents.

Remember, this is an estimation. The actual value will be determined by how much you spend and in which categories you spend.

Year one earnings: $731

Year two earnings: $531

These values are based on the FinanceBuzz Credit Card Rewards Valuation Model, which takes a look at points earned via spending, the early spend bonus, and the annual fee.

Best ways to earn

The Capital One VentureOne Rewards Credit Card is a strong choice if you’re looking for a straightforward rewards credit card and have no desire to pay an annual fee while you build up your rewards.

You don't have to worry about tracking lots of complicated spending categories or juggling multiple credit cards to max out your rewards. The VentureOne card earns 1.25 miles per dollar on every purchase, every day and 5 miles per dollar on hotels and rental cars booked through Capital One Travel — and the miles you earn never expire as long as your account remains open.

Maximizing your redemptions

Redemption rates vary depending on how you choose to redeem your miles but generally range between 0.5 cents to 1.7 cents each. When you book travel through the Capital One Travel portal, you get a fixed one cent per mile, flexible redemptions, and no blackout dates. In addition to travel, you can also redeem your miles for statement credits, cash back, or gift cards; however, those redemption options might offer less value.

When you transfer your miles to an airline partner, two of your miles might get you 1.5 partner miles — though this varies by airline, with some offering lower or higher transfer rates.

Capital One transfer partners

Capital One cardholders have the option to transfer their travel rewards to over 15 airline and hotel partners. The transfer ratio for your miles varies based on the loyalty program.

These ratios can also change over time, and it's important to be aware that not all transfers are instant. With certain programs, you can transfer miles immediately, but other transfers can take up to a few business days.

Capital One also has three hotel partners, Accor Live Limitless (ALL), Choice Privileges, and Wyndham Rewards. Your Capital One Venture miles will transfer to Accor at a 2:1 ratio, though it's 1:1 for Choice and Wyndham.

FAQ

Alternatives that might be better for you

Wells Fargo Autograph℠ Card

If you're looking for a $0-annual-fee card with potentially higher rewards on everyday spending, the Wells Fargo Autograph℠ Card could be a better choice. It offers Earn unlimited 3X points on restaurants, travel, gas stations, transit, popular streaming services, and phone plans; plus earn 1X points on other purchases.

In my experience, this can add up quickly, especially if you use the card for all your daily purchases. For instance, when I used this card for a month, I earned significantly more on my dining and travel purchases compared to the Capital One VentureOne Rewards Credit Card(Rates and fees)'s flat rate.

The Wells Fargo Autograph℠ Card also offers a solid welcome offer. You can earn 20,000 bonus points when you spend $1,000 in purchases in the first 3 months (that’s a $200 cash redemption value).

Learn more in our Wells Fargo Autograph℠ Card review.

Bank of America^® Travel Rewards credit card

Another great $0-annual-fee option is the Bank of America^® Travel Rewards credit card. It earns 1.5 points per $1 spent on all purchases.

What I particularly like about this card is its simplicity – you earn the same rate on all purchases. Plus, this rate is higher than the one you get with the Capital One VentureOne Rewards Credit Card(Rates and fees).

One standout feature of the Bank of America^® Travel Rewards credit card(Rates and fees) is its flexibility in redeeming rewards. You can use your points to "erase" any travel or dining purchase made in the last 12 months. For example, if you go on an unexpected weekend trip, you could use your points to offset the cost of your hotel stay afterward, even though you didn’t use rewards for that purchase.

Learn more in our Bank of America^® Travel Rewards credit card review.