If you watch television, then you’ve probably seen ads for Capital One’s Venture® Rewards Credit Card. Its commercials featuring famous actors like Jennifer Garner, Samuel L. Jackson, and Alec Baldwin. Behind all the star power, the Venture Rewards is a solid product that can offer you valuable travel rewards, but only if you know how to use it right.
If you have a Capital One® Venture® Rewards Credit Card or are thinking about applying for one, here are 10 things that you need to know.
1. Make sure to earn its amazing sign-up bonus.
New cardholders earn a one-time bonus of 50,000 miles, worth $500 in travel, after using their card to spend $3,000 within three months of account opening. Sign-up bonuses like this put you on a fast track to free travel and there are not many cards in the market that offer such a rich welcome offer. Initial spending requirements for these types of offers can seem daunting but it's important to remember that everyday spending can usually meet these levels for most people without having to buy any big-ticket items as long as the first three months' spending is concentrated on the new card. Check out our recent article on how to painlessly meet spending requirements for more information .
2. You don’t have to pay the annual fee during your first year.
This card has a $95 annual fee, but it’s waived the first year. There’s no harm in trying before buying. Most premium travel rewards credit cards have annual fees of around $95, so even after the first year, it is still a good deal.
3. Earn double miles on everything.
While some travel reward cards offer double miles only on certain purchases, this card offers double miles on every single purchase, with no limits.
4. Redeem your miles for any travel reservations.
Let’s face it, traditional airline frequent flyer miles can be difficult to redeem. However, your miles are worth one cent each towards not just flights, but hotels, car rentals, cruises, and tours with this rewards card. Even limousine services, bus lines, cruise lines, taxi cabs, and timeshares are generally available for points redemption. Plus, you can book your travel with a travel agent, through the Capital One Rewards Center, or directly with the travel provider. After you’ve booked your travel, you can use Capital One’s Purchase Eraser to redeem your miles, even after you’ve taken your trip.
5. Enjoy the “wow factor” of a metal card.
There are a few premium travel reward cards that are now offering metal cards instead of plastic, which makes an impression on whoever you hand your card to. Now for a limited time, Capital One is offering metal cards to new customers, complete with the EMV smart chips.
6. Use the Visa Signature benefits.
The Capital One® Venture® Rewards Credit Card is part of the Visa Signature program, which offers you a variety of cardholder benefits at no additional cost. For example, you have access to a complimentary concierge service that’s available 24 hours a day to help you with travel reservations, dining arrangements, or shopping purchases. You also receive discounts and benefits when booking at the Visa Signature Luxury Hotel Collection, such as a free night stay, room upgrades, complimentary breakfast, and a late checkout.
7. This is a great card for award travel over the holidays.
Traditional airline frequent flyer awards are almost never available during the holidays and other peak travel periods. However, if you own a Venture® Rewards card, you can use your miles to book any flight at any time, with no blackout dates or capacity controls.
8. This is not the card for travel hackers who want to fly in business and first class.
If you like to collect airline miles to redeem for business class international award flights, then this isn’t the card for you. If you’re willing to put the time and effort into earning 120,000 traditional airline miles, you can sometimes find a business class award to Europe. The same number of Capital One miles will only be worth $1,200 in travel reservations which will only let you fly in economy class.
9. There are no foreign transaction fees.
There are some travel reward cards that you just shouldn’t use when you’re traveling outside of the United States, due to their outrageous 3% foreign transaction fees. The Capital One® Venture® Rewards Credit Card, like all other Capital One cards, never imposes this useless fee.
10. Use your Capital One® Venture® Rewards Credit Card with Apple Pay.
Unlike many credit cards, this one is fully compatible with the Apple Pay mobile payment system.
The Capital One® Venture® Rewards Credit Card is excellent to own, but you need to understand all its features and benefits to get the most out of it. By taking some time to understand this card better, you can decide if it's right for you.
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