The Capital One Venture Rewards Credit Card offers solid perks for a mid-tier $95 annual fee card (see rates and fees).
Right now, for a limited time, new cardholders will receive a one-time $250 Capital One Travel welcome credit upon account opening. Then, you can earn 75,000 bonus miles after spending $4,000 on the card in the first three months of account opening.
If you’ve decided it’s time to apply for the Venture Rewards, you’ll want to review the eligibility criteria first — especially if you’ve previously carried other Capital One cards.
Here’s everything you need to know.
Capital One Venture Rewards details
Let’s quickly look at what the Venture Rewards brings to the table, from the welcome bonus to its ongoing perks.
Current welcome bonus
For a limited time, new applicants for the Venture Rewards will receive a one-time $250 Capital One Travel welcome credit at the time of account opening. You can also earn 75,000 bonus miles after spending $4,000 in the first three months of account opening.
TPG’s July 2024 valuations peg the total value of this bonus at $1,638 when considering the value of the miles and travel credit together.
There are two primary ways to utilize these miles. One option is to redeem your Capital One miles for any travel-related expenses on your statement, including Uber or Lyft rides, tolls and parking fees and rental cars, or for future bookings through the Capital One Travel platform.
A more advantageous alternative could involve transferring your miles to Capital One’s loyalty program partners. Most partners offer a straightforward transfer ratio of 1:1. By shifting your miles to a highly lucrative partner, such as Air Canada Aeroplan or Turkish Airlines Miles&Smiles, you can easily get significant value out of your miles.
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As for the Capital One Travel credit, since the Venture Rewards earns 5 miles per dollar on hotels and car rentals booked through Capital One Travel, using your credit for a hotel stay or car rental is the best way to get maximum value from it.
Annual fee
The Venture Rewards carries a $95 annual fee (see rates and fees). Considering this card’s perks, I believe this annual fee is completely reasonable.
Earning
The Venture Rewards presents an earning rate that’s simple yet rewarding. You’ll earn:
This card is a great option for those who don’t want to deal with many bonus categories.
Other benefits
Beyond the welcome bonus, here are the ongoing benefits of the Venture Rewards:
Are you eligible to apply for the Capital One Venture Rewards card?
If you’ve decided to apply for the Venture Rewards, you must know the card’s eligibility requirements before applying.
What credit score do I need to get the Venture Rewards?
TPG recommends a minimum score of 700 for approval for the Venture Rewards, although individuals with lower scores have also been approved.
Capital One specifically mentions that you should have excellent credit to qualify. Still, we’ve seen multiple reports of people being approved with a credit score below 700, so it’s probably worth applying even if you’re below that mark.
If you have exceptionally low credit or no credit, it’s best to wait and apply for a credit-building card instead.
Capital One application rules
Capital One restricts the number of personal cards (not business cards) you can carry in your wallet. If you already carry two or more consumer Capital One cards, you’ll likely be denied for the Venture Rewards — even if you have an excellent credit score.
Some of Capital One’s other consumer cards include the Capital One Venture X Rewards Credit Card, the Capital One VentureOne Rewards Credit Card, the Capital One Quicksilver Cash Rewards Credit Card and the Capital One SavorOne Cash Rewards Credit Card.
Additionally, you’ll only get approved for one Capital One card every six months, so be sure to space out your applications accordingly.
We’ve also seen reports from Reddit users with many credit cards stating that they have struggled to get approved for Venture cards despite otherwise being eligible. While this isn’t a hard-and-fast rule, applying for the Venture Rewards earlier in your credit card journey may be a good idea.
What if I received a Venture Rewards welcome bonus in the past?
These are the restrictions that are specifically stated in the Venture Rewards’ terms and conditions:
Existing or previous cardmembers are not eligible for this product if they have received a new cardmember bonus for this product in the past 48 months.
What if I already have the Venture X or VentureOne cards?
If you carry one of the Venture Rewards’ sister cards (the Venture X and VentureOne Rewards), you will still be eligible to carry the Venture Rewards and get the card’s welcome bonus. The only caveat is that you’ll want to keep a close eye on the timing of your applications.
While there is no hard and fast rule, Capital One doesn’t always approve people who already hold a Venture card, even if they meet all the eligibility criteria. TPG senior writer Ben Smithson was declined for the Venture Rewards while holding the Venture X.
However, I was approved for the Venture X while holding the Venture Rewards, so approvals while holding another Venture card can vary on a case-by-case basis.
Some anecdotal evidence from TPGers suggests that the timing of your applications is critical when determining whether you’ll be approved for a second Venture card. If the Venture Rewards interests you, you must ensure it’s been at least six months since you opened a different Venture card.
Related: Credit card showdown: Capital One Venture vs. Capital One Venture X
Bottom line
The Venture Rewards offers terrific value for a wide variety of travelers. Fortunately, there are only a few restrictions regarding eligibility for the card’s welcome bonus. As long as you time your applications carefully and have a TPG-recommended credit score of at least 700, this solid rewards card will likely be yours.
To learn more, read our full review of the Capital One Venture Rewards.
Learn more: Capital One Venture Rewards Credit Card
Related: Why I keep the Capital One Venture Rewards card in my wallet
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
