Whether you’re a beginner to points and miles or a seasoned pro, it’s always a good idea to have at least one flat-rate earning credit card in your wallet.
Beginners can use these cards as a great jumping-off point for earning rewards because there aren’t any bonus categories to worry about maximizing. In contrast, more experienced travelers can use them as a fall-back card for non-bonus spending.
No matter which category you fall into, you want to make sure you choose the right option. Let’s two top flat-rate credit cards side-by-side: the Capital One Venture Rewards Credit Card and the Bank of America® Travel Rewards credit card.
Capital One Venture Rewards vs. Bank of America Travel Rewards comparison
| Card: | Capital One Venture Rewards | Bank of America Travel Rewards |
|---|---|---|
| Annual fee | $95 (see rates and fees) | $0 |
| Welcome offer | 75,000 bonus miles after you spend $4,000 on purchases in the first three months from account opening | 25,000 online bonus points after you spend $1,000 in the first 90 days from account opening |
| Earning rate | 5 miles per dollar on hotels and rental cars booked through Capital One Travel
2 miles per dollar on all purchases |
1.5 points per dollar on all purchases
25%-75% more points on every purchase for Preferred Rewards members |
| Rewards value (per TPG valuations) | 1.85 cents per mile | 1 cent per point |
| Top benefits | Global Entry/TSA PreCheck application fee credit
Travel protections |
Visa Signature benefits |
Capital One Venture Rewards vs. Bank of America Travel Rewards welcome offer
Currently, new Capital One Venture Rewards cardholders will receive 75,000 miles after spending $4,000 in the first three months from account opening. TPG values Capital One miles at 1.85 cents each, making this offer worth $1,388. Even if you redeem these miles for a less valuable statement credit (more on this below), the bonus will cover $750 in travel.
The Bank of America Travel Rewards, on the other hand, is currently offering 25,000 online bonus points after you spend at least $1,000 in the first 90 days of account opening. These points are worth $250 in statement credits.
Winner: Capital One Venture Rewards. It has a higher spending requirement, but the bonus is worth at least three times as much as the Bank of America Travel Rewards bonus.
Related: The best time to apply for these popular travel cards based on offer history
Capital One Venture Rewards vs. Bank of America Travel Rewards benefits
The Bank of America Travel Rewards has no annual fee, so it comes with minimal benefits. However, it is a Visa Signature card, so cardholders receive some travel protections and benefits that come with this card type.
The Capital One Venture Rewards has a $95 annual fee (see rates and fees) and comes with some decent benefits for a mid-tier travel card. Cardholders receive up to a $100 credit for Global Entry or TSA PreCheck once every four years as well as two complimentary passes to Capital One Lounges each year. Additionally, cardholders get access to hotel bookings through Capital One’s Lifestyle Collection, Hertz Gold Rewards Five Star status, travel accident insurance and extended warranty.
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Winner: Capital One Venture Rewards. It offers more benefits and access than you’ll get with the Bank of America Travel Rewards.
Related: 7 reasons to get the Capital One Venture Rewards card
Earning rewards with the Capital One Venture Rewards vs. Bank of America Travel Rewards
A major benefit of both the Capital One Venture Rewards and the Bank of America Travel Rewards is that they offer the simplicity of flat-rate earning structures and allow you to earn solid rewards on all your purchases.
The Venture Rewards earns 5 miles per dollar on hotels and rental cars booked through Capital One Travel and 2 miles per dollar on all other purchases.
The Bank of America Travel Rewards earns 1.5 points per dollar on all purchases. However, if you’re a Bank of America Preferred Rewards Program member, you’ll earn an additional 25% to 75%, depending on your level.
The Bank of America Preferred Rewards® program is available to Bank of America customers who have at least a $20,000 three-month average combined balance across Bank of America banking and Merrill investment accounts. When you are a member, you get several benefits, including a certain number of no-fee ATM transactions at non-Bank of America ATMs, savings account boosts and more. And one of those benefits is a rewards bonus on Bank of America credit card earnings.
The program is organized into three tiers, based on how much you have saved or invested with the company:
| Preferred Rewards tier | Gold | Platinum | Platinum Honors |
|---|---|---|---|
| Required balance (three month combined average across accounts) | $20,000-$50,000 | $50,000-$100,000 | $100,000+ |
| Rewards bonus | 25% | 50% | 75% |
| Effective Travel Rewards earning rate | 1.87 points | 2.25 points | 2.62 points |
That rewards bonus significantly increases the value of the Bank of America Travel Rewards credit card. If you’re a Platinum or Platinum Honors member, you’ll actually start earning at a higher rate on this no-fee card than you would on the Capital One Venture card.
Winner: Capital One Venture Rewards, except for Platinum or Platinum Honors Bank of America Preferred Rewards members.
Related: Why you should get a fixed-rate rewards card
Redeeming rewards with the Capital One Venture Rewards vs. Bank of America Travel Rewards
Both cards allow you to redeem your rewards directly for travel as a statement credit at a rate of one cent each.
The Bank of America Travel Rewards allows you to redeem your rewards as a statement credit for both travel and dining purchases (with a minimum redemption of 2,500 points). You can also redeem your rewards for gift cards or cash back, but you’ll get a lower reward value with these redemptions.
The Capital One Venture Rewards has a wider range of redemption options. Like the Bank of America Travel Rewards, you can redeem your miles for a statement credit to cover travel purchases at a rate of one cent per mile. You can also use them to book travel through the Capital One portal at the same rate. However, you’ll get the most value by transferring your miles to any of Capital One’s 15+ hotel and airline partners.
Winner: Capital One Venture Rewards. It has a wider range of redemption options that allow you to get more value from your rewards.
Related: How to redeem your rewards with the Bank of America Premium Rewards card
Transferring rewards with the Capital One Venture Rewards vs. Bank of America Travel Rewards
The Bank of America Travel Rewards does not allow you to transfer your rewards to travel partners.
The Capital One Venture Rewards, however, allows you to transfer your miles to any of Capital One’s airline and hotel partners, including valuable options like Air Canada Aeroplan, Turkish Airlines Miles&Smiles and Wyndham Rewards.
TPG senior credit cards editor Matt Moffitt gets excellent value by transferring his miles to Air France-KLM Flying Blue and using them to book business-class flights to Europe.
Winner: Capital One Venture Rewards. Since the Bank of America Travel Rewards doesn’t give a transfer option, the Venture wins by default.
Related: How to get maximum value from your Capital One miles
Should I get the Capital One Venture Rewards or the Bank of America Travel Rewards card?
If you want to transfer your rewards to airline and hotel partners, the Capital One Venture Rewards is the easy choice. However, if you want to avoid annual fees and be able to redeem your rewards for dining as well as travel purchases, the Bank of America Travel Rewards will serve you better.
Bottom line
Both of these cards have their merits. Suppose you are a loyal Bank of America customer with enough money stashed away to qualify for the Bank of America Preferred Rewards program. In that case, there is a lot of value to be had from the Bank of America Travel Rewards credit card.
However, most travelers will likely get the most out of the Capital One Venture Card. With a higher earning rate, more perks and flexible redemption options, this $95-annual-fee card is hard to beat.
For more details, see our full reviews of the Capital One Venture Rewards and the Bank of America Travel Rewards.
Apply here: Capital One Venture Rewards
Apply here: Bank of America Travel Rewards
