The Capital One Venture Rewards Credit Card offers solid benefits 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 Venture Rewards, you’ll want to first review the eligibility criteria — especially if you’ve previously carried other Capital One cards.
Here’s what you need to know.
Capital One Venture Awards Details
Let’s take a quick look at what Venture Rewards brings to the table, from the welcome bonus to its ongoing benefits.
Current welcome bonus
For a limited time, new applicants to Venture Rewards will receive a one-time $250 Capital One Travel Welcome Credit at 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 valuation shows the total value of this bonus at $1,638 when the value of miles and travel credits are considered together.
There are two primary ways to use 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 beneficial option may include transferring your miles to Capital One’s loyalty program partners. Most partners offer a direct transfer ratio of 1:1. By transferring your miles to a highly attractive partner like Air Canada Aeroplan or Turkish Airlines Miles & Smiles, you can easily get significant value out of your miles.
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As for Capital One Travel Credit, 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 the most value out of it.
Annual fee
Venture Rewards has a $95 annual fee (see Rates and Fees). Considering the benefits of this card, I believe this annual fee is completely reasonable.
Earnings
Venture Rewards presents an earning rate that is simple yet rewarding. You will earn:
This card is a great option for those who don’t want to deal with many bonus categories.
Other benefits
In addition to the welcome bonus, here are the ongoing benefits of Venture Rewards:
Are you eligible to apply for the Capital One Venture Rewards Card?
If you’ve decided to apply for Venture Rewards, you must know the card’s eligibility requirements before applying.
What credit score do I need to get Venture Rewards?
TPG recommends that The minimum score for approval for Venture Rewards is 700, although individuals with lower scores are also allowed.
Capital One specifically mentions that you must have excellent credit to qualify. However, we’ve seen multiple reports of people getting approved with credit scores below 700, so it’s probably worth applying even if you’re below that mark.
If you have exceptionally poor 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 have two or more Consumer Capital One cards, you may be turned down for Venture Rewards — even if you have an excellent credit score.
Some of the other consumer cards from Capital One include Capital One Venture X Rewards Credit Card, Capital One Venture One Rewards Credit Card, Capital One Quiksilver Cash Rewards Credit Card and Capital One SaveOne Cash Rewards Credit Card.
Additionally, you’ll only be 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 several credit cards that they’re struggling to get approved for a Venture Card despite being otherwise eligible. While this isn’t a hard and fast rule, it can be a good idea to apply for Venture Rewards early in your credit card journey.
What if I received a Venture Rewards welcome bonus in the past?
These are the restrictions specifically stated in the Venture Rewards Terms and Conditions:
Current or previous cardmembers are not eligible for this product if they received a new cardmember bonus for this product within the last 48 months.
What if I already have Venture X or VentureOne cards?
If you hold one of Venture Rewards’ sister cards (Venture X and VentureOne Rewards), you’ll still be eligible to carry Venture Rewards and receive the card’s welcome bonus. The only caveat is that you’ll want to keep a close eye on the timing of your applications.
Although there is no hard and fast rule, Capital One does not always approve people who already have a Venture Card, even if they meet all the eligibility criteria. TPG Senior Writer Ben Smithson was rejected for Venture Rewards while holding Venture X.
However, I was approved for Venture X while holding Venture Rewards, so approvals while holding other Venture cards may vary on a case-by-case basis.
Some anecdotal evidence from TPGers suggests that the timing of your applications matters when determining whether you’ll be approved for a second Venture card. If you are interested in Venture Rewards, you must ensure that it has been at least six months since you opened a separate Venture Card.
Related: Credit Card Showdown: Capital One Venture Vs. Capital One Venture Ex
Bottom line
Venture Rewards offers tremendous value for a wide variety of travelers. Fortunately, there are only a few restrictions on eligibility for the card’s welcome bonus. As long as you time your applications carefully and are TPG-recommended With a credit score of at least 700, this solid rewards card will likely be yours.
To learn more, read our full review of 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 benefits may be provided by Visa® or Mastercard® and may vary by product. For details of conditions and exclusions applicable see the relevant guidelines for benefits.