Capital One Venture Rewards Credit Card Review (Updated 2019)
The Capital One Venture One Rewards credit card is a solid, flat rate miles rewards credit card issued by Capital One Bank. This card will allow you to accumulate travel miles quickly which can be redeemed for a variety of travel purchases. This Capital One Venture Rewards Credit Card Review will tell you all you need to know about the Capital One Venture One Rewards Credit Card.
Venture from Capital One
Later in this Capital One Venture Rewards credit card review, we will discuss how this credit card is more suitable for taking abroad than most other credit cards, but how taking a credit card abroad is still a bad idea (in general) when compared with other forms of overseas payments. Before getting into that, here are a few sexy points about the Venture from Capital One.
- $0 annual fee for the first year, which converts to $95 per year after that.
- Earn 2x miles for every dollar spend on every purchase
- Earn 10x miles when booking rooms in certain hotels (until January 2020)
- New customers get an extra 50,000 bonus miles if they spend $3000 in the first 3 months
- Purchase rates range between 15.24% – 25.24% variable APR and can climb to up to 29.99%
- No foreign transaction fees
- Transfer your miles to 10+ of Capital One’s travel partners
- Use your credit card to pay a fare and get free travel-accident insurance
- 24-hour travel assistance is available
- Get extended warranty when buying certain items
- Auto rental collision damage waiver when hiring a vehicle when using your credit card
Capital One Venture Rewards Credit Card Review – More Good Points
Complimentary Concierge Service: If you need assistance with anything related to the credit card, you can call the concierge service. They will help you find and book travel deals, make reservations, book flights and more. This is part of their 24-hour travel assistance perk.
Vehicle Rental Insurance: If you use this card to pay for your vehicle rental, you will be covered for any possible accidents. You are not insured because you used this card, so do not go driving around without third-party insurance. However, if you pay a rental company with this card, then you may be covered for damages if there is an accident. The accident coverage doesn’t count if you are not using a legally recognized rental company (i.e. it shows up as a rental purchase on your bill).
Extended Warranty: Most items you purchases with this card will automatically have extended warranty applied to them. Obviously, there are limits, such as if you buy a computer with a 10-year warranty, then the Capital One warranty is mute. There are limits regarding the type of purchase you make; For example, do not expect an extended warranty on a banana.
Security Features: You get $0 fraud liability, and you can set up security alerts for things such as logins and personalized emails. Pay for online purchases with a virtual card to keep your account number safe (similar to how PayPal works), and the app has SureSwipe and touch ID so you do not have to rely on a password or pin when using the app. You may also turn your card on and off with the app in case you have lost the app, but you think you know where it is, so you do not want to cancel it.
Roadside Assistance: You will receive roadside assistance if your car breaks down, or if you get locked out of your vehicle. Each service call will cost $59, however this includes any towing you might need, as well as tire changing, battery jump starting, and a lockout service. This can save you a lot of money as towing can cost up to $200 to $300.
Additional Extras: Set up authorized users, set up auto-pay and set up account alerts. You may see monthly recurring transactions, and this card supports balance transfers too.
Things We Dot Not Like About The Capital One Venture One Rewards Credit Card
High Cash Advance Fee: This card charges a cash advance fee of either $10 or 3%, whichever is greater. You will be charged this fee overtime you use the card to withdraw cash from an A.T.M. If you are withdrawing a large sum of money the fee will be hefty, so try to avoid using his card to withdraw cash.
It Is Difficult To Get: We are not overly upset that this card requires a higher credit limit because that is not a bad thing. The thing that niggles us is that the reason why the card is hard to get is because the minimum credit limit is $5000. Every credit card company can run its business however it likes, but it seems a little unfair that many people cannot get this card because they do not qualify for such a high credit limit.
It Is Still Expensive To Use Abroad: Every single credit card on the planet is expensive to use abroad. Cards like this one do not have a foreign transaction fee, which means it is cheaper to use abroad than many other credit cards…but it is still more expensive than using bank accounts, folding cash, and transfer companies. No credit card on the planet gives you a market rate for your currency conversion. The currency conversion rate for this card is 3% more expensive than the market rate. All credit cards charge at least 3% more than the market rate. You can use companies like Transferwise and CurrencyFair rather than credit cards.
Who The Capital One Venture One Card Best Suits
If you do not mind paying extra for your purchases and cash advances when you go abroad, then use a credit card, and if you are going to use a credit card, then use one that doesn’t have a foreign transaction fee. Companies that charge a foreign transaction fee are double dipping because they are skimming from your exchange and they are charging a fee. Credit cards like Capital One venture are only skimming from your exchange rate (like all credit cards do), Capital One are not double dipping because they do not charge a foreign transaction fee.
It is a card that is best suited for people who know they are going to use it. There is no point in having a great card for traveling if you are not planning on doing much traveling. Save up your points and save money on your next trip in order to offset the $95 per year you are spending on the annual fee.
Should You, Or Shouldn’t You, Our Final Verdict
Overall, the Capital One Venture One Rewards card is a high quality card that offers good value in all areas. You get several benefits including no foreign transaction fee. This card has everything you would really want in a credit card. However, with that being said, if you are a big spender you could get a higher rewards rate with others cards, such as the Chase Sapphire Preferred card. Cards such as the Chase Sapphire Preferred also have an annual fee, however if you are a big spender you the benefits will outweigh the annual fee.
To sum things up, if you are an average spender, then you should get this card as it has everything you would want in a travel reward card. The APR ranges from 15.24%, 21.74% or 25.24%, and this is one of the few commercially available cards where your rate is very unlikely to rise to 29.99% (even if you miss a payment).