The Capital One Venture Rewards Credit Card checks many boxes: It’s an excellent card for those who want a simple earning structure or consumers looking for substantial travel perks at a reasonable $95 annual fee. The Capital One Venture Rewards Credit Card delivers those features, along with a generous welcome bonus and simple rewards program. You can redeem points at one cent each toward travel purchases or statement credits. Or you can maximize your rewards by transferring them to airline and hotel partners.
Whether you’re new to points and miles or a novice, the Venture Card is an excellent rewards card. Your credit score might be the only hurdle standing in the way. Here’s everything you need to know about qualifying for a Capital One Venture Rewards Credit Card.
Secure application on issuer’s website.
Annual Fee: $95
Bonus: 75,000 Miles
APR: Variable APR Between 18.99% – 26.99%
Rewards Rate: 2X-5X Miles
Details: Full Review
Terms and restrictions apply
Annual Fee: $95
APR: Variable APR between 18.99% – 26.99% applies based on creditworthiness.
Rewards Rate: The card offers a flat 2X miles on every purchase you make, giving cardholders predictability and simplicity. You’ll also earn 5X miles on all hotel and rental car purchases that you make with the card through Capital One’s proprietary travel booking platform.
Sign-Up Bonus: You can earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening.
Who Should Use This Credit Card? Travel rewards enthusiasts who want simplicity in credit card rewards and benefits.
Why We Like the Capital One Venture Rewards Credit Card
The Capital One Venture Rewards Credit Card offers a lot of value to beginner and expert travelers alike. The card’s big upfront bonus and high ongoing rewards rate aren’t easy to beat, making it a solid option for a large audience. Where it really shines, though, is with the redemption process. When it comes to travel credit cards, it can be really challenging to find a way to use your rewards in the way you want.
With hotel and airline credit cards, for instance, you’re basically stuck redeeming your points or miles with the co-branded hotel or airline partner. And with some general rewards programs, you might get less value if you use your points or miles to book a flight versus a rental car or hotel.
With the Capital One Venture Rewards Credit Card, though, you’ll get a lot of flexibility. Here are some of the top redemption options that are available: redeem miles to cover past travel expenses, book travel through Capital One or transfer miles to any of Capital One’s multiple airline and hotel loyalty programs.
Overview of the Capital One Venture Rewards Credit Card
The Capital One Venture Rewards Credit Card currently offers 75,000 bonus miles once you spend $4,000 within the first three months of account opening. The card earns 5 miles per dollar spent on hotels and rental cars booked through Capital One Travel and 2X miles everywhere else. You can earn lots of miles just by putting your everyday purchases on this card.
You can redeem your miles at one cent each toward statement credits, meaning 75,000 miles equals $750. Alternatively, you can transfer miles to 16 airline and hotel programs, mainly at a 1:1 ratio. This flexibility is really great for point enthusiasts looking to get the most value out of their rewards. But being able to redeem miles for cash back and travel credits is also valuable since loyalty programs sometimes restrict award inventory, making point redemptions more difficult.
The Venture card also comes with valuable perks that can improve your travel experience. Cardholders get Hertz Five Star status, which comes in handy for even the occasional traveler. The Global Entry/TSA Precheck credit is available every four years, which can make traveling through the airport much more pleasant. The card also charges no foreign transaction fees on purchases made abroad, saving you about 3% per transaction. To top it all off, cardholders get travel accident insurance, auto rental collision damage waiver, and airport lounge access.
The card clearly packs a punch. It’s a fantastic value at $95, considering cards with similar benefits carry fees of $400 or more.
What Score Do You Need?
Capital One hasn’t released an official score requirement for getting the Venture card, but you do need a “good” credit score to be approved. Capital One notoriously pulls your credit from all three bureaus, which isn’t ideal. However, with the welcome bonus being high compared to other rewards cards, it could be well worth it. Especially if you plan on keeping the card long-term.
With three credit bureaus at play, qualifying for a Capital One Venture Rewards Credit Card can be challenging. The definition of a “good credit score” varies by credit bureau. Here’s a look at what each one considers a “good” range:
As you can see, the range is pretty wide. If you want to increase your chances of getting approved, you should wait until your score is at least 700 or higher.
The good new is that your credit score is not the only factor at play. Capital One considers your income, previous relationship with the bank and other factors when deciding whether to approve you for a credit card. In fact, there are application rules in place that can prevent you from getting approved for a card.
Rules That Can Impact Approval
Knowing Capital One’s application rules can help you avoid unnecessary credit pulls. Capital One generally won’t approve you for more than two personal cards. So if you have a Capital One Venture X and a Capital One® Savor® Rewards, you probably won’t be approved for a Venture Card.
Timing is also crucial with planning your credit card application. Capital One won’t approve you for more than one card every six months. Be sure to check your credit report to find out when you last applied for a Capital One card. This is an easy way to avoid three credit pulls on an application that won’t get approved.
If you’ve had the Venture card before, you might not get approved for a second one. Per this statement on the Venture card’s landing page: “Existing or previous accountholders may not be eligible for this one-time bonus.”
This language is pretty vague and I would take it with a grain of salt. That being said, you might want to submit a pre-approval form to see if you qualify for a Venture card. You won’t incur a hard pull on your credit report, so there’s no harm in doing so and finding out if you even qualify for a card.
What To Do If You Are Rejected For a Venture Card
If Capital One rejects your application for a Venture card, you can call the reconsideration line to appeal the decision. It helps if you’re prepared with the right information. For example, you’ll want to review the reason for your application being rejected. This is usually listed in the letter Capital One mails out.
Once you know why you’ve been rejected, you can figure out how to convince a phone agent why they should reconsider your application. As long as you do this within 30 days of your application, you won’t incur another credit pull. Here’s a look at the most common reasons your Capital One Venture Rewards Credit Card application might be rejected and what you can do about it:
You Don’t Qualify Because You’ve Had the Card Before
The Capital One Venture Rewards Credit Card page states explicitly that existing and previous cardholders “may not be eligible for this one-time bonus.” If you’re rejected for this reason, you can still call the reconsideration line and plead your case. If it’s been more than six months since you’ve had a Venture card, this might work in your favor.
You’ll need to explain why you’re re-applying for the Venture card. Is it because of shifts in your spending habits? Or perhaps the expansion of Capital One lounges makes the Venture more enticing. Regardless of the reason, be prepared to explain why you’re getting this card again after closing it previously. Acquiring new customers is expensive and Capital One wants to make sure you’re not “gaming” them for the welcome bonus alone.
Too Many Recent Inquiries
Capital One may not approve your Venture application if you’ve had “too many” recent credit inquiries. There is no hard-and-fast number that will trigger a rejection. If this happens, you can explain to a phone agent why you needed to acquire those cards.
Credit card companies want to minimize risk and if they see a potential customer acquiring large amounts of credit within a short period, it raises a red flag. Put their minds at ease by giving a reason (i.e., you’re trying to build your credit history) and pointing out that you’ve been paying those cards off on time every month.
Get a Similar Card From Another Bank
If your Capital One Venture Rewards Credit Card is rejected, you can apply for a similar card from another bank. Consider the CitiⓇ Double Cash card, from our partner Citi, if you want a card that earns 2X points on every dollar. Despite its name, it actually earns Citi ThankYouⓇ points that can be converted to cash back or transferred to airlines and hotels. The Double Cash card earns cash back twice, 1% when you make a purchase and 1% when you pay for those purchases.
If you prefer a card with a higher welcome bonus and generous travel rewards, consider the Chase Sapphire PreferredⓇ. The card’s $95 annual fee is reasonable, considering it includes an annual $50 hotel credit, valid on Ultimate RewardsⓇ Travel bookings. Cardholders also receive 60,000 bonus points after spending $4,000 in the first three months of account opening.
Beyond that, you’ll earn 5X points on travel purchased through Chase Ultimate Rewards; 2X points on other travel purchases; and 3X on dining, streaming and online streaming services. These category bonuses could add up to substantially more points than you’d earn with the Capital One Venture Rewards Credit Card.
An added benefit of getting a card from another bank is that other banks pull your credit report from one bureau, not three.
Is The Capital One Venture Rewards Credit Card Worth It?
The Capital One Venture Rewards Credit Card is worth it for those who want a flat earn rate with travel perks and a reasonable annual fee. The card’s welcome bonus is substantial at 75,000 miles and you have tons of flexibility in how you redeem miles. If you take advantage of the Global Entry/TSA Precheck credit and lounge benefits, you can offset the $95 annual fee. All of these features make the Venture an excellent card for long-term use.