About Capital One Venture Card
Capital One’s Venture card is currently offering 40,000 miles for new cardholders who spend $3,000 within three months of enrollment.
You may have seen an advertisement for the card on Facebook, on TV, or you might have gotten an offer through traditional mail. Either way, we’re glad you landed here on Highya’s review page.
We think credit cards can be a good way to gain points that can be converted into things you love. If that’s why you’re interested in the Capital One Venture card, then you’re in luck.
We’ve read through the card’s terms, conditions, offers and more. In the next few minutes, we’ll give you insight into what the card offers, what the terms of the card are and what type of consumer it’s ideal for.
By the end, you’ll have most of the necessary information you need to make a decision about whether or not you want to apply for this card.
So what can the Capital One Venture card do for me?
In the credit card world, the name of the game these days is the big offer. Some cards offer consumers really amazing introductory APRs, while other cards woo you with loads of points.
Generally speaking, these are the two categories of cards you’ll find out there. Some are heavy on percentage offers, while others are heavy on points offers.
40,000 big ones…
The Capital One Venture Card is all about the points (in this case, they’re miles). If you’re accepted for the card, you can receive 40,000 bonus miles if you spend $3,000 on your card within three months of your enrollment date. That basically means that you’ve got about 90 days from the day you’re accepted (not the day you get your card) to spend three grand.
We did some research on how long it would take the average consumer to spend $4,000 (thanks, Bureau of Labor Statistics!) and we discovered that hitting $3K in three months is a pretty reasonable amount based on how much people typically spend on food, groceries and other daily/weekly necessities.
Two for one!
The Capital One Venture card also gives you 2 points for every $1 you spend. So, if you spend $2,000 a month on your card, by the end of the year you’ll have 48,000 miles stored up. The points you earn never expire, either. Cool, right?! We think so.
You’ll also receive Capital One’s suite of card features, including no foreign transaction fees, fraud coverage if your card is stolen and complete access to your credit score, as well as helpful Capital One credit tools.
Getting the Venture card also gives you membership in the Visa Signature plan, through which you get a complimentary concierge service, possible upgrades at hotels, as well as 24-hour travel assistance in case you have a money emergency abroad.
Redeeming your points for airfare, travel or cold, hard cash
When it comes to airfare, your Capital One Venture miles can be used for any airline at any time with no blackout dates (we confirmed this during a chat with a Capital One customer service rep.
Capital One also offers a really cool gadget called the Purchase Eraser. It does exactly what it sounds like it does. With a few clicks, you can magically make travel-related purchases disappear! We watched a demo of the Purchase Eraser to get a feel for how it works.
You log into your account, click through a few pages and then select a travel-related purchase you want to erase. The ratio of points to dollars is 100 to $1. So, if you use points to erase a car rental of $250, it will cost you 25,000 points.
Confirm the erasure and, abracadabra, it’s done! The points are deducted from your account and the transaction is removed from your billing cycle.
You can also redeem your points for cash, but Capital One’s terms and conditions didn’t say what the exchange rate is.
That, my friends, is how your points work with the Capital One Venture card. Now, about those pesky credit card terms…
Terms of Endearment? The Capital One Venture Fine Print
Credit card offers are pretty much like a fairy tale. You get all these amazing, enticing points that you use to by your dream vacation to Thailand, Hawaii, or wherever it is you like to travel.
But with every fairy godmother there’s a cranky old troll waiting around the corner to ruin the fun….and that’s exactly what you’ll find if you aren’t clear on the Capital One Venture card’s terms.
You’ll pay $0 the first year and $59 every year after that.
Late /transfer/cash advance fees
Fees are up to $35 for every late payment, and up to another $35 if your payment is returned. Balance transfers don’t have a fee and will have an APR of 12.9%, 17.9% or 22.9%. They’ll charge you $10 or 3% (whichever is greater) for your cash advance.
For purchases, your APR will be either 12.99%, 17.9% or 22.9% depending on your credit worthiness. Not bad compared to other cards we’ve recently reviewed. Now, if you make a late payment, your APR will jump to 29.4% and there’s a chance it could stay that way for as long as you own the card. Moral of the story: Don’t make a late payment
Are you worried you might be rejected for a Capital One Venture card? The company has a long list of reasons for immediate rejection. We’ve pared it down to five you should know about up front. You’ll get the “No thank you!” if you fall into one of these five categories:
- You live outside the United States, Washington D.C. or a U.S. military location.
- Your monthly income doesn’t exceed your rent/mortgage by at least $425
- You are under 18 years old
- You have 5 or more cards with Capital One
- You have a Capital One card that’s past due.
As a side note, Capital One’s own website says the card is for people with “excellent credit.” By their standards, that means you haven’t had a 60-day delinquency in the past year, you’ve never defaulted on a loan, you haven’t declared bankruptcy and you have a loan/credit card with a limit above $5,000 for at least three years.
Should You Join in Holy Credit Matrimony With The Capital One Venture Card?
Owning a credit card is a relatively long-term commitment. Jumping in when you’re not ready could really burn you, but hold out too long and you could miss the perfect offer. Should you tie the knot with this card?
Well, let’s put it this way. If you love to travel, then you need to say “I do.”
The fact that you get 40,000 miles for spending three grand in three months is awesome enough, but when you throw in the double miles for every dollar you spend it’s absolutely irresistible for globetrotters.
You also get the added benefit of their fraud protection, along with access to your credit score. And let’s be honest…the Purchase Eraser is awesome. It makes you feel like a magician and a wise consumer all at one time.
Of course, Cupid’s credit card arrow my not strike everyone, especially consumers who have a hard time paying off their balance on time and in full every month. If that’s you, this card could be dangerous because the penalty APR is 29.4%.
If you make one late payment, that high APR kicks in on any balance that remains unpaid at the end of your billing cycle. And remember this … if you make a late payment, you don’t get the miles you accumulated during that billing cycle.
However, if you can handle timely payments and the $59 annual fee that kicks in during year two, then our advice is to put a ring on this card and book your flight to just about anywhere in the world with those 40,000 miles.