The Capital One Venture Card is one of the most prominently advertised credit cards on TV. It also happens to be one of the better miles credit cards on the market today. Venture card users earn two miles for every dollar they spend. Unlike standard frequent flyer credit cards, the miles you earn with the Capital One Venture card can be used on most airlines and don’t require having to deal with complicated frequent flyer programs. The only major drawback to this card is the annual fee of $59 which is waived the first year.
Who Can Benefit Most from the Capital One Venture Card
Credit card users who spend heavily on their cards and don’t carry balances from month to month can reap the most benefits from the Venture Card. Every dollar spent earns two miles. These miles can be redeemed at a value of one cent per mile to pay for flights on most airlines without any restrictions.
The key to making this card work for you is to use it wherever credit cards are accepted to rack up as many miles as possible, then pay your bill in full every month to avoid interest charges. A person who spends $10,000 a year can earn 20,000 miles. Once the annual fee is subtracted, this translates into $140 worth of rewards. A person who spends $20,000 a year earns 40,000 miles. This is worth $340 after the annual fee is taken into consideration.
The ability to earn double miles on every purchase and then use those miles on any airline is what sets the Capital One Venture card apart from most other airline credit cards. This is an ideal rewards card for high spenders and, even with the annual fee, offers the opportunity to earn more miles than just about every other frequent flyer card currently available.
Who Benefits the Least from the Capital One Venture Card
If you don’t use your credit card frequently, the $59 annual fee can really eat away at the value of your rewards. For example, a person who only charges $5,000 a year earns 10,000 miles. Once the annual fee is subtracted, this leaves you with $40 worth of rewards. This is less than you can earn with Capital One’s no annual fee VentureOne card, which offers 1.25 miles for every dollar spent and also offers a 0% introductory rate on purchases. If you are not a high spender or could benefit from a 0% rate, then the VentureOne Card is a better option.
People who currently have credit card debt or intend to take on new debt in the near future are likely much better off with a 0% APR credit card that offers balance transfers. Since the Venture Card does not offer a low rate on either purchases or balance transfers, people with interest expenses can likely save more money with a 0% rate than they can earn with double miles.
Final Thoughts on the Venture Card
The Venture Card is probably the most convenient miles credit card. It offers high spenders the opportunity to earn a lot of miles without the hassle of having to deal with complicated frequent flyer programs. While the annual fee and lack of an introductory rate make this a mediocre choice for people who don’t spend heavily or carry balances from month to month, its reward program is ideal for people who want to earn miles and not be tied down to a specific airline.