Capital One VentureOne Rewards Credit Card review: A budget-friendly option
Editor's Note
Capital One VentureOne Rewards Credit Card overview
The no-annual-fee Capital One VentureOne Rewards Credit Card offers the same great redemption options as its sister cards, the Capital One Venture Rewards Credit Card and the Capital One Venture X Rewards Credit Card — but with a lower rewards rate and fewer perks. The miles earned on the card can be transferred to Capital One's 15-plus airline and hotel partners or redeemed directly as a statement credit on eligible purchases. Card Rating*: ⭐⭐⭐
*Card rating is based on the opinion of TPG's editors and is not influenced by the card issuer.
No matter which card from the Capital One Venture family you choose, all three options offer simple earnings structures, 15-plus airline and hotel transfer partners and easy-to-use rewards.
For those who like a straightforward option for earning and redeeming rewards, you can also use your miles to "pay" back travel purchases charged to your card in the past 90 days.
It has no annual fee, and TPG recommends a credit score of 670 or higher.
If you're unsure about paying an annual fee, consider the Capital One VentureOne Rewards Credit Card.
Capital One VentureOne pros and cons
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Capital One VentureOne welcome offer
The Capital One VentureOne Rewards comes with a welcome bonus of 20,000 bonus miles once you spend $500 within the first three months from account opening. Based on TPG's November 2024 valuations that peg Capital One Venture miles at 1.85 cents apiece, this welcome bonus is worth $370.
That's significantly less than the Venture card's bonus, which is currently 75,000 miles after you spend $4,000 on purchases within the first three months of account opening. This welcome bonus is valued at $1,388 according to TPG November 2024 valuations.
However, the 20,000-mile bonus is still higher than what many other no-annual-fee cards offer. Additionally, the spending requirement for the VentureOne card's bonus is much easier to meet than the Venture card, with it requiring just $500 in spending.
Related: The best credit card welcome bonuses currently available
Capital One VentureOne benefits
The VentureOne card comes with the standard suite of World Elite Mastercard travel and shopping benefits, including:
In addition to these World Elite Mastercard perks, the VentureOne is among the few no-annual-fee cards with no foreign transaction fees, making it a great option to use outside of the U.S. Benefits are only available to accounts approved for the World Elite Mastercard card, and terms apply.
Related: The 9 most valuable World Elite Mastercard benefits
Earning miles on the Capital One VentureOne
The VentureOne earning scheme is similar to the $95-a-year Venture card but with a slightly lower return on everyday spending.
You'll earn a flat 1.25 miles per dollar on everyday purchases, which equates to a solid 2.32% return using TPG's November 2024 valuations. While decent, it isn't the best return for everyday spending. However, the benefit of an unlimited earning rate is that you don't have to keep up with multiple bonus categories — exchanging simplicity for maximizing value.
Plus, if you are booking hotels and rental cars through the Capital One travel portal, you'll earn 5 miles per dollar on those reservations — a solid 9.25% return.
Related: Capital One Venture Rewards vs. Capital One VentureOne: Which should you venture toward?
Redeeming miles on the Capital One VentureOne
You have a few options when it comes to redeeming Venture miles.
The most straightforward way is to use them to pay for eligible purchases as a statement credit. This allows you to sign in to your Venture Rewards online account and redeem miles at a flat 1 cent apiece for a statement credit against eligible travel purchases you've made with the card in the last 90 days.
This includes many travel expenses that traditional miles won't cover, from Uber rides to Airbnb stays. There are no award charts, blackout dates or minimum redemption amount.
Related: How to earn, redeem and transfer Capital One miles
Transferring miles on the Capital One VentureOne
However, to get more value from your sign-up bonus, you could be like TPG credit cards editor Emily Thompson and try the more advanced redemption option — maximizing Capital One's transfer partners.
Capital One has 15-plus airline and hotel partners to which you can transfer your miles, including Avianca LifeMiles, British Airways Executive Club, Etihad Guest and Turkish Airlines Miles&Smiles.
Related: Cashing in Capital One miles? How to get the maximum value when redeeming miles
Which cards compete with the Capital One VentureOne?
If this card sounds pretty appealing, know that there are actually several no-annual-fee cards that compete with the VentureOne, plus its older sibling:
- If you want simplified rewards: The Citi Double Cash® Card (see rates and fees) earns 2% cash back on every purchase — 1% when you make the purchase and then another 1% when you pay it off. Coupled with an eligible ThankYou points-earning card, you're earning 2 ThankYou Points per dollar — a better earning rate than with the VentureOne. For more information, read our full review of the Citi Double Cash.
- If you want lucrative bonus categories: The Chase Freedom Unlimited® earns 5% on travel purchased through Chase Travel℠, 3% on dining and drugstore purchases and 1.5% back on all other purchases. Paired with a Chase Sapphire Reserve® or the Chase Sapphire Preferred® Card, you can pool your points together to transfer to Chase's airline and hotel partners. For more information, read our full review of the Chase Freedom Unlimited.
- If you want higher earnings and more travel perks: The biggest difference between this card and its Venture Rewards sibling is a higher 2-mile-per-dollar spent earn rate on everyday purchases. You'll also receive up to $120 Global Entry/TSA PreCheck application fee credit. Note a $95 annual fee. For more information, read our full review of the Capital One Venture Rewards card.
For additional options, check out our full list of the best no-annual-fee cards.
Read more: The power of the Chase Trifecta: Sapphire Reserve, Ink Preferred and Freedom Unlimited
Is the Capital One VentureOne worth it?
The VentureOne is a solid no-annual-fee option for those who still want a healthy welcome bonus, reasonable perks and the ability to transfer points and miles directly to travel partners. However, you can get a higher earn rate on everyday purchases by getting a Venture card with an annual fee.
Bottom line
In addition to its perks and welcome bonus, the Capital One VentureOne Rewards Credit Card also beats other no-annual-fee cards for perks such as no foreign transaction fees. It's a budget-friendly option for Capital One fans and frequent travelers alike.
Learn more: Capital One VentureOne Rewards
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.