Finding a credit card that best suits your needs isn’t easy. Today, there are so many different cards to choose from. With credit cards that offer rewards, bonuses, and individual benefits the possibilities are seemingly endless. However, there is one card that is worth giving a closer look, the Capital One Venture Card. “What’s in your wallet?” Yeah, I just had to say it. Well, if the Capital One Venture Card is in your wallet, you already have one of the best cards out there for miles rewards because it pays double miles on every purchase, and not just for airline or travel purchases either. The card also offers plenty of perks that make it one of the favorite credit cards for people with all sorts of needs, not just those who do a lot of traveling. So, without further ado, here is a thorough breakdown of what you can expect from the Capital One Venture Card and also a comparison with its cousin the Capital One VentureOne Card.
Is Capital One Venture Better Than Venture One?
The idea of establishing credit to make purchases has been around for centuries. As time has progress and technology has flourished, there is a high demand and need for consumers to have some level of credit in their personnel file, whether it be good or bad. But what is considered bad credit and who makes up these rules? There are bureaus that monitor how we spend our money and thus creating a history of our line of credit. The easiest way to get this established is through credit cards, which many people receive early in life while in college. How would you know what to watch out for when using either one of these cards? Capital One has 2 cards that will help with your decision.
Venture Credit Card
The Venture credit card gives 50,000 travel miles when you spend $3000. This is a one-time sign-up bonus that will not come around again! This amount of purchases must be done within the first 3 months of using this card. It has an APR promotion of 0% which doesn’t come often with a card offering a huge bonus when you sign up! That definitely lets consumers learn what is the difference between these two cards. Addition to the miles gained just for signing up, you also earn 2x miles for each dollar you spend, no matter how often per day. This gives an unlimited amount of purchases made for shopping online or in a retail store in the same 24 hour period. The miles you earn are not limited to flying alone, you can also use it for hotel stays. Other perks of having this small tool in your wallet are shopping discounts, travel upgrades and 24-hour concierge service. So what is the difference between these two cards? Let’s look into it more.
Boost Credit Scores
All cards aren’t created the same because your needs may be different from someone else. Furthermore, if you’re wanting a $250,000 home but your credit score is below 300, someone else with a better credit score would get the home at a more reasonable interest rate. Amazing huh? Well, there are credit cards from Capital One that will help boost your credit line and make you more responsible. Venture One and Venture are credit cards designed to help accumulate rewards and other perks. But what is the difference between these two cards depends on exactly what you’re trying to do?
The Venture One Credit Card
The Venture One 20,000 bonus miles when you sign up when you spend $1000 in the first 3 months of activating the card. This is an obvious difference from what the Venture card offers. What to watch out for when using either one of these cards are the additional fees and other small print features. The APR for Venture One ranges between 13.74% and 23.74% according to the level of credit you already have on file. Don’t be discouraged because there are cards that start higher this so don’t let that keep you from applying. The annual fee is $95 after you have had the card one full year.
Sign Up Bonus
The Capital One Venture Card’s signup bonus is generous in comparison to other credit cards. When you open the account, you will receive a one-time bonus of 50,000 miles when you spend $3,000 on purchases within the first three months of the card’s activation. This bonus is equal to $500 worth of travel. The Venture Card’s sign up the requirement of $3,000 worth of purchases within the first three months of opening the card is steep, in comparison to the signup bonuses offered by other cards. However, the bonus of 50,000 ($500 in travel) is impressive compared to most other cards, with lower signup requirements, offer. You will need to weigh whether or not the benefit justifies the requirement in this case.
APR and Fees
The Capital One Venture card offers a variable APR of 13.99% to 23.99%, based on the account holder’s creditworthiness; it does not offer an introductory APR of 0% as is the case with many other credit cards available. Granted, the promotional introductory APR of 0% has become a welcome benefit for most cardholders when choosing a credit card. However, this should not be an automatic deterrent from diving deeper into the other benefits the Venture Card offers. Although, it should be one part of your overall comparison. Additional fees include:
- The annual fee is waived for the first year the card is open. After that, the annual fee is $95.
- Cash advance either $10 or 3%, whichever is greater.
- Late payment fee of up to $35.
Capital One Venture Card Rewards
This is where the Venture Card tends to shine, with the rewards it offers. The rewards should be weighed heavily when considering if the card will meet your requirements for a credit card. In most cases, after studying the fees a credit card charges and the other requirements, I study the cards rewards, bonuses, and perks being offered because this is where I’m going to find what the card truly has to offer. The main purpose people open a credit card account, besides building or establishing credit, is to make purchases, so this is where the card will save you money and offer some nice perks.
- When you open the Capital One Venture Card, they give you a one-time signup bonus of 50,000 miles after you spend $3,000 on purchases within three months of opening the account. This bonus is equal to $500 in travel expenses.
- Earn unlimited 2X miles per dollar on every purchase, every day.
- You can use your rewards to fly any airline, stay at any hotel at any time.
Some credit cards offer you a higher redemption rate if you use their booking service, this can limit you to only what they choose to offer, which isn’t always the best fit for your needs. Redeeming your Capital One miles is easy, here’s how to redeem your miles:
- Book your travel through Capital One and use your collected miles to pay for some or all of the cost.
- Book your travel however you like, and then use Capital One’s Purchase Eraser tool to redeem your accumulated miles for a statement credit against your travel expenses.
Additional Card Benefits
Throughout this article, we have discussed the various features of the Venture One card as well as how to access those features. Now it’s time to discuss the benefits. The Capital One Venture Card offers additional benefits that include:
- No foreign transaction fees.
- Fraud coverage, if your card is lost or stolen there is $0 Fraud Liability.
- Security Alerts that you can personalize to send you emails or text messages so you can stay on top of your account.
- Travel upgrades and savings are complimentary; you can save on hotels, resorts, and spas.
- Complimentary concierge 24 hours a day from home or when traveling.
- Auto rental collision and damage waiver at no additional cost on eligible vehicles.
- Shopping discounts at retailers and merchants online and instore.
- Extended warranty protection at no charge on items purchased with your card.
- Emergency card replacement if your card is lost or stolen.
Contact Customer Service
Once you have made your claim with either card, have fun with your rewards and travel and stay in nice hotels as often as you want. You will have an opportunity to work on your credit and possibly have your credit line increased and a reduction of your APR. Card companies are more than willing to help consumers as best as they can but it’s up to you to contact them to keep open communications going should you need anything. After all, they are there for you 24 hours a day, 7 days a week worldwide.
Keep In Mind
As with any other credit card, you need to do your research thoroughly and do comparison shopping, before making a decision, rather than being quick to decide on something like them not offering a promotional 0% APR. The Capital One Venture Card is worth taking a look at. The comparison in these cards is very similar with only a few slight comparisons between them. Like with any credit card, do your homework and search as much as you possibly can to do what is best for your needs. Regardless, what to watch out for when using either one of these cards is being a responsible cardholder. So many times people go overboard with credit cards and end up in the red instead of being above water. Build your credit, doing some reward traveling and enjoy what Capital One Venture or Venture One cards will provide you with. In the end, it’s you who will reap all the benefits with a smile.