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I’ve applied for A LOT of credit cards over the last 6 years. However, one credit card company had always turned me down – Capital One. Despite a good income, mid-700s or higher credit score, and a solid track record of on-time payments, I just couldn’t get approved for a Capital One credit card. With the Capital One Venture Card bumping up their sign-up bonus to 75,000 points and adding 12 transfer partners, I decided to try again… fingers crossed!
** Update: it looks like my affiliate partners haven’t received the 75,000 point offer yet, so here is the direct link to use until they get it. **
Why apply for the Capital One Venture Card?
There are many reasons why you should apply to the Capital One Venture Card. Here are my favorite benefits:
- No blackout dates when booking flights or hotel rooms
- Earn 2 points for every dollar you spend everywhere
- 12 airline transfer partners
- Annual fee of $95 is waived the first year
- Up to $100 in Global Entry or TSA PreCheck reimbursement
- Earn 10 points for every dollar at Hotels.com
- No foreign transaction fees
- Extended Warranty Protection
No Blackout Dates
One of the features that makes the Capital One Venture Card so appealing to cardholders is that you don’t have to worry about blackout dates. Using airline miles and hotel points can be frustrating sometimes because there’s no availability. Or even worse, the airline or hotel is asking for so many miles or points that you’re forced to redeem for horrible value.
With the Capital One Venture Card, simply book your flight or hotel reservation on your credit card then use the Purchase Eraser. You can erase some or all of your purchase. It’s completely flexible. Keep in mind that you only have 90 days from the transaction date to erase the charges.
Earn 2x points everywhere
So many rewards credit cards have complicated earning structures. 3x for this, 2x for that, etc. The Capital One Venture Card makes life simple. Just use your card for everyday purchases and every purchase will earn 2x points.
Every point is worth $0.01 when using the Purchase Eraser for your flight and hotel reservations.
Airline transfer partners
Capital One announced 12 airline transfer partners in November 2018, however, cardholders cannot redeem Capital One Venture Card points until December 2018.
For every 2 points that you transfer to any of these 12 airlines, you will receive 1.5 miles into your account. With the odd ratio, I am guessing that the minimum transfer will be 2,000 points and additional points will be in 1,000 point increments.
Here are the available airline transfer partners:
- Aeromexico Club Premier
- Air Canada Aeroplan
- Alitalia MilleMiglia
- Avianca LifeMiles
- Cathay Pacific Asia Miles
- Etihad Guest
- EVA Infinity MileageLands
- Finnair Plus
- FlyingBlue (Air France & KLM)
- Hainan Airlines Fortune Wings Club
- Qantas Frequent Flyer
- Qatar Privilege Club
There is a broad range of airlines to choose from. As you can see, none of these airlines are U.S.-based airlines, but many are partners with the domestic airlines you are familiar with.
In many cases, it is better that Capital One is partnering with these international airlines because they have better award charts than domestic airlines. Additionally, I’m a big believer that miles are better-used booking premium international flights rather than domestic economy tickets.
For more details, read this article I wrote about the 12 transfer partners for the Capital One Venture Card.
Annual fee is waived the first year
More and more credit cards are not waiving the annual fee the first year because the bonuses and benefits are so lucrative. With the Capital One Venture Card, the $95 annual fee is waived the first year.
This allows you to try the credit card out. If you are getting enough value, stick with it into the second year. If not, consider downgrading to the Capital One VentureOne Card that is similar to this one, but does not have an annual fee.
Global Entry or TSA PreCheck Reimbursement
I like that this is one of the few credit cards with an annual fee of less than $100 that provides a Global Entry or TSA PreCheck reimbursement. I hate waiting in lines, so getting Global Entry or TSA PreCheck is an absolute must if you travel more than a couple of times a year.
Normally, only premium credit cards with annual fees of $400 (or more) like the American Express Platinum Card or Citi Prestige offer this benefit.
Earn 10 points for every dollar at Hotels.com
I primarily travel using my timeshares and hotel points, but if I am traveling someplace that doesn’t offer good value for my points, I’ll consider booking with Hotels.com.
At 10x points per dollar spent at Hotels.com, that’s the equivalent of 10% back in travel credits when using the Purchase Eraser. If you are transferring the points to an airline transfer partner, then you’re earning 7.5 miles per dollar spent at Hotels.com. Not bad!
No foreign transaction fees
When you travel internationally, watch out for foreign transaction fees. Most travel credit cards no longer charge this 3% hidden tax on international transactions, but there are still some that do. Rest assured, the Capital One Venture Card does not charge foreign transaction fees.
Before you travel with a credit card, contact customer service or search their website to ensure that you won’t be charged foreign transaction fees.
Extended Warranty Protection
One of the most underutilized credit card benefits is the extended warranty protection. With the Capital One Venture Card, your manufacturer’s warranty will be doubled up to an additional two years. There are some exclusions, but this extended warranty will cover most items that you buy.
How do you use the Capital One Venture Card points?
Now that you’re swimming in Capital One Venture Card points from the lucrative sign-up bonus and the 2x points on everyday purchases, how do you spend them?
The Purchase Eraser process has been around for a while now. It is very simple. Book your hotel or flight reservations on the Capital One Venture Card. Once the transaction posts, you have 90 days to “erase” the purchase.
I like the 90-day window because you may need to purchase travel before you have the points. This process allows you almost 3 full months to spend on the credit card to earn enough points to offset the purchase.
For example, if you apply for the Capital One Venture Card and buy a plane ticket in the first month, but the sign-up bonus points haven’t posted yet. Don’t worry, you have 3 months from the date of purchase for all of your points to post and click the erase button.
Transfer to an airline partner
I haven’t seen a screenshot of the transfer process yet, but most bank transfer processes are fairly simple. Log-in to your account, link your airline loyalty account, then make the transfer happen.
When transfers happen with other banks, the points could post immediately or take some time. It all depends upon the airline’s policies and technology.
Should you apply for the Capital One Venture Card?
If you love the flexibility of Citi ThankYou points, American Express Membership Rewards, and Chase Ultimate Rewards, you’ll love the Capital One Venture Card.
It is a straight-forward program that allows you to earn 2x points everywhere, then cash in the points for travel without blackout dates or transfer to 12 partner airlines.
The annual fee is waived the first year, so that’s a no-brainer. To me, the only question is if you’re spending enough on the credit card to justify paying the $95 annual fee the second year. If you are, keep it. If not, downgrade it to the no-annual-fee Capital One VentureOne Card.
What are your thoughts on the Capital One Venture Card? Do you have one? If not, does adding the 12 airline transfer partners make you want to apply? Let me know in the comment section below.
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