What Is the Capital One Venture Rewards Program?
The Capital One Venture Rewards program offers rewards in the form of miles, but they’re not like frequent flyer miles that have the most value when you redeem them for award flights. Rather, you can use your Venture miles to cover just about any travel-related expense or redeem them for statement credits, gift cards, and other options. For those who don’t like waiting in airport security lines, Capital One’s Global Entry or TSA PreCheck travel programs can help you skip those long lines. When you join as a member and pay the application fee for either program, using your eligible Venture, Venture X, or Spark Miles card, you can receive up to a $100 statement credit. Once approved and the application fee has been paid, the Global Entry and TSA PreCheck travel programs are valid for five years. Anyone who has an eligible credit card can join, and Capital One will open your rewards account as soon as it approves you for a Venture credit card.
Credit Cards That Offer Venture Rewards
There are several cards that offer Venture miles:
Capital One Venture CardCapital One VentureOne CardCapital One Spark Miles for BusinessCapital One Spark Miles Select for Business
Also, some older discontinued Capital One credit cards may offer rewards in the program, but they aren’t available for new sign-ups.
How To Earn Capital One Venture Miles
The only way to earn Venture miles is by using one of the credit cards in the travel rewards program. Here’s a quick breakdown of your options:
1. Earn a Bonus for New Cardholders
Both the Capital One Venture Card and the Capital One VentureOne Card offer a one-time welcome bonus if you meet a certain spending requirement. Capital One makes the bonuses prominent, so you’ll see them when you go to the Venture or VentureOne pages to apply. There are two factors essential to the bonus: the spending threshold and a deadline for hitting the threshold (usually three months). Once you hit the spending requirement, Capital One will deposit the bonus in your rewards account within two billing cycles. These bonuses can be helpful if you have a trip coming up and you want to cover some or all of your travel-specific expenses. It’s important to keep in mind, though, that if you’re an existing or previous holder of either card, you may not qualify for this welcome bonus.
2. Use Capital One Cards for Purchases
Both Venture cards offer a flat rewards rate on most of your purchases. You’ll also get bonus rewards on select purchases made through Capital One Travel. Additionally, the cards sometimes offer promotional rewards rates on certain purchases. For example, in the past, cardholders could earn bonus miles on hotels booked through Hotels.com when using their Venture card. To maximize your rewards with either card, try to use it as much as possible without spending more than you can afford to pay off every month. Also, keep an eye out for any promotions the program runs for bonus purchases so you can plan your spending accordingly.
What Are Capital One Venture Miles Worth?
Capital One offers a few different redemption options, and the value of your miles can vary based on which one you choose. For travel redemptions through Capital One’s booking system, for instance, each mile is worth 1 cent. Other redemption options include:
Transfer Points to Travel Partners
With some general rewards programs, you’ll get the most value out of your points or miles by transferring them to travel partners. With the Capital One Venture Rewards program, though, transferring your miles to travel partners isn’t always the best choice. Whereas competing travel programs like Chase Ultimate Rewards have 1:1 transfer ratios to travel partners such as United, Southwest, and Hyatt; many of Capital One’s transfer ratios are at least 4:3, and this reduces the points’ value. For example, The Balance values JetBlue points at 1.42 cents each, but you only get 750 points for every 1,000 Venture miles you transfer, giving you an average value of 1.07 cents per mile. You can transfer miles to Wyndham Rewards at the same 4:3 rate, giving you 0.79 cents per mile in value based on an average value of 1.05 cents per Wyndham point. Note, however, that JetBlue is Capital One’s only domestic airline partner, which restricts your options unless you’re flying internationally. Also, the program has no other hotel rewards partners beyond Wyndham. Finally, it’s important to keep in mind that you can’t reverse a transfer request once you’ve made it. So make sure it’s the right move before you submit your request. There’s no limit to how many miles you can transfer. In the case that you don’t have enough miles to cover the full reservation, Capital One allows you to combine your miles with cash. There are no blackout dates because you’re not using airline, hotel, or rental car awards to book. This means you’ll get a lot more flexibility than you would with co-branded airline or hotel credit cards.
Redeem for a Statement Credit
If you want even more flexibility with your travel rewards, you can use the program’s Purchase Eraser tool. With this option, you can book your travel through any travel website, travel agent, or other travel resource with your Venture credit card. Then, you’ll have 90 days from the date the transaction posts to log in to your account and request a statement credit for some or all of the purchase amount. The redemption rate is 1 cent per point. The Travel Purchase Eraser option is great because it allows you to book directly with the airline, hotel, or rental car company, and it also makes it possible to use your rewards on other eligible travel expenses. You can also use your Capital One Venture miles to get a statement credit for other non-travel expenses. That said, you’ll get just half the value—0.5 cents per mile—with this option.
Redeem for Cash Back
If you want to redeem your miles for a paper check instead of a statement credit, you can use your miles to request one at a rate of 0.5 cents per mile. The minimum redemption amount is 2 miles, which gives you 1 cent. Statement credits typically occur within two to three business days, but paper checks can take up to three weeks to arrive. It’s important to keep in mind, though, that you can get better cash-back redemption rates elsewhere without sacrificing travel rewards value. The Chase Ultimate Rewards program is one example of a travel program that offers 1 cent per point on cash-back redemptions plus higher redemption rates on travel and transfer partners with some cards.
Other Ways To Use Venture Miles
There are a few other ways you can use Capital One Venture miles: In most cases, you’ll get more value by using your miles to cover travel expenses, so it’s best to avoid these other options if you want to maximize the value of your rewards.
The Bottom Line
The Capital One Venture Rewards program offers a lot of simplicity and flexibility, making it a decent rewards program for people who are just starting out with earning travel rewards or simply want a straightforward rewards program. For the most flexibility, use your miles to book travel, either directly through Capital One or as a statement credit for travel purchases made with your card. That said, with the right strategy, you could potentially get more value by transferring your miles to one of Capital One’s partners and maximizing your rewards through that program.
