Over the past decade, Capital One Venture cards have become popular for a few reasons. Not only have they brought on several A-list celebrities to become the face of the program, but Capital One Venture rewards are also some of the most flexible travel rewards available. Even though the Capital One Venture program might have become a household name, not everyone understands exactly how to use the rewards they earn. Let's take a deeper look into the ways that you can hack as much value as possible out of your Capital One Venture rewards.
1. Booking Travel
One way you can use your Capital One Venture miles is to book travel through the Capital One website. Each mile converts to one cent in value. Booking is extremely simple through the website. You can use your miles to book airline reservations, hotels, car rentals or vacation packages. However, it's important to keep in mind that you are required to have the full amount of miles needed for your reservation. You are not allowed to partially pay with miles and cover the rest with cash.
2. Purchase Eraser
If you prefer to book your travel plans elsewhere you can do so and use Capital One's Purchase Eraser. This allows you to use the miles you have earned to offset travel expenses and by receiving a statement credit. You will simply log into your online account and if a purchase is coded as travel, you can apply your miles. By redeeming your rewards this way you will also receive a value of one cent per mile. What is great about using Purchase Eraser instead of just booking travel with your miles, is that partial rewards are allowed. You might have booked a $200 hotel room, but you can redeem as little as $25 worth of rewards.
3. Gift Cards
If you're not interested in redeeming your miles for travel, you can also cash them in for gift cards. Gift cards are available for a large selection of retailers including Bath and Body Works, AMC Theaters and Best Buy. Most of these come with redemptions amounts of $25, $50 or $100, however, a few are as low as $10. There will be a value of one cent per mile, which means there is a minimum of 1,000 miles needed.
4. Cash Back
The method that offers the worst value is to redeem miles for cash back. There is no minimum for the number of miles needed to redeem, however you will only receive a value of a half cent per mile. You will be able to receive either a check or statement credit.
Cards That Earn Capital One Venture Miles
Now it's time to look at cards that allow you to earn Capital One Venture Miles. There are just two:
Capital One Venture Rewards Card
When you sign up for the Capital One Venture Rewards card, you receive 40,000 miles after spending $3,000 within the first three months. You can then earn two miles per dollar on every purchase you make with the card. There is no need to remember different bonus or rotating categories. This card comes with no foreign transaction fees, but has a $59 annual fee, which is waived the first year. The APR is a variable 13.74%, 18.74% or 23.74%, depending on your credit standing.
Capital One VentureOne Rewards Card
The Capital One VentureOne Rewards card is slightly different. This card has no annual fee, but also has slightly lower earning potential. When you sign up you receive 20,000 miles after spending $1,000 within the first three months. You can then earn 1.25 miles per dollar on every purchase. If you travel outside the United States, this card charges no foreign transaction fees. Plus, if you plan to make a large purchase, the Capital One VentureOne card offers an introductory 0% APR for the first 12 months on purchases. Afterward, it rises to a variable 12.74%, 17.74% or 22.74%, based on creditworthiness.
Not sure which is the right choice for you? Learn more about how they compare here.
Qualifying for either card will require excellent credit. To see where you stand, you can check two of your scores free on Credit.com.
Note: It's important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.