Capital One has different types of Venture rewards credit cards. One of them is the VentureOne Rewards Credit Card, which is similar, but different from the main Capital One Venture card that Alec Baldwin pitches on TV. This VentureOne credit card is yellow instead of the Venture card which is blue.
Earn VentureOne Credit Card Miles
The VentureOne credit card is a travel rewards credit card, so cardholders earn miles instead of earning points, although in practice, it is the same thing. Owners of this credit card earn 1.25 miles per dollar spent on every purchase. There is also a one-time bonus for new cardholders of 10,000 miles if you spend $1,000 during the first three months you have the card.
The amount of miles you can earn each year is unlimited and the miles do not expire.
Redeem Miles for Free Travel
The best feature of the VentureOne card rewards catalog is that there is no need for a rewards catalog. Unlike getting the Capital One rewards catalog for the Miles Plus program, there is no need for this card’s reward catalog to come in the mail.
Instead, the number of miles needed to earn free travel is equal to the cost of the tickets multiplied by 100. For example, if you spend $382 on airline tickets to Las Vegas, the number of miles you have to redeem to get them for free is 38,200. That beats trying to manage the credit card reward points ranges typical on other rewards cards.
This rewards ratio is better than a one-percent cash back credit card, which is the minimum to be considered a good rewards card. Assuming all miles are earned at the 1.25 point level, travel rewards are equivalent to 1.25 percent cash back. (Check here for information on how to compare rewards credit cards.)
The great thing about this card is that there are no hoops to jump through to book your reward travel. You don’t have to book the tickets through Capital One or use a special Travelocity website or anything like that. In fact, you don’t have to redeem your miles in advance at all. Instead, you just buy your tickets using the VentureOne card. You can buy your airline tickets anywhere including direct from the airline, through a travel agent or from an online travel website like Expedia. Then, you log on to your account and redeem your miles and you get a credit on your statement.
Since you can book your airfare by any means, there are no blackout dates and no restrictions on which airline you can fly in order to get your free plane tickets.
Miles can also be redeemed for other travel expenses including hotels and rental cars.
Compare to redeeming NoHassle Miles via the Capital One rewards catalog 2011.
VentureOne Interest Rate, Terms and Conditions
There is currently no annual fee for the VentureOne card.
There is currently an introductory 0% interest rate for one year for new card holders. After that, the interest rate is a variable rate equal to Prime plus 8.65 percent, 12.65 percent or 16.65 percent, depending upon which credit rating tier you qualify for. As of today, that means the card has a 11.9%, 15.9% or 19.9% interest rate for current cardholders no longer getting the zero percent interest rate offer. The current cash advance APR is 24.9%, also a variable rate. There is also a 3 percent cash advance fee with a minimum of $10.
As with most variable rate credit cards these days, the interest rate will look absolutely TERRIBLE when interest rates go back to normal levels. A Prime rate of just 5 percent means that the best possible rate on this card will be 13.65 percent and the highest tier customer will be paying a rate of almost 25 percent interest! In other words, you do not want to be carrying a balance on this credit card.
The grace period for interest free purchases is 25 days.
VentureOne Card Perks
The Capital One VentureOne card also comes with the usual lineup of Visa Signature benefits including free auto rental insurance coverage and travel accident insurance. Also included is 24-hour roadside assistance and the Visa extended warranty program.
Venture One Card Review
So, is the VentureOne card worth it?
If you are looking for a card without a complex travel rewards catalog or a travel rewards miles chart, then the VentureOne card is worth a look. Is does have the all important no annual fee feature, but the interest rates are high and will get much higher when the Fed starts raising interest rates.
Tags: Capital One, credit card miles, credit card rewards, Credit Cards, rewards
After facing the biggest customer backlash in recent memory over its decision to implement a $5 per month use fee for customers using a Bank of America debit card, the banking giant has reversed course and announced that it will not charge the $5 debit card fee starting next year. This news comes on the [...]
Continue reading about Bank of America Cancels Debit Card Fee
It turns out that not all of the big national banks will be using overt money grabbing fees to boost their revenues like Bank of America is by charging a $5 fee to use your debit card even once per month. Wells Fargo and Chase Bank have both announced that they will not be gouging [...]
Continue reading about Some Banks Not Charging Monthly Debit Card Fee
IBM must really hate the idea of paying a big dividend. Every year, it seems, IBM authorizes billions of more dollars for share buybacks while increasing its dividend by the smallest amount possible. Then, the company goes on to crow about how it has returned "… over $109 billion since 2008 to our shareholders through [...]
The U.S. economy continues to grow at a very slow pace according to the Federal Reserve’s Beige Book. That isn’t good enough considering how deep the current recession is. At this rate, growth back to anything resembling an expansion would take a very long time. However, the good news is that the economy isn’t getting [...]
Continue reading about Economy Growing Slowly – Inflation Benign
Sometimes it seems like the stock market is just messing with people. After seemingly running off of a cliff to end the third quarter of 2011, the market has recently staged a rally. Take a look at a chart for the Dow Jones Industrial Average and you’ll see a low point on October 3, 2011. [...]
Use your debit card from Bank of America even once and you’ll be charged a $5 fee. That’s on top of other fees that BoA charges. The bank that is hardly the top of the most customer friendly list has decided that it can no long afford to be in the banking business without money [...]
Continue reading about Bank of America Charges $5 Per Month For Debit Card